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.