GMC stock is up 12%!!

[lpbk2713]

That works out to about 9 cents per share. :eyes:


Link: http://www.google.com/finance?q=NYSE:GM&client=news

[dana_b]

1. Isn't this their last day on the stock market??

Buy! Buy!!

[anigbrowl]

6. No. They are being removed from the index, not the exchange.

The 'dow' (the number they quote on the news) is made up up by adding together stock prices of 30 companies. GM and Citigroup have been dropped from that list. They are still tradable etc. just as before, the only difference is that their stocks aren't included in the calculation o the Dow Jones Industrial Average figure. This happens quite often, it doesn't really say anything about the health of the company.

[Statistical]

9. NYSE has minimum listing requirements.

GM having a stock price below $1 + BK filing will likely force a delisting.

Not today but soon.

[Hannah Bell]

10. delete

[Hannah Bell]

2. what a surprise. not.

[BuyingThyme]

3. The Dow is up 225.

[TheWatcher]

7. Yes, Because GM Going Bankrupt means the Recovery is REALLY in full swing now.

:eyes:

[yodoobo]

4. Short covering

Those who had bet on the stock declining are taking their money.

[girl gone mad]

5. Why not cover at $.01?

The stock is going to zero. President Obama said as much.

[Statistical]

8. The stock will be delisted which makes covering difficult or impossible.

Easier and safer places to put your money then get trapped in a stock w/ trading halted.

Plus lots of retail investors foolish enough to buy GM (hoping for a lottery ticket) and the big money is happy to sell them the worthless stock for $1.00.

[Lance_Boyle]

11. I was shocked to see GM gain today.

Started the day at $0.75. I figured it would be fun to watch it plummet, so turned on my ticker. Dropped to $0.27 fairly quickly, then rocketed up past $0.90. I don't know who's trading this thing today, but for their sakes I hope they don't get caught holding their shares when the music stops. Owners of the common stock *will be* wiped out in the restructuring.