GM Rebounds

By: Associated Press
By: Associated Press

General Motors stock rebounded after a second analysts' downgrade caused its price to fall five-percent.

GM's stock price fell $3. 53 to $47.61 a share Wednesday on the New York Stock Exchange. That came the day that Banc of America switched GM to "market perform" from "buy."

Thursday, UBS Warburg also downgraded GM's stock from "buy" to "hold." UBS Warburg says it based its decision on concern over GM's pension liability.

But despite the second downgrade, GM shares closed Thursday up 11 cents at $47. 72.

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