GM halts worker stock purchases
From Times Wire Services
General Motors Corp. temporarily barred employees from buying shares under a benefit plan after the stock’s decline triggered “unexpectedly high demand.”
Demand by employees “significantly exceeded the usual volume and exhausted the supply” of shares faster than anticipated, the Detroit-based company said in a regulatory filing.
The blackout will last at least about a month, the automaker said. GM’s stock has dropped 74% in the last year, the worst performance on the Dow Jones industrial average made up of 30 companies.
The shares rose 94 cents, or 11%, to $9.45 after plunging 13% on Monday to $8.51, the lowest price in at least 54 years.
