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GM Drops To Day Low $33.11, Threatens To Break Below IPO Price
GM is now officially threatening to break the IPO price, less than 24 hours after breaking for trade yesterday. The stock had dropped to as low as $33.11 before a spurt of buying by DMM GETCO pushed it higher. The question of whether the HFT firm can internalize what has become an onslaught of selling is open. We can only hope GETCO has sufficient redundancy to absorb the massive volume, which at last check was 36 million shares and jumping: it appears GM will once again dominate NYSE volume. Should GM drop further from here, the world's greatest IPO will need some serious cheerleading by Phil Lebeau to rekindle America's hope in the company that went bankrupt, and was saved by taxpayers a year ago. And the one aspect of the stock that nobody seems to be mentioning is that GM is now a China play: with more cars sold in China than in the US, should China persist in its tightening, GM will be among the first casualties as excess liquidity redemption hits car purchases as consumers are forced to save all their money for more relevant purchases... like food.
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I the poll I voted one week.Looking good!
Terrorists 1, GM 0
First the old bond holders got raped.
Second the old shareholders got raped.
There is a trend here.
Now the new shareholders will get raped.
You forgot the taxpayers.
Maybe the IRS can send out knee pads and bibs along w/your bill or refund.
NEVER! <snicker>
excellent avatar BTW...
I'll go on record for voting for less than 5 days. Yeah, looking good.
I picked the 5 day window too. However, I actually think the longer calls in the pool are still likely to win. Breaking below $35 is embarrassing. But, breaking below the IPO price of $33 is a disaster for the promoters of this crap. I believe they will do anything within their power to prevent it from happening. Look at the volume spike following the $33.11 trade. I wonder how many of those shares were purchased by the UAW in a dark pool, buying back shares they sold yesterday to prop up the price.
I bet we see GM bounce off the low $33.xx level many times before it ever has a chance of breaking below. This may not be the most manipulated IPO in history, but, it is probably one of the most visible. A great opportunity for people to see just how rigged these markets truly are.
I voted for 24 hours ... nearly got it right.
I too.. I will out by a couple of hours. bollocks.
....friggin GETCO blew up my 24hr bet too. Well at least now we know. The invisible hand will prop this sick puppy.
I voted 10 days, you win ;p
10 days...me too! That was quick.
I'm sorry but shouldn't we be cheering for the success of GM rather than bashing it, hoping for a downfall? Say what you will but at least it has cut the cost of our "contribution" to keep it running. The more successful and maybe it gets paid in full.
Also, isn't their success going to lead to more jobs? Shouldn't we also champion this instead of getting excited when the stock falls?
I for one hope it works and succeeds. I guess that makes me a pro-job creation type and not a whining doomer.
Harry "Moby" Wagner
What success? This IPO is a joke, we will have to bail the unions out again once their shares drop to zero: again.
No way can this company make it on electric cars alone.
Where is the electricity coming from since the use of coal will be outlawed by the EPA as soon as they can.
It's a shit company that makes shit products and cannot stand on it's own. It should have been broken up.
They should have been shut down & liquidated.
But then, what would become of Detroit? </outrageous sarcasm>
Yeah, then maybe Roger Penske could have gotten a better deal on Saturn.
Vote 'yes' for Gubmint solutions?
Never.
Vote "yes" for job creation?
Always.
Get real people. Quit your fucking whining and support this. You all talk a big game - "run the banks", "everyone buy silver today" but you sit on your asses and whine about a chance for something good to possibly happen in the way of job growth and manufacturing potential in the US. Unreal.
Get real indeed. Support it at the expense of the American taxpayer? You sir, are a complete economic, financial and political douche.
Have you bothered to research what that "expense to the American taxpayer" is now? Have you bothered to research where the "breakeven" point is? Have you bothered to see how many jobs have been saved and will be created by this company staying alive? Have you bothered to research how many cars and trucks they sell?
Yes, I didn't thinks so. It's always easier to look stupid without actually logically looking at the entire situation and doing research. Good luck.
Logic would say employment losses in the GM sector would have likely been picked up by the other automakers. Logic would also say that building cars in the US and Canada is expensive and why should taxpayers support expensive unionized labor to build em. Harry - you would make a good communist.
Breakeven share price: $133.78 - only $100 to go!
http://www.msnbc.msn.com/id/39316448/ns/business-autos
Yes, I have Harry. You want to be a shill for Gates, Buffett and GM, go ahead. Some of us here are smarter than listening to that kind of shit.
Fuck you Harry. Don't waste your time here, just head over to the Huffington Post.
Zero jobs have been saved or created by this company. That's Obama's domain.
The "entire situation" is fascism. Are you saying 'job creation at all costs'? Because that sure sounds like what you're saying. You need to take the stars off your flag and replace it with a fasces.
If the means to achieve an end include forcibly extracting money from the taxpayer and bailing out huge corporations, then the end does not justify the means.
Anyone can take a 'noble' intention and use it to justify any and all violations of individual rights. Job creation is not an end in itself - it is a byproduct of free markets. And the more the government gets involved, I guarantee you the less real sustainable job creation we will see.
You are a blinkered fool, an idiot, or a shill. Maybe all three.
Outfuckingstanding rant !
.....anyone for some more government cheese...anyone ??
I'm not upset about GM still being around but I am upset about the breakdown in the rule of law. Secure debt holders of GM would have survived a bankruptcy reorganization and put the company in better shape for the future. We already have a bankruptcy reorganization process to handle situations like this. Instead, the politicians enacted a Banana Republic solution that will embolden them to do more of the same. It was a horrible precedent.
Harry, the problem with "job creation" in this fashion is that the government gets to pick the winners and losers and not the market. The inevitable conclusion is: (a) a glass ceiling/permanent barrier to entry for other innovaters; and (b) the necessity of permanent backstops given the realization of the government security blanket. In short, not only is this method ineffective at sustainably creating jobs, but it immorally steals from the many to pay for the interests of the few.
Just out of curiosity, have you ever been deposed?
+1. Brilliantly stated.
Harry is a luddite.
Improper use of the term luddite?
Not really. Harry would like to re-create jobs by re-opening early 20th Century style unionised manufacturing that is now far more efficiently performed elsewhere.
I suppose we read into different assumptions based on the comments. Forgetting the dull bullishness, i on the other hand see one who is afraid to lose more American jobs to outsourced $1/day 3rd world countries.
Luddite? Perhaps if you classify unionised manufacturing as arcane - but believe me all those sweatshops would LOVE to be able to have a union leader and ask for rights.
I'm not actually critical of the role of the unions in improving working conditions and wages for workers at the beginning of the 20th Century, though I do think they overstepped the mark in the last 50 years to price themselves -- and many industries -- out of the market.
What the GM rescuers are missing is:
1. A predominantly college-educated American workforce is no longer interested in menial production line jobs.
2. No immigrant worker, no matter how desperate or poor, could afford to live in America on $1/day.
3. No American car or electronics or textile manufacturer can ever compete with Asian, African or South American factories to generate a positive trade balance from competitive exports.
4. No American consumer would be happy paying 5 times the price of an Asian product for an equivalent product made in the US.
The days when America could manufacture and export to the world are over for those traditional manufactures. What were previously peasant agrarian economies are now competing manufacturers.
America needs to come up with new export opportunities that capitalise on the college educated workforce ... not reinstate 19th or 20th Century dinosaurs.
Exactly. People act as though financial services didn't grow out of necessity... The fact this website exists is prima facie evidence that the traditional notion of manufacturing died in america.
Looks like Harry has been caught debating stocks vs. gold ... here:
Why People Don't Buy Gold
I would have preferred that the gov't save nobody. But, if I had to choose, I'd have picked GM over the banks.
I would have chosen me.
I did do smoething. I papered the bathroom walls with all the pretty GM certs. left by Grandfather. It takes everything in me not to beat the crud out of GM products I see on the street.
I am really tired of pansies cheering on entities that should NOT exist (I won't even mention AIG). Capitalism in it's truest form states GM is dogshit - merely existing because the government says so - not capital markets. People like Harry perpetually have the government tit hanging in their mouth hoping the milk don't stop. Other car makers like Toyota, Honda, and Ford were the true winners of the great recession and truly deserve all of the GM's and Chryslers market share.
Great to see another whiner who doesn't give a shit about manufacturing and job creation in the US. Yes, better to just sit there and whine about. Smart.
I am all about true price discovery in the absense of government intervention. In terms of US manufacturing - it is done.....stick a fork in it - whatever's left will all be exported. Smart is investing in companies that don't need government support - isn't that economics 101 (or did you miss that class?)
So send all the jobs to China... you and your friends are like monsterous hogs, gorging nonstop (sucking wealth from the working class) until it all blows up... including you and your friends I trust.
You missed the part where he described his desire to see price discovery absent government intervention. I guess hyperventilating about the "working class" (lol?) impaired your reading comprehension.
Until our lust with consumerism changes, yes, more jobs will be lost to Asia. The sucking of wealth from the working class is the current policy of your Fed reserve and US government. Is this not the change you voted for?
If you really want to look at it, the only reason GM lasted as long as it did was because of the government interventions of tariffs, and trade restrictions.
Here are some reasons GM cannot compete in the supersaturated automobile market:
Edmunds dynoed the 2011 Buick Regal Turbo at 177 hp while the cheaper Hyundai Sonata dynoed at 234hp.
The Chevy Cruze comes with either a 138hp normally aspirated 1.8 liter engine or a 138hp turbo 1.4 liter engine with a cast iron block. The 2012 Ford Focus will come with an all aluminum 160hp direct injected engine with 12:1 compression and 160hp.
Hoping for success doesn't accomplish a damn thing if you can't deliver the goods.
How many cars are they selling now? How many did they sell last Q?
Yes, you are correct, nobody want their product. Especially the one that's the Number fucking 2 selling vehicle in the country.
The stupidity here on this forum regarding GM is juvenile and ill-informed.
The moral hazard here in our government is senior and well-informed.
Agreed re moral hazard, but it seems harry is simply looking at GM as an entity in itself - one which presumably will fuel economic growth through jobs and being an American company. However, he forgets just why GM is still alive, something that definitely goes against the free-market theorem.
GM, To Big To Fail. You're an idiot. TBTFs that fail deserve failure, not bailouts.
Lets use your brain a little more: what if GM did in fact fail? Where would the demand for the number 2 fucking selling vehicle go? Hm, maybe to Ford, maybe to a Japanese company, or maybe to some newer company. This is assuming there's a free market to begin with...which there's not.
So instead of arguing for more and more continuing ever-increasing fascist government bailouts and interventions, why don't you put your big mouth toward the fight for liberty? Can you even see past the next 'fix' of stimulus and regulation that the government has this country dependent on? Can you comprehend that we are indeed not free, and that there are only two ways to go from here - through soothing market pumps towards totalitarianism, or through painful corrections and contractions toward freedom.
GM deserves no respect, because they couldn't make it on their own despite being the "number fucking 2 vehicle" seller in the country. That sortof defines 'loser' in my mind. Fuck GM and their free handouts that I paid for, and fuck anybody who tries to make a buck going long with their stock. I hope they go under.
Harry, this company should have gone the way of the dodo. That's what capitalism is about, letting the companies fail when they fail and making room for healthy to succeed. We do not have a capitalist system anymore...
Tell that to all the people whose jobs were saved and are off the unemployment rolls that you guys also want to continually whine about. Please, go up to one of the workers on the line and tell them that while you sit behind your fucking computer and whine, that they should not have a job.
And then make a doctor's appointment because your face will have been fucking beaten to a pulp by said worker.
Taxpayers are footing the bill either way, idiot.
So, it sounds to me like those who do not support moral hazard will receive violence from those whom benefit from said moral hazard.
Where have I heard this before, Comrade?
Please, Sir, remove the American flag from your posts, for you disgrace its glory and those that have died for what it represents.
+1000
It sure was nice of Harry to show us his true colors.
I agree. Harry has given us valuable insight into what the future may hold. Plan accordingly, friend.
Harry, I am angry at what's happening with GM but I have to agree with you. I am sick of all the whining about people being dependent on government coming from the assholes who've been busy exporting every other fucking job that would allow people who want to work to support themselves without government. Now that the bankster globalist elite's something-for-nothing game has reached its logical conclusion, they deserve every last unbearable misery that cannibalism has to offer.
You better check those EPA regs. before you start blaiming investors for exporting manufacturing jobs.
What few workers are left on the lines in the U.S. We bailed out a company so they could outsource these jobs to China, India and Brazil.
Like I said before. Fascism. Change your flag, idiot.
It certainly is a capitalist system when any of us here start a small business. We either provide goods and services that our demographic supports, or we go out of business.
How nice it must be to have a gov. subsidy to float along like npr radio. Liberalism ideas so good they have to be mandatory.
"I guess that makes me a pro union job creation type and not a whining doomer."
You were thinking this.
So, what you're saying is that if the stock price appreciates then GM will begin to make a product that people want to buy?
That's very imaginative Harry.
They already make the #2 selling vehicle in the country, ace. Maybe do some research before looking like a total tool next time.
Surely, in your research you learned what % of GM's current sales are to our government, and how that compares to other manufacturers.
His name is Harry, not Shirley.
...And yet they couldn't survive without a taxpayer bailout. Who is the tool? You is, that's who.
I didn't know GM built the Accord. Good to know.
We can all hope that we will be able to fly and shoot laser beams out of our eyes when we wake up tomorrow, but it ain't gonna happen.
An IPO of GM at this point was totally asinine. The government buying GM was totally asinine. How on earth do you think ANY form of good could ever come of this massive and continuing clusterfuck?
You want to create jobs? TELL THE GOVERNMENT TO STOP FUCKING INTERFERING IN THE MARKET. Any job creation that comes from government action is inherently misallocating capital.
Gov purchasing (read: saving) GM was asinine. IPOing it is understandable however. Let it attempt to run run run before it crashes and burns to 0 again.
No, actually what it makes you is a pro government type that believes it's ok for government to buy and run private enterprises. I have some land in Venezuela that Chavis hasn't taken over yet if you are interested in buying.
sigh ........i read somewhere (do not remember, cannot reference) that GM actually used $50,000,000 of our taxpayer money to build a plant in BRAZIL . If anyone knows about the truthfulness of this, please comment. funny, GM is selling great in CHINA; we were good enough to buy their cars, good enough to pay $35,000.00 when the CHINESE pay in the $5,000-$7,000 range for their autos ---- but, GM is done with American workers & just gave this country the old heave-ho . NEVER AGAIN WILL I PURCHASE A GM AUTO.
Harry, I think the major point you miss is that I, and perhaps others, would very much like to see a viable US vehicle manufacturer which produced a quality product. The gripe is that had capitalism been allowed to work, a different management team may have been able to acquire the assets of GM and formed a new company to make vehicles to compete in the marketplace. I personally have no confidence in GM because I don't think the fundamentals of the company have significantly changed; everything has just been reshuffled through the expedited bankrupcy.
Excellent point.
@Harry the Shill:
Gust Avrakotos: There's a little boy and on his 14th birthday he gets a horse... and everybody in the village says, "how wonderful. The boy got a horse" And the Zen master says, "we'll see." Two years later, the boy falls off the horse, breaks his leg, and everyone in the village says, "How terrible." And the Zen master says, "We'll see." Then, a war breaks out and all the young men have to go off and fight... except the boy can't cause his legs all messed up. and everybody in the village says, "How wonderful."
Charlie Wilson: Now the Zen master says, "We'll see."
The government's intervention has already been a colossal failure. The method by which it went through bankruptcy was devastating to contract law and the rights of creditors. If GM is deemed a "success", then the model where government dictates the terms of private business and divides the spoils to it's favored political patrons will become the norm. How many jobs in other industries won't be created but for the additional inherent risk the Administration's arbitrary, ad hoc action created.
The notion that selling stock at $33 when your cost basis is $46, is a "success" is an insulting deception. (And that doesn't even count the $35 billion in tax loss carry forwards GM was gifted)
I think everyone here would like to see a strong, vibrant domestic auto manufacturing company providing thousands of high paying jobs as a cornerstone to the American industrial base, but, that's not what GM represents. How many other jobs, in non-favored political classes, could have been saved with the cash the Administration has burned on GM (and Chrysler)? What would GM's true financial situation be without tax credits to fund car purchases? What would the IPO price be without the accounting tricks allowed to GM? (e.g. goodwill and tax loss carry forwards) What happens to GM if/when the government mandated Volt flops? How will GM succeed when the new CAFE standards kick in?
Asking the tough questions and questioning valuation and motivation isn't whining, its called diligence.
I'm pretty sure one of Hitler's political campaigns was creating more jobs. And he did.
So what exactly are you saying Harry, that justice and morality are irrelevant as long as jobs are created? Are you pro-fraud and pro-corruption?
I for one want this IPO to crash and burn on principal alone. Its the means Harry, not the ends that matter.
Indeed, the means determine the end. Fascist know-it-all central planners never seem to understand this point. They need to read Hayek's, "the road to serfdom". That road is paved with "good intentions".
time for a teleprompter news conf. oops hes overseas again
Early again, as usual.
Oh well, better early than late.
i was just thinking this too, yesterday all major news media celebrated GM IPO as a huge success. I think somebody got to step in and do something about it right ? but today is just 1.5-2.5 bn$ pomo, so what will they do???
What they always do. Punt the ball, call it a win and never discuss it again.
Say it aint so! LMAO!
I voted 24 hours- "BIGGEST AMERICAN IPO IN HISTORY" is what the MSM pumped. Oh, whoppsie! They forgot to mention, the preferred's are dumping like mad!
I guess somebody read the prespectus last night.
P.S: Those friggin math problems required to post are getting harder and harder ;)
21 time ( ) = -546 ??????
MSM - the biggest fraud of all time
praise the evil, attack the good; lie all the time
Biggest ass wipe in history.
Yes that about sums up what this stock is really worth. LOL!
Yes.........but is it two ply?
financial statements you can believe in
Does this answer your question?
http://www.youtube.com/watch?v=92LoQ51X8qY
Brings a whole new meaning to "Skid Marks"
LOL nice one William
a I see, GM paper i smuch more usable than gold bars
Yeah....but you can't eat GM paper.
SPX
"POMO...POMO...POMO!"
http://99ercharts.blogspot.com/2010/11/spx_19.html
http://www.zerohedge.com/forum/99er-charts
deny, deny, accuse - also works wonders as a deflection.
Tyler,
Why has the ability to track commenters been removed from the site? Getting too many hits from Langley? Some explanation would be appreciated... It is a feature of the site that some of us cherish, as it enables us to follow certain above-average commenters and allows us to ignore a lot of the noise that has been propping up lately...
I'm primarily focused on why we lost the ability to track posts - specifically mine. I noticed it last night.
Signed,
Curious and Vain
I can still track my own posts, but you can't look up users at all anymore. I noticed it yesterday afternoon, when it was working just fine in the morning. It's rather annoying because it was helpful in ferreting out the disinfo agents (member for 2 weeks, very opiniated, very slanted, etc.). Now that ability has been removed. I know we don't own the site, and the Tylers can do what they wish with their property, but it's not a good change, IMHO. For all we know, this site is a Langley creation to keep track of the more "troublesome" sentiment out there...
EDIT - And just like that, the functionality is back. Probably just a server reboot or upgrade... or a glitch in the matrix
Langley had to "clean up some things" first. All better now.
Been watching this for the last hour. I love a good roller coaster ride, but, I prefer the ones at Six Flags. They always bring you back to where you started and the fees are lower. I trust the operators more than the ones on Wall Street too.
Another interesting thing is that the $33.11 trade apparently occurred during a time when the lowest offer I ever saw on my TD Ameritrade screen was $33.42. We're at $33.64 right now. Fair markets my ass.
33.11 was bounced off of so fast that if you weren't watching you'd miss it. It was only there for a few seconds before the ride back up.
Actually, as I understand it, GM runs all of it's overseas operations as independent entities and do not repatriate much if any of their income from here.
For the record, GM is doing pretty well in India and just a few months ago, raised the profile of their equal chinese partner in India operations by giving them a majority of the seats on the GM India board.
All this is verified news. For what it's worth.
ORI
http://aadivaahan.wordpress.com
crash and burn disaster on GM this week? as getco accumulates longs and has noone to sell to?
Yep...as is the case of so many of the real stories followed here on ZH, they repeatedly tell the story of the death of a network...NBC.
It continues to be amazing to me how folk on that network have allowed themselves to become tools.
Rainman and I are looking for our prize! lol
I voted not in a million years and i'm still not wrong.
Why can't I buy any puts, damnit!?
Puts imply the price might go down. We can't have that!! : )
Monday...
Don't you guys get it yet?
We just witnessed the biggest pump-n'-dump scam of all time.
Getco can't support the price nor would it even want to. That wasn't THEIR job, that was supposed to be the FED's.
THe scam involved aligning and coordinating several stars to gain confidence: The IPO was timed to coincide with QE2. It was timed to follow the G20. The night before the IPO, several of the Fed's minions pumped the futures hard and kept it going through the day (except for that slight roll at the end).
If you need more evidence, look to the canceled Harrah's IPO this morning which cited 'adverse market conditions'.
Anyone who bought in got conned. The rest of the buyers are all government sponsored entities like the PDs, insurance companies and other minions of the FED.
Of course I get it, and said last week its what would happen. Same will happen to all these other frothy stock markets too, remove the FED support and theres no one to sell to. Prices are irrelevant when theres only a seller and no buyers.
Yum.. I smell the stew of masked asset deflation and higher input costs at the same time. delicious!
Lol
It will break 33.
Then 32.
Then 31.
Then 30.
Then 29.
Then 28.
Then 27.
Then 26.
Then 25.
Then 24.
Then 23.
Then 22.
Then 21.
Then 20.
Then 19.
Then 18.
Then 17.
Then 16.
Then 15.
Then 14.
Then 13, 12, 11, 10, 9, 8, 7, 6, 5, 4, 3, and 2.
Finally settling around 1.50. Then, through the magic of an AIG-inspired 30-1 reverse split, the countdown starts anew.
It breaks 45.
Then 44
.............
My money manager is telling me to average in on the way down. thanks for the visual.
More money is lost because of our refusal to sell the losers than was ever made from our winners.
Discipline should be applied everywhere, not just at our weekly S&M night out.
The safe word is "blissful ignorance".
But it's hard to say all that with a ball-gag of rolled up Benjamins crammed in your mouth.
i'm not a trading pro, but the ones I read/follow say NEVER average down.
I believe that was sarcastic:)
Well done Turd! --Banzai7 Labs
There will be a syndicate bid at $33. i don't know what the exact shoe is but that bid look safe unless there's a heck of a volume ramp.
Meanwhile enjoy the Chevy Volt Dance:
http://www.youtube.com/watch?v=xvwTMZNWGuk
that is, without a doubt, the WORST promotional performance ever given at an auto show.
But.....but.....but pretty girls were dancing and boobs were bouncing. What more do you need? :>)
to me them fat pigs looked like trailer trash
I knew it.
Finally I achieved a flag as junk reward.
Thank you fat lady flagging me for you not be willing getting up in the morning and physically training for a hard day ahead of you.
Never seen a fat lady who's running marathons, sorry!
Hence, no excuses ladies. Sorry to say!
Please GM, never ever post such a link here again.
After watching Chevy Volt vid I feel like checking with my doctor for eye and ear cancer.
Governments around the world truly know best how to fuck things up.
Yikes!! Now I know where some of So You Think You can Dance auditions went
Don't hate the dancers. Hate the choreographer.
If you've never watched "Who Killed the Electric Car" (that being at the time, the EV1) then you should. The Volt is starting to play out exactly the same way.
The EV1 promos used these really edgy ads in black/white. But not nearly as hip as (just to pick one) Apple can do. The EV1 ads were stark, foreboding, creepy. Scarecrows and shadow people and then a single car sailing by. Like something from a WW2 holocaust documentary.
Detroit hates these things. Not sure why. Big Oil pulling strings maybe. And perhaps a fear of people just saying "fuck it, this is no fun, I'm walking" and leaving the era of the automobile entirely behind.
The Volt will die. It simply will and nobody will understand why. Oh there will be lots of reasons given -- people reading here will line up to give their reasons never having driven the vehicle -- but nobody will actually know why it happened that way when corporations can sell us all kinds of other crap they want to.
Well folks looks like I was wrong on GM, I woulda thought the GOV would have paid any dealer any amount to float this SHIT CAR COMPANY well above the IPO price for months...
Good thing I am an FX trader and not an equities trader!
Cheers
CKF
The people who were right think they were wrong and thepeople who were wrong think they were right! Ever seen those endzone dancers who fumble the ball on the 1 yard line?
Lebeau shills for who?
GM, Ford, maybe Chrysler?
U A double-U
Damn, had an order GTC at 33 even. Slept in and missed it. Probably would have jumped at 33.11 for a quick trade. They're going to have fun running this up and down over the coming Q.
You may have your chance again very soon.
Hope so. I'll keep my GTC order at 33.
I tell you what.. how many do you want to do at 33? I will give you a load there..
My sleeping in cost me an easy 3% on GM today. Just cancelled my GTC at 33.
We'll see, but the upside is limited. The only ones who care are those with IPO shares they want to dump at a polite interval (but before everyone else dumps). Don't forget about the massive size of this thing. And it's also being viewed as cheap government cash. None of the big boys are viewing this as 'investment', but if it crashes the ope if the government rides to the rescue again.
oh, it will bounce off 33, until it doesn't.
So the next poll on the stock should be when they will have to reverse split it.
Die GM, DIE!
What business/industry do you work in? Just curious. And, as with the clown above, please go to a GM assembly plant and tell one of the workers on the line, "Die GM, DIE!" and then come back here and tell us what you learned.
How stupid are you people? Really?
Go talk to a bond holder who got fucked over when GM went into government-sponsored bankruptcy and tell them he should be cheerleading this charade.
Wait a second, I see what's going on here. You went long at $35, didn't you? Ohhh Harry.