GM declares bankruptcy...Kicked off DOW...stock falls to record low 27 cents!

[deal_with_singh]

WOW I just can't belive GM fell down to 27 cents and went up to 90 cents in just minutes later....that would've been a good time to short....300% profit lol...i didnt buy as much...shouldve!! opinions on GM now?

[Engi-Nir]

Repost bro, stock is done, all the stocks are already spoken for

[deal_with_singh]

Repost bro, stock is done, all the stocks are already spoken for

really? where is the other thread? Also...what exactly do you mean stock is done? is it just not going to be available to investors?

[nornet]

really? where is the other thread? Also...what exactly do you mean stock is done? is it just not going to be available to investors?

GM is being delisted June 2 by NYSE.

[THINKPADT61]

GM is being delisted June 2 by NYSE.

Ouch~

[B0000rt]

GM is being delisted June 2 by NYSE.

Replaced by Cisco on the DOW..

Funny thing is Citigroup is also being removed form the DOW30 to be replaced by Travellers lol

[deal_with_singh]

GM is being delisted June 2 by NYSE.

OUCH....luckily i didn't buy their stock today...was planning on purchasing about 50k worth of GM....also I own 100k worth of citigroup and thats been a real pain for me...i bought citi at $4.15 lol

[grant]

OUCH....luckily i didn't buy their stock today...was planning on purchasing about 50k worth of GM....
You're kidding right?

Only a moron would have invested money in GM common the last month or so. Even investing in GM bonds would be crazy.

I've been trying to short GM for a week, but my broker can't borrow any shares. i.e. other speculators have already shorted the hell out of it.

I imagine that's what caused the price jump today, a flood of short covers.

[deal_with_singh]

You're kidding right?

Only a moron would have invested money in GM common the last month or so. Even investing in GM bonds would be crazy.

I've been trying to short GM for a week, but my broker can't borrow any shares. i.e. other speculators have already shorted the hell out of it.

I imagine that's what caused the price jump today, a flood of short covers.

what i meant by investing was infact shorting....buy and sell within a few hours....like when it went to .27 buy...minutes later it goes to .90....sell

[Engi-Nir]

what i meant by investing was infact shorting....buy and sell within a few hours....like when it went to .27 buy...minutes later it goes to .90....sell

I think buy low and sell high doesn't apply with crazy gambling. GM stock was worthless a month ago, when it was clear that GM will go under, it is only worth buying once it goes public next year assumming the right idiots are at the helm to steer the company in the right direction. One good think henderson said he will do is eliminate a lot of middle management, so decisions will be made fast. Assuming new board of directors, and government should shut keep out of the day to day decision making.

[CUVShopper]

what i meant by investing was infact shorting....buy and sell within a few hours....like when it went to .27 buy...minutes later it goes to .90....sell

that is not what "shorting" means

[nornet]

that is not what "shorting" means

Exactly. and it could just as easily have gone down to $.13

[grant]

what i meant by investing was infact shorting....buy and sell within a few hours....like when it went to .27 buy...minutes later it goes to .90....sell
1) that is "going long". "Shorting" is when people sold months ago at $3 and then bought yesterday at $0.30

2) good luck shorting it yesterday. I don't know who your broker is, but mine couldn't borrow me any stock for the last week

3) If you could actually predict the sudden drop to $0.27 and then the recovery to $0.90, you're the kreskin of day trading. Please tell me where to sign up for your seminar!

[deal_with_singh]

1) that is "going long". "Shorting" is when people sold months ago at $3 and then bought yesterday at $0.30

2) good luck shorting it yesterday. I don't know who your broker is, but mine couldn't borrow me any stock for the last week

3) If you could actually predict the sudden drop to $0.27 and then the recovery to $0.90, you're the kreskin of day trading. Please tell me where to sign up for your seminar!

Yeah my broker: Tdwaterhouse...allows shorting....as for the purchasing of gm: I just really had a very good feeling that the stock would go up some what after falling down that low that fast...it has to...it happens everytime...people panic....selling begins....they have no idea why theres so many selling so more investors sell....comes down insanely low...minutes after...people find out the reason....they realize it wasn't that bad and they F**ked up....and then price suddenly increases....this usually happens when earnings come...for e.g. last time Amazon (AMZN) earnings came in...before market closed...I bought 1500 shares at $79 (i predicted it would go up following the earnings of ebay which is a really similar business to amazon)...seconds after release stock falls down to $73/share (this is where i start sh*tting in my pants...although i wasn't stupid to sell at such a loss)....within the next 5 min...stock is up at $84.41 where i sell all 1500 (my prediction was to sell at $86...next morning it goes up to 86.51 peak and then falls....0.51 over my predicition...(not lucky guess)....i think i made a reasonable profit....I bout 20k citi...at $0.99 for roughly 20k...sold all 20k at $3.99 a week or so later for rougly 80k...you decide the rest...

[grant]

Yeah my broker: Tdwaterhouse...allows shorting....
i don't think you really understand what shorting involves. It means you borrow stock from someone else who owns it. You can't short it unless there's someone around to lend it to you.

It's like going to the liquor store... they will "allow" you to buy beer... but if the frat boys ahead of you in line loaded up the shopping cart and now there's no beer left on the shelves, then you can't buy any no matter how "allowed" you are!


as for the purchasing of gm: I just really had a very good feeling that the stock would go up some what after falling down that low that fast...
well if you have those feelings again, go with them i guess, buying stock in a company that will CERTAINLY have its shares cancelled seems like madness to me, yet obviously people were doing it. Eventually someone's going to be left holding the bag.

[TripleHelix]

1) that is "going long". "Shorting" is when people sold months ago at $3 and then bought yesterday at $0.30

2) good luck shorting it yesterday. I don't know who your broker is, but mine couldn't borrow me any stock for the last week

3) If you could actually predict the sudden drop to $0.27 and then the recovery to $0.90, you're the kreskin of day trading. Please tell me where to sign up for your seminar!

Thats not really going long. He was trying to do some Day Trading. Going long doesnt really apply to "selling within a few hours".

Your explanation of shorting isnt very good. Shorting is when your borrow stocks, sell them that same day and then you buy the same number of stock at a later date to return to the person you borrowed them from, therefor making a profit of original price - price you bought at (per share).

I know you understand what shorting is, but when trying to explain it to someone else, that explanation doesn't cut it :P

[grant]

Thats not really going long. He was trying to do some Day Trading. Going long doesnt really apply to "selling within a few hours".
"going long" simply means purchasing a security or contract. There is no time constraint involved.

Look it up on google (http://www.google.ca/search?hl=en&defl=en&q=define:going+long&ei=HaMmSoblCov4tQOg-KyOBg&sa=X&oi=glossary_definition&ct=title) or on farlex (http://financial-dictionary.thefreedictionary.com/Long+position) if you'd like.


I know you understand what shorting is, but when trying to explain it to someone else, that explanation doesn't cut it :P
As opposed to your definition of "going long" cutting it? :D

I was purposely giving a counter-example specific to GM, not a definition.

[CUVShopper]

There are some confusing posts on here.

Going "long" or "short" does not have any bearing on how long you hold a stock.

If you buy "long", you are betting that the price of the stock will increase over time (either two hours or two years or whatever).

If you buy "short", you are betting that the price of the stock will decrease over time (either two hours or two years or whatever).

In either scenario, you need a willing partner to complete the transaction. Someone who is either selling or buying their position.

You will also need a margin account with your broker to be able to short stocks.

[deal_with_singh]

i don't think you really understand what shorting involves. It means you borrow stock from someone else who owns it. You can't short it unless there's someone around to lend it to you.

It's like going to the liquor store... they will "allow" you to buy beer... but if the frat boys ahead of you in line loaded up the shopping cart and now there's no beer left on the shelves, then you can't buy any no matter how "allowed" you are!


well if you have those feelings again, go with them i guess, buying stock in a company that will CERTAINLY have its shares cancelled seems like madness to me, yet obviously people were doing it. Eventually someone's going to be left holding the bag.

I just heard gm shares have just changed the symbol...they're not being removed?

[mr_raider]

They've already got a "we're gonna be better and stronger, chapter 11" commercial on TV. Your tax dollars at work.

[deal_with_singh]

gm symbol is changed from gm to gmgmq

[grant]

I just heard gm shares have just changed the symbol...they're not being removed?
They're off the NYSE! I guess they can be traded OTC or pink slips or whatever?

But the eventual outcome is those shares will be CANCELLED.

[deal_with_singh]

They're off the NYSE! I guess they can be traded OTC or pink slips or whatever?

But the eventual outcome is those shares will be CANCELLED.

didn't you see above post?

gm symbol is changed from gm to gmgmq

The orignial stock was cancelled but all previous shares were transferred to the new company with the stock symbol gmgmq...it is the new company being reformed from old gm i'm guessing

[grant]

didn't you see above post?
Didn't you read *MY* post??


But the eventual outcome is those shares will be CANCELLED.

Changing the symbol doesn't magically protect the shares from being cancelled as part of bankruptcy. Stop & think for a minute why don't you?

The governments are getting about 60% of the company. CAW is getting about 17%. debtholders are getting the rest. Current owners are going to end up with NOTHING.

even the best-case scenario floated last month to avoid bankruptcy would mean the current owners retained only 1% of GM.


The orignial stock was cancelled but all previous shares were transferred to the new company with the stock symbol gmgmq...it is the new company being reformed from old gm i'm guessing
thank goodness for you that you only bet money on the 50% of your guesses that happen to be correct.

giving shares a new stock exchange symbol is NOT the same as cancelling them. GM is going to be in bankruptcy protection for weeks or months.

[B0000rt]

http://www.google.com/finance?q=OTC:GMGMQ


Shares are at 93 cents now! You woulda made a killing if you bought it at 27cents!

[nornet]

http://www.google.com/finance?q=OTC:GMGMQ


Shares are at 93 cents now! You woulda made a killing if you bought it at 27cents!

And you would have made a killing buying the Google IPO. Trading stocks in hindsight is so easy I don't know why I didn't get into it earlier.:cheesygri

[grant]

Shares are at 93 cents now! You woulda made a killing if you bought it at 27cents!
Just a few days before it was delisted, GM was between $1 and $1.20

I'm really curious about the psychology behind the price support for this stock. Are there so many naive gamblers out there hoping they'll hold equity after bankruptcy is completed?

or is everyone just playing "greater fool" theory?

[B0000rt]

And you would have made a killing buying the Google IPO. Trading stocks in hindsight is so easy I don't know why I didn't get into it earlier.:cheesygri
Hey, isn't trading in hindsight what this thread is all about?

I was simply trying to keep on topic, unlike you, mister rain on everyone else's parade :D:cheesygri

[nornet]

Hey, isn't trading in hindsight what this thread is all about?

I was simply trying to keep on topic, unlike you, mister rain on everyone else's parade :D:cheesygri

You missed my point, I've been racking my brain the past few months about which way to go in the auto sector and eventually chose Ford luckily. THEN I find this thread and find out how much easier it is trading in indsight.:cheesygri

[B0000rt]

You missed my point, I've been racking my brain the past few months about which way to go in the auto sector and eventually chose Ford luckily. THEN I find this thread and find out how much easier it is trading in indsight.:cheesygri

Dude, it's all the rage, once you're hooked to trading in hindsight, you're never going to stop..

Word of warning, don't ever touch/trade WMT in hindsight, you'll probably OD. I did! GE is another ;) http://www.usatoday.com/money/perfi/columnist/krantz/2007-10-31-ge-split-adjusted_N.htm

[mr_raider]

Damn, if I see one more GM bankruptcy commercial on Tv, I'm gonna hurl.

[deal_with_singh]

Hey, isn't trading in hindsight what this thread is all about?

I was simply trying to keep on topic, unlike you, mister rain on everyone else's parade :D:cheesygri
Its actually about that and the bankruptcy of GM


You missed my point, I've been racking my brain the past few months about which way to go in the auto sector and eventually chose Ford luckily. THEN I find this thread and find out how much easier it is trading in indsight.:cheesygri
Same here i bought it at 1.85...missed the chance to purchase at 1.01 lol


Dude, it's all the rage, once you're hooked to trading in hindsight, you're never going to stop..

Word of warning, don't ever touch/trade WMT in hindsight, you'll probably OD. I did! GE is another ;) http://www.usatoday.com/money/perfi/columnist/krantz/2007-10-31-ge-split-adjusted_N.htm

it is true...i started back in january...i'm making so much money from stocks i can literally wipe my a55 with cash if this continues

[thegradas]

GM Reinvention Commercial (SPOOF)


http://www.youtube.com/watch?v=GFV1vQwMlpU&eurl=http%3A%2F%2Fwww%2Eautoblog%2Ecom%2F2009%2F06 %2F05%2Fvideo%2Dgm%2Dre%2Dinvention%2Dcommercial%2 Dgets%2Dthe%2Dspoof%2Dtreatment%2F&feature=player_embedded



Damn, if I see one more GM bankruptcy commercial on Tv, I'm gonna hurl.

[deal_with_singh]

GM Reinvention Commercial (SPOOF)


http://www.youtube.com/watch?v=GFV1vQwMlpU&eurl=http%3A%2F%2Fwww%2Eautoblog%2Ecom%2F2009%2F06 %2F05%2Fvideo%2Dgm%2Dre%2Dinvention%2Dcommercial%2 Dgets%2Dthe%2Dspoof%2Dtreatment%2F&feature=player_embedded

saw one this morning..."having more dealerships and brands just does not make sense anymore...that is why gm is cutting its dealerships and brands" <--quote from the commercial