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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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Hilarious! Great point:)
GM has financial statements that come with a disclaimer. they are trash. and they admit it. but maybe we should expect that, since their new CFO is a former microsoft guy.
@Harry
In a previous life, I owned a Chevy Vega. Came off the assembly line with a sandwich smashed into the front of the radiator and painted black to hide it. Young and stupid, I failed to see the omen.
Yeah, die GM, die. There are plenty of other auto makers that don't need $100K subsidies per vehicle to survive.
The reality is these plant workers ran the company into the ground by being overpaid for decades. In that case and they should have had some damn common sense to save some of their wages for a rainy day. Oh did you also catch the numerous stories of plant workers drinking on the job during lunch, smoking pot, doing crosswords and reading magazines in the jobs bank waiting room? The auto workers themselves should have been preparing for this day a decade ago instead of crying like a bunch of puzzies that they need their jobs saved by the fugging government. Real fuggin American heroes.
I'd love to know what Michael Moore thinks about GM now that the UAW owns it.
What if I'm wearing a Ford T-shirt when I taunt the line workers at Government Motors?
Brutal! Buy A Ford Screw GM. Sold my GM truck last August Bought a $1000 turd and have been buying gold/silver with the payment. After 15 months it sure adds up!
CNBC SPECIAL PRESENTATION: GENERAL MOTORS, RISING FROM THE ASHES
...
cancelled.
Just in case anyone missed this opportunity to roll on the floor laughing, Cramer recommended GM to retail investors yesterday as a buy opportunity up to $40. I hope he picked off about 100,000 shares for himself at the bargain price of $35.99.
Boo - yaa back to you!
Boo - yaa back to you!
Boo - yaa back to you!
Boo - yaa back to you!
Boo - yaa back to you!
Oh thanks Downtoolong...
I was wondering where the ClownPump was...
So cute - 33 Liberty priced their car company at $33.
Frankly I'm surprised it did not bounce at 33 1/3.
And all the hype surrounding this? G-Motors is touted as American as apple pie and therefore the ability to float the issue is painted as evidence of a return to normalcy in the public markets.
Baseball, Hot Dogs, Apple Pie and Chevrolet...
This is what you hear when you play GM backwards at 33 1/3:
"GM is dead"
"seibmoz evol eW" syas itanimullI
Algo pumps are indeed on...the track pattern is so blatantly obvious. Wonder if the false bid to pump the price is going on again...though the SEC would never investigate it.
Short sales on an IPO, cool , target at 2?
GM is a pile of carbon credits , with out the politically correct hype value.
And I voted for 24 hours to break the IPO price.
If they really wanted to show off they would have it close @ $33.33
Where is Cramer and his tire pump??
Pump Clown, Pump... I mean Pimp...
"Vote "yes" for job creation?
a chance for something good to possibly happen in the way of job growth and manufacturing potential in the US. Unreal.
A fucking joke
GM is only creating jobs in China you dumb ass and will never build another plant in amerika.
Wheres the new brand "baojun" ITS NOT A PONTIAC!
Where is it Guangxi, laibin?
3 Billion RMB?? where they get that money??