Getco Churns Nearly Entire GM Float As Stock Closes At Lows Of Day, And $1 Below Break Price
The only clear winner from today's GM IPO? All those who got IPO shares and flipped them to the sheep. And of course GETCO, which churned 452 million of GM's 478 million share float: in other words 95% of the entire float was traded by computers! As for everyone else, you lost: with the stock closing at the lows of the day, all retail investors who bought in post the break, and on the way down ended up with losing positions.We eagerly await the teleprompter's appearance at 4:15 pm eastern to spin this in the right way and convince people that a loss is really a gain.