GM (GM) suffered an analyst downgrade today. Goldman Sachs moved the shares from "buy" to "neutral". In a way, it is a surprise that it did not happen sooner.
On September 10, GM traded at $29.10. Yesterday, the stock got as high as $35.47.
The stock has rocketed on assumptions that negotiations with the UAW would go well, allowing GM to drop its North American production costs lower, on a per vehicle basis, to near where they are at Toyota (TM) or Honda (HMC). But, the union cannot afford to see GM fail, so some significant level of concession was always in the cards.
Since the beginning of the labor talks housing defaults have spiked sharply, auto sales have fallen, consumer credit has risen, and oil has moved to $81.
Wall St. wants to know who GM is going to sell cars to all of those poor, homeless people.
Douglas A. McIntyre
Travel Cards Are Getting Too Good To Ignore (sponsored)
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.