Friday, June 27, 2008

Detroit Auto companies are taking a beating

The Stock market was not kind to many yesterday, and the auto companies were in the middle if it all. GM's stock is down something like 70% year-to-date, at its lowest price in decades. Ford's stock took a hit while they are in the midst of again cutting staff. And Chrysler, although privately held, had to come out to deny bankruptcy rumors. All three are supposedly burning through cash reserves like a teenager burns texting minutes. But it wasn't just the auto companies that were slammed yesterday. Take a look at the banking stocks and you'll be glad for FDIC. And health care is down, even though they keep increasing prices on everything that touches that industry. Hopefully the auto companies have made enough changes already that they can weather this out for some time.

Chrysler Denies Bankruptcy
GM and Ford Stocks Get Slammed
Agency Deathwatch 2008

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