General Motors Corp. (NYSE: GM) stock finished the day up nearly 11%, or $1.09 to $11.35 after two days of losses. It seems that overall sentiment for blue chip stocks was stronger today as buyers looked for bargains. With the recent slide in oil prices, including another decline today, many stocks previously hit by the runup in oil prices, like car companies, found themselves back in favor.But that's just the beginning. Ray Young, GM's chief financial officer, spoke with analysts Wednesday evening at a JPMorgan automotive conference, saying efforts are being made to speed up cost savings. GM, he said, may be able to reap more of the $10 billion in projected savings this year instead of in 2009.
With the faster savings, the plan to boost GM's liquidity seems more plausible, and the solvency problems less severe. Young's announcement came right after Moody's Investors Service lowered GM's credit rating, and seems it was indeed small comfort. Some analysts believe that the chance of a bankruptcy is lower than is priced in, despite balance sheet and operating concerns.
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