After a tough 2007, it would be hard to believe that a domestic car company could have a 13% drop in January sales. GM (NYSE: GM) did just that. The stock is so low, it dropped only a fraction to $23.20. The shares now change hands for .07x sales.
Over at Ford (NYSE: F) the news was only slightly less bad. Sales dropped 7% to 196,681. Truck units dropped 6% and cars 9%. Ford’s shareholders at least had the clarity of thought to sell pushing the shares down over 5% to $6.18.
Toyota (TM) sales dropped almost 3% to 182,169. Shares in the largest Japanese car company moved up a small fraction.
Douglas A. McIntyre