In a limited first day of trading on the New York Stock Exchange, the newly merged Fiat Chrysler Automobiles didn’t exactly blow Wall Street away.
According to AP, “The newly merged company’s stock, traded under the symbol FCAU, opened at $US9 and rose quickly to $US9.55 before falling much of the day. But then recovered, rising 2 cents from the opening to $US9.02 shortly before the market closed.”
No one really expected the first day to be all that lively. The goal of FCA was mainly to absorb Fiat stock from shareholders who wanted to sell their stakes.
Despite the low-key nature of the merger and the NYSE debut, FCA CEO Sergio Marchionne said in TV interviews on Monday that “auto stocks in general are under-valued by investors,” AP reported.
Ford and General Motors have both struggled in the markets this year. Tesla, meanwhile, surged to new heights in early September before dropping over 20% of its value.
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