CIT Group trading halted; stock of GM reduced to rubble-52% dropSubmitted by SteveMT on Wed, 07/15/2009 - 16:57
Trading halted in CIT shares
Trading halted in CIT shares, government bailout talks for struggling lender continue
* By Daniel Wagner, AP Business Writer
* On Wednesday July 15, 2009, 4:24 pm EDT
WASHINGTON (AP) -- Trading in the shares of crippled commercial lender CIT Group Inc. was halted on the New York Stock Exchange late Wednesday afternoon.
A trading halt often occurs when news about a company is about to be released.
Regulators have been poring over the books at New York-based CIT trying to determine which of its assets remain strong enough to secure emergency financing.
The company has been teetering on the brink of a bankruptcy filing as its assets decline in value and a large debt payment looms.
Industry and government officials say representatives from the Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. have been meeting to discuss plans for a possible rescue of CIT.
Old GM shares drop in value with symbol change
By TOM KRISHER and DAN STRUMPF, AP Auto Writers
Wednesday, July 15, 2009
(07-15) 09:17 PDT DETROIT (AP) --
Shares of the old General Motors Corp. lost half their value Wednesday after the stock symbol was changed to reflect the company's new name, Motors Liquidation Co.
Trading of GM stock under the symbol GMGMQ had been suspended since Friday afternoon by the Financial Industry Regulatory Authority, which regulates over-the-counter stocks. On Wednesday, the authority changed the symbol and allowed trading to resume.
Motors Liquidation shares fell 57 cents, or 50 percent, to 57 cents in midday trading.