Breaking News

Tweet TWEET

GM Shares Fall on June Sales; Penson Tumbles: U.S. After-Hours

General Motors Corp. (GM) fell in extended U.S. trading after the country's biggest automaker said U.S. sales plunged 21 percent last month.

Shares of the Detroit-based company declined 70 cents, or 1.8 percent, to $37.28 as of 4:26 p.m. New York time. Regular trading ended at 1 p.m. today. U.S. stock markets will be closed tomorrow for the Independence Day holiday.

GM's June sales decline was paced by a 23 percent drop in Chevrolet full-sized pickups and other light trucks and a 60 percent drop in the mid-sized TrailBlazer sport-utility vehicle. Cars fell 19 percent.

Penson Worldwide Inc. (PNSN) retreated $4.92, or 19 percent, to $20.44 in after-hours trading. The Dallas-based clearing company that processes securities trades and makes margin loans forecast 2007 earnings of as much as $1.24 a share. That's less than the $1.39 average estimate of 6 analysts surveyed by Bloomberg.

In regular trading, U.S. stocks gained for a second day after factory orders fell less than forecast and $8.5 billion of takeovers spurred speculation that mergers and acquisitions will extend the rally.

The S&P 500 added 5.44, or 0.4 percent, to 1524.87. The Dow Jones Industrial Average gained 41.87, or 0.3 percent, to 13,577.3. The Nasdaq Composite Index increased 12.65, or 0.5 percent, to 2644.95.

To contact the reporter on this story: Michael Patterson in New York at mpatterson10@bloomberg.net.

To contact the editor responsible for this story: Chris Nagi at chrisnagi@bloomberg.net.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.