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Visitor support makes this site possible. Please shop at Amazon.com via Auto on Info. Thank you. Biz Lit What Makes Winning Brands Different: The Hidden Method Behind the World's Most Successful Brands by Andreas Buchholz and Wolfram Wördemann Men's Watches Men's Watches by Casio Men's Watches by Cartier To view more men's watches, icons, and search phrases, click here. Auto on Info March 2005
GM's Bond Rating, Bond Outlook, Common Stock, and Market Cap Take a Tumble, Reports WSJ
March 16, 2005, was not a good day for General Motors Corporation. First, Standard & Poor's lowered GM's bond outlook to negative and warned that it may cut GM's bond rating to junk at any time. Next, Moody's Investors Service placed GM's bond rating under review. Then, Fitch cut GM's bond rating to one notch above junk, gave it a negative outlook, and warned that it too may cut GM's bond rating to junk at any time. And by the end of the day, GM's common stock price dropped 14% (Big Board trading), trimming "about $2.7 billion off the company's market capitalization."1
Recently, the U.S. consumer shift toward quality and out of GM products has accelerated and has left GM dealer lots with bloated hard-to-sell inventory. GM has responded by raising incentives and cutting prices and production; these actions, coupled with its institutional structure, are causing underestimated earnings declines.
1 "GM Cuts Outlook for 2005 Profit, Reviews Strategy," The Wall Street Journal, March 17, 2005, p.A1
Sources for GM share price drop and bond outlook and rating cuts: "GM Cuts Outlook for 2005 Profit, Reviews Strategy," The Wall Street Journal, March 17, 2005, p.A1 and "GM Veers Toward 'Junk' Status," The Wall Street Journal, March 17, 2005, p.C1
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