Why I Just Bought More GM Stock
As the COVID-19 pandemic spread like wildfire earlier this year, shares of automakers plunged. Investors fled the industry during the broader market sell-off and never fully returned, worrying that the economic impact of the virus would crush auto sales, undermining automakers' profits and cash flow.
General Motors (NYSE: GM) was no exception. GM stock traded for more than $40 last summer -- prior to a six-week strike by its U.S. production workers -- and around $35 as recently as mid-February. However, the stock briefly plunged as low as $14.33 in mid-March. While it has recovered somewhat since then, GM shares still trade for around $25, far below their 52-week high.
Source Fool.com
