General Motors Slammed After Weak May Auto Sales

General Motors

shares are trading lower by $1.26 at $30.02 in Wednesday's session. The catalyst for decline is the a decline in May US auto sales of 18 percent to 240,450K units. After a slightly lower open, the report which hit the wires at 9:31 AM, sent the issue into a tailspin. The ensuing decline has taken the issue under $30 and has found intraday support at $29.87 and is now attempting to remain n the $30 handle. The current low coincides with its April 13 low $29.94.