General Motors Corp.'s lofty stock price was exposed, at least temporarily, last week for what so many investors have said it is: a figure buoyed by the automaker's ownership of high-tech Hughes Electronics Corp. The exchange offer that GM announced earlier this year to swap shares of the automaker's common stock for tracking stock in Hughes was about four times oversubscribed by investors. The rush to Hughes stock drove GM's share price down $9.56 to $77.38 early last Monday (May 22). As ...

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