NEW YORK (Reuters) - Shares in General Motors <GM.N, already struggling due to a global auto industry, could fall even lower, Barron's reported on Sunday.
Barron's advised investors that it was "time to sell" GM shares and find a better investment.
The financial weekly newspaper said it was wrong to have described GM as a "buy" late last spring. It said the weak financial positions of Detroit's Big Three General Motors, Ford Motor Co <F.N> and Chrysler, means their survival is at stake.
Barron's also changed a recommendation in June for GM's bonds.
"Our enthusiasm for GM was clearly wrong, as was a suggestion that its bonds, like the senior note maturing July 15, 2041, would be more valuable," Barron's wrote in its November 10 edition.
"They now trade at 20 cents on the dollar, versus 60 cents when the story was published."
(Reporting by Yinka Adegoke, editing by Maureen Bavdek)
Publié le 09 novembre 2008 Copyright © 2008 Reuters
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