Are short sellers hitting GM? The stock has been off as much as 20% today and has traded as down to $5.41. The shares have not been that low since 1951.
The auto company did say that its sales in Europe were weak, but that would probably not account for such a huge and accelerating drop.
According to the AP, "Overall, sales of GM brands across the Continent fell by 1.9 percent to just over 1.6 million vehicles, the company’s European subsidiary said. This compares with an industrywide drop in European sales of 0.2 percent."
GM had a tremendous short position the last time the NYSE released numbers the company which was for the September 15 period. The firm had 139 million shares sold short.
Douglas A. McIntyre