All auto companies are getting clobbered right now because of the artificial jump in oil prices and the tragedy in Japan. Oil is getting ready to reverse course and the parts being supplied by Japan will either be back in production soon or the plants will move to South Korea. GM stock price will also be helped greatly when the govt sells their stock to private investors and the union pension plans do the same.
The Dow Jones Industrial Average (DJIA – 11,866.62) settled at a session low, giving up 265.9 points, or 2.2%, to end beneath its 200-day moving average for the first time since September 2010. In addition, the blue-chip barometer gave up its perch atop the 12,000 level for the first time since late June, as not one of its 30 components eked out a win. Specifically, Pfizer (PFE) paced the decliners with a 4.6% retreat, after its second-quarter revenue fell short of expectations.
Toyota Sales Still Slumping By Christie Schweinsberg WardsAuto.com, Aug 2, 2011 4:05 PM Toyota placed third in July sales and is in the same position year-to-date, 500,000 units behind No.1 General Motors and 300,000 vehicles in back of second-place Ford.