GM, Ford shares drop to new lows

Shares of General Motors Corp. plunged to their lowest price in more than 33 years, and Ford shares hit another 52-week low Thursday as analysts continued to speculate about just how bad things will get for U.S.-based automakers.

GM shares fell $1.38, or 10.8 percent, to close at $11.43, after tumbling as low as $11.21 earlier in the session. The low price for the day tied the low reached on Dec. 30, 1974, according to the University of Chicago's Center for Research in Security Prices. The center adjusts prices for stock splits.

Ford shares hit a 52-week low of $4.94 in early trading before recovering to close at $5.07, still down 17 cents, or 3.2 percent. They have traded as high as $9.70 over the past year. GM's drop came after a Goldman Sachs analyst cut his rating to "sell" from "neutral" and his price target to $11 from $19, saying things could still get worse for the North American automotive industry as a whole.

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