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