GM, Ford stocks hit new lows
David Shepardson / Detroit News Washington Bureau
WASHINGTON -- Traders pounded auto stocks Monday, part of a massive stock selloff in the face of continuing worries about the global economy.
The Dow Jones Industrial Average was off more than 400 points, falling below 10,000, down 4 percent, after it had been off by nearly 600 points earlier today. Broader indexes were hit harder. The S&P 500 was off 4.5 percent in morning trading.
Ford Motor Co., which hit its lowest level since at least February 1986 on Friday, was down sharply today in early trading, falling 9.7 percent to $3.66, or $0.39 cents a share. At one point, Ford fell to $3.32 a share.
Ford's market capitalization fell to $8.2 billion, down $3.5 billion since Tuesday. Also since Tuesday, Ford's shares have lost about 30 percent of their value.
General Motors Corp. fell 6.4 percent to $8.42, losing $0.58 a share in early trading today. GM fell to its lowest close Monday since June 1954, when it closed at $8.51, according to the University of Chicago's Center for Research in Security Prices.
Toyota Motor Corp. was off $5.38 a share to $72.72, down 6.8 percent. Daimler AG is off 14 percent today, down $6 a share to $36.47.
Auto suppliers also continue to get slammed.
Visteon Corp. was off 5 percent to $1.51 today, down $0.08 a share, falling to another all-time low since it was spun off from Ford in July 2000. The Van Buren Township supplier has fallen 60 percent since Sept. 19.
Southfield-based Lear Corp. is down 43 percent since Sept. 19. Lear fell to $8.25, or $0.64 a share, in early trading today, down 7.2 percent. The automotive interior and seat manufacturer is trading at its lowest level since at least 1994.
You can reach David Shepardson at (202) 662 - 8735 or dshepardson@detnews.com.
