The shares of General Motors Corporation (GM: sentiment, chart, options) plunged to a 62-year low this morning following a slew of negative brokerage notes. Perhaps the most damaging commentary came from Deutsche Bank, which slashed its price target on GM from $4 to zero. The brokerage firm also cut the equity from "hold" to "sell," and warned investors that General Motors may not be able to fund its operations through December.

Meanwhile, Barclays Capital downgraded GM from "equal weight" to "underweight," and lowered its price target from $4 to $1. Analyst Brian Johnson said that the automaker is expected to end 2008 with $13.3 billion of cash, and it will likely fall short of its $11 billion-to-$14 billion cash needs during the first quarter. Such an event, cautioned Johnson, would probably necessitate a government bailout that could hamstring current shareholders.

Analysts at JPMorgan Chase are more upbeat, as they maintained their "overweight" opinion on GM shares. However, the firm warned that it now expects GM to report a 2008 loss per share of $27.86, up from its prior loss-per-share estimate of $21. JPMorgan also widened its 2009 loss estimate from $16.25 per share to $22 per share.

Finally, Barron's also piled onto the besieged automaker. The financial publication speculates that GM could soon be booted from the Dow Jones Industrial Average. Additionally, Barron's warned, "...investing in a company that needs subsidies to survive isn't a route to long-term success. The most prudent course would be to sell GM shares, lick your wounds and find a better investment."

After earlier dropping to $3.02 -- its lowest price since 1946 -- GM has pared its losses to trade at $3.26, down 24.6% in the first hour of trading.