U.S. and Canadian Governments Sell Off GM Stock and 2 Other Hot Stocks to Watch

| + More Articles
  • Like on Facebook
  • Share on Google+
  • Share on LinkedIn

General Motors Co. (NYSE:GM): Current price $36.40

The U.S. Treasury and the Canada GEN Investment Corp. announced Wednesday that they sold shares of GM they had held since the financial crisis. The Treasury said it sold $811 million worth of GM common stock in August and has recovered roughly $35.4 billion of the $49.5 billion bailout it allowed the automaker in its August report to Congress, as reported by the AP. Meanwhile, Canada’s GM position has been lowered by 30 million shares, or roughly 20 percent, after the federal agency Canada GEN Investment Corp. reached a deal to divest the securities to Bank of America Merrill Lynch (NYSE:BAC) and RBC Capital Markets. GM shares closed at $37 Tuesday, which would value the deal at $1.1 billion.


More Articles About:

To contact the reporter on this story: staff.writers@wallstcheatsheet.com To contact the editor responsible for this story: editors@wallstcheatsheet.com

Yahoo Finance, Harvard Business Review, Market Watch, The Wall St. Journal, Financial Times, CNN Money, Fox Business