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From the guy who doesn't know what Fair Value is?
Thanks, but no thanks. There are way better plays out there than volatile auto stocks that are doomed to fail. There's no guarantee that traders are going to care enough about the severed-limb band-aid that Bush is about to apply, to even affect the share prices enough to waste their time.
But you go ahead and knock yourself out, Dave.
Well, I bought 10,000 shares back in November when it was at $2.79. It closed at $4.49 today. I've made $17,000 so far off of this stock.
Yet, you don't even know what fair value is. Something isn't adding up.
I'm positive you're either lying, or you've lost a lot of money during your trading career, because not knowing something that basic while investing 10's of thousands of dollars is a lethal combination.
Makes me wonder how much else you don't know that might end up burying your ass someday.
(Reuters) - General Motors Corp's equity may be largely if not entirely wiped out as it complies with the restructuring targets laid out in the federal auto bailout, an analyst at Credit Suisse said, cutting his price target to $1 and his rating to "underperform."
GM shares were down about 7 percent at $4.19 in trading before the bell Monday.
"Over the next two months...it will become increasingly clear that the enormous sacrifice of value on the part of the union and bondholders will require the complete or near-complete elimination of the existing GM equity," analyst Christopher Ceraso wrote in a note titled "Game Over for Existing Equity."
The U.S. government on Friday came to the rescue of U.S. automakers with $17.4 billion in emergency loans, some $13.4 billion of which will be made available in December and January, taken from a $700 billion Wall Street bailout fund originally designed to rescue struggling financial institutions.
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Talk like this makes me glad I bought Ford and not GM. Equity being wiped out is NEVER a good thing for the common shareholder.
no problem. Just wondering how something so basic has been lost on you, while you're risking so much money.
Maybe I'm just concerned.
You have no idea how much money I've lost this year. I started getting in around the time the DOW was around 13,200 in March because the DOW was going to skyrocket. It was down around 1,000 points YTD and everyone around me said the DOW was down too much this year and to get in and get in now because stocks were dirt cheap. Then Bear Sterns collapsed. Then Lehman Bros. collapsed. Then Washington Mutual collapsed. etc. etc. etc. I started my second business this year and invested all of my income that I made into it... but to pays its bills, I borrowed, stupidly, from the first. I thought by the end of the year, I was going to double if not triple my money. I've lost... well, all of it. It's hurt my business, it's hurt me, it's hurt the people I work with... it was a really stupid decesion on my part. During the crisis, I took a lot of money out and put it into gold and then I started taking some money out of gold and put it into financials.. and it hasn't helped. My portfolio is a disaster this year.
Indeed!Car stocks are NOT the right stocks to be in this week. Merry bleeping Christmas.
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Talk like this makes me glad I bought Ford and not GM. Equity being wiped out is NEVER a good thing for the common shareholder.
As I see it, GM is a dead man walking. There is no way they can escape Chapter 11 if the government does not come in and enforce Chapter 11 like bankruptcy settlements on the whold industry. I just do not see it happening without Chapter 11.
Short the stock as it will not survive BK.
