Posted by: youngragingbull | May 17, 2013

Word on the Street: GM shares top IPO price

Shares of once-troubled automaker General Motors closed above their initial public offering price of $33 for the first time in more than two years during Friday’s trading session.

GM shares reached $33.77 before slipping back to close at $33.42, up 3.2 percent. The auto giant sold shares to the public for $33 in a November 2010 IPO, but they’ve traded below that price since May 4, 2011.

GM 1-Year Stock Price

GM shares have gradually improved over the last 52-weeks as the company has posted increasingly better earnings results. Just two weeks ago, GM reported solid first-quarter earnings on robust sales in North America. On Friday, there were signs sales declines may have finally bottomed in Europe, where GM has routinely lost money for more than a dozen years.

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