NEW YORK (AP) — Share of both General Motors Corp. and Ford Motor Co. tumbled in early trading Tuesday on worries about rising gas prices and ahead of the release of what was expected to be weak June U.S. sales figures.
In early trading, GM (GM, Fortune 500) shares fell 44 cents, or 3.8%, to $11.06, after dipping to $10.71 shortly after the market opened. Meanwhile, Ford (F, Fortune 500) shares fell 20 cents, or 4.2%, to $4.61, after dropping as low as $4.60 earlier.
GM shares plummet
On Monday, GM shares plummeted at one point to $10.57. The last time GM shares dropped below that point was on Sept. 22, 1954, when they hit $10.47, according to the Center for Research in Security Prices at the University of Chicago. The price is adjusted for splits and other changes.
The automakers’ shares have taken a beating in recent weeks, hurt by rising oil prices and a weak U.S. economy. Those same factors also have driven consumers away from gas guzzling sport utility vehicles and pickup trucks and toward smaller, more fuel efficient cars and crossovers