General Motors Corporation (NYSE: GM) is soon to cease being a public stock for some time, if all the recent reporting and all the jaw-boning is correct. The stock itself is showing fresh evidence of this by doing what previously would have seemed the unthinkable…. GM BROKE THE BUCK! Shares are down at $0.96 and we have already seen 150% of an average day’s trading volume trade hands in just over an hour of trading.
Many are now calling GM by the name of Government Motors. We think Goner Motors is more appropriate of a name if this won’t trade as a public stock after this week for a period of six to eighteen months.
With shares under the $1.00 mark and with little to no residual value, it is amazing that the stock didn’t “break the buck” earlier this week.
It is only a matter of time before the Dow Jones Industrial Average boots GM out as one of its 30 members. It would seem that the only reason GM hasn’t been booted yet is maybe tied to politics more than reality. We gave our full list of stocks we think should replace GM in the DJIA.
Jon C. Ogg
May 29, 2009
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