As General Motors continued to scrape for cash, German solar firm
SolarWorld announced plans to buy assets of GM's German segment,
The U.S. auto companies weren't the only ones coping with a tough market.
(TM) said it will cut production in North American plants and lay off 250 of its temporary workers. Shares slipped 5.5% to $59.76.
(BA), which along with GM is a Dow component, is resetting its production schedule as it attempts to recover from a strike by its machinists' union, according to a report by
The Wall Street Journal. Boeing shed 5.3% to $37.48.
Meanwhile, industrial conglomerate and fellow Dow company
(GE - Get Report) said it would restructure its GE Capital finance branch to cut costs. Shares tumbled 10% to $14.45.
Elsewhere, government-controlled mortgage firm
received notice from the
New York Stock Exchange
that it faces delisting if it can't keep its share price above $1. The stock dropped 19% to 38 cents.
Staying with the financials,
(C - Get Report)
said it would buy $17.4 billion in assets held by structured-investment vehicles, funds that issue short-term debt to make long-term loans at higher debt. Such funds have been significantly hampered by the credit crunch. The stock got crushed, falling 23% to $6.40, falling below $7 for the first time in 13 years.