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Ford, GM shares plummet; GM at 57-year low
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Ford, GM shares plummet; GM at 57-year low
General Motors Corp. and Ford Motor Co. saw their share prices plunge Thursday, as concerns grew that the automakers may not have enough cash to survive the deepening downturn in the U.S. economy. GM shares closed down 31 percent, or $2.15, at $4.76, and Ford fell nearly 22 percent, or 58 cents, to $2.08, in New York Stock Exchange composite trading. GM, which hit an intraday low of $2.26, its lowest point since 1951, ended the day with a market value of $3.9 billion to Ford's $6 billion. Rating agency Standard & Poor's on Thursday put Ford and GM on credit watch with negative implications, saying the automakers could face "a serious challenge to liquidity" in 2009.
New unemployment claims drop by 20,000New applications for unemployment benefits dropped last week from a seven-year high, the Labor Department said Thursday, though they remain at elevated levels that indicate recession. Initial claims for jobless benefits dropped by 20,000, to a seasonally adjusted 478,000, the department said, the same level that Wall Street economists expected.
More job cuts at Brunswick; stock sinks 19%Beleaguered boatmaker Brunswick Corp. said Thursday that it will cut 1,400 more jobs as the company shuts four plants and furloughs workers at three more -- the latest round of layoffs as boat sales slump to near-record levels. The announcement, which sent the manufacturer's stock to an 18-year low -- came four months after the suburban Chicago company said that it would eliminate 1,000 jobs because of the falling demand for recreational boats amid a poor economic environment. Counting the latest announcement -- prompted by worsening financial conditions, including high oil prices and frozen credit markets -- the company has slashed more than a third of its marine workforce since the beginning of the year. Shares closed Thursday at $8.12, down $1.88, or 19 percent.
Canadians feeling the global credit squeezeThe global credit crisis is starting to restrict the ability of Canadians to get loans for mortgages, cars and investments, Canada's finance minister, Jim Flaherty, said Thursday. He said he is looking to increase liquidity in the market, but declined to release details.
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