The market value is related to current assets and expected future earnings minus liabilities. If the liabilities are greater than the expected future earnings,

The market value is related to current assets and expected future earnings minus liabilities. If the liabilities are greater than the expected future earnings, the company could be worth more dead than alive. Pension obligations are more brutal than most workers realize; the city of San Diego has had massive financial problems because of that too. It's usually dismissed by young employees (rationally), but it shows up on the supporting organization's balance sheet in a big way. And as far as future earnings go: gas prices shot up for enough consecutive summers that consumers finally adapted; the demand curve shifted. Gas prices have dropped recently, but consumer preferences have already changed, and economic concerns still aren't making SUVs and big trucks any more financially attractive. In short, investors are saying that GM should be stripped and sold for parts.