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GM halts worker stock purchases

October 01, 2008|From Times Wire Services

General Motors Corp. temporarily barred employees from buying shares under a benefit plan after the stock's decline triggered "unexpectedly high demand."

Demand by employees "significantly exceeded the usual volume and exhausted the supply" of shares faster than anticipated, the Detroit-based company said in a regulatory filing.

The blackout will last at least about a month, the automaker said. GM's stock has dropped 74% in the last year, the worst performance on the Dow Jones industrial average made up of 30 companies.

The shares rose 94 cents, or 11%, to $9.45 after plunging 13% on Monday to $8.51, the lowest price in at least 54 years.

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