How Fiat Chrysler And Other Automakers Performed On First Days Of Trading
Fiat Chrysler Automobiles NV (NYSE: FCAU) finally gave investors the chance to trade stocks of Chrysler again when it was launched on the New York Stock Exchange October 13.
It has been more than seven years since Chrysler was publicly traded on any U.S. stock exchange, according to CNN Money. Back then, the company was known as DaimlerChrysler.
Shares of Fiat Chrysler opened at $9 and quickly rose to a high of $9.55, according to the Detroit Free Press, before ending the day at $8.92.
The stock has dipped slightly since then and was last trading around the $9.44 level.
Benzinga decided to take a quick look at how a few other automakers performed on their first days of trading in the U.S. stock markets.
Ford Motor Company (NYSE: F)
Making Ford a publicly traded company was not Henry Ford's cup of tea.
He immediately rejected the idea when it was proposed by his son, Edsel, according to Automotive News. Perhaps thankfully for him, Ford didn’t go public until nine years after the founder’s death in 1947.
Ford had its introduction to the New York Stock Exchange on March 7, 1956. Shares began trading at $64.50 and closed at $69.50, according to the Automotive News articles, a little less than a 1 percent increase over the course of the day.
The stock has split six times since it was issued and was at $14.20 at the time of publication.
General Motors Company (NYSE: GM)
Post-bankruptcy, General Motors was brought back to the U.S. stock market on November 18, 2010. The automaker had sold 478 million shares at $33 each during its IPO the day before, according to The Wall Street Journal.
Shares began trading on that Thursday at $35. The WSJ reported that shares were trading about 7 percent higher around midday but then closed at $34.19. The stock finished the week slightly higher at $34.26.
The stock market was closed the following Thursday for Thanksgiving, but the shares closed that Friday at $33.80, so the stock saw less than a 0.5 percent decrease in its price over the first week of trading.
GM’s stock has been mostly unaffected by its recall crisis, according to the Detroit Free Press, and shares are sitting at $30.89 at the time of publication.
Tesla Motors Inc (NASDAQ: TSLA)
As one of the younger automakers, Tesla Motors debuted on the stock market on Tuesday, June 29, 2010. The IPO had raised more than $226 million, with shares priced at $17, according to the New York Times.
The NYT reported that shares of the automaker’s stock traded around $18.40 early in the afternoon and then dropped before moving back up. The stock closed at $23.89 on its first day of trading, an 8 percent rise from where it started.
By the end of the week, however, the closing price for shares of Tesla was $19.20. The stock market was closed for the Fourth of July holiday the following Monday. Trading resumed on Tuesday and Tesla dropped again, closing one week after its first day on the market at $16.11.
Tesla shares were trading at $233.89 at time of publication.
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