{"id":192107,"date":"2009-05-11T05:05:00","date_gmt":"2009-05-11T10:05:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/05\/11\/yet-another-auto-industry-update\/"},"modified":"2009-05-11T05:05:00","modified_gmt":"2009-05-11T10:05:00","slug":"yet-another-auto-industry-update","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/05\/11\/yet-another-auto-industry-update\/","title":{"rendered":"Yet Another Auto Industry Update"},"content":{"rendered":"<p>First and foremost, it looks like <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601110&amp;sid=ali.GbnxQSjI\">GM will be dropped from the Dow Jones Industrial average<\/a>, no surprise with GM trading at around a buck and a half.<\/p>\n<p>For the same reason, <a href=\"http:\/\/www.cnbc.com\/\/id\/30586625\">GM is looking at a 1-For-100 reverse stock split<\/a>, which is no surprise, as the troubled automaker was trading at over $50 a share just 2 years ago.<\/p>\n<p>Seeing as how GM <a href=\"http:\/\/www.nytimes.com\/2009\/05\/08\/business\/08auto.html?_r=1&amp;partner=rss&amp;emc=rss\">bled $6 billion in the last quarter<\/a>, the reverse stock split is prudent.<\/p>\n<p>Meanwhile, the Chrysler bankruptcy is proceeding rather smoothly, see <a href=\"http:\/\/www.reuters.com\/article\/businessNews\/idUSTRE54478B20090506?feedType=RSS&amp;feedName=businessNews\">here<\/a>, and <a href=\"http:\/\/www.nytimes.com\/2009\/05\/06\/business\/06auto.html?_r=1&amp;hp\">here<\/a>.<\/p>\n<p>The judge has generally ruled against the sanctimony of the &#8220;non-TARP lenders,&#8221; whose numbers has dwindled, and the fact that their names will be revealed has made think twice about being jerks.<\/p>\n<p>Meanwhile Fiat has been busy after having taken a stake in Chrysler, and is now <a href=\"http:\/\/edition.cnn.com\/2009\/BUSINESS\/05\/03\/fiat.gm\/\">looking to purchase GM Europe<\/a>, aka Opel, and spin off its own auto manufacture in Italy to incorporate in their new larger auto manufacturing concern.  (See also <a href=\"http:\/\/online.wsj.com\/article\/SB124138863877481269.html#mod=rss_whats_news_us\">here<\/a>)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>First and foremost, it looks like GM will be dropped from the Dow Jones Industrial average, no surprise with GM trading at around a buck and a half. For the same reason, GM is looking at a 1-For-100 reverse stock split, which is no surprise, as the troubled automaker was trading at over $50 a &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1108,1004],"tags":[],"class_list":["post-192107","post","type-post","status-publish","format-standard","hentry","category-auto-industry","category-finance"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192107"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=192107"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192107\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=192107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=192107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=192107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}