General Motors (GM) 01 (Jun 08 - Jul 10 )

[helios]

wah lao ... this's the first night, i stayed up to hear the obama's speech and press release statement ...

[mojo_]

It is not at zero (yet) because of short covering... crazy as it seems

[helios]

the message i am getting is that obama is confident of the 'new' GM & he thanked the canadian government for support; leadership changes and how quickly the new GM will move forward with the restructuring 30 to 60 days' time ...

i sold my GM at a $1K loss; as i didn't expect it to rebounce within seconds ...

don't think it will crash till zero. so, tomorrow this will stop trading?

[kennynah]

san mei mei...sorry to hear about the loss...i guess, win some lose some...it's normal

anyone knows for a fact that GM will be delisted? or will it become an OTC trade?

[mojo_]

K & S^2, this is what I found...

From wsj.com

June 1, 2009, 12:26 PM ET
GM to Trade on Pink Sheets Tomorrow Morning

General Motors shares will begin trading on the Pink Sheets tomorrow morning, says Cromwell Coulson, CEO Pink OTC Markets Inc., which operates the electronic over-the-counter market. A new ticker symbol will be issued this evening by the Financial Industry Regulatory Authority, known as Finra, Coulson said.

At first GM shares will trade on the Pink Sheets “Current Information” category for companies that are current with SEC filings. Coulson said he expects that GM will eventually moved to the “Limited Information” category, which is designed for companies with financial reporting problems, economic issues or are in bankruptcy.

From Wikipedia, the free encyclopedia

Pink Quote, informally known as the Pink Sheets, is an electronic quotation system operated by Pink OTC Markets that displays quotes from broker-dealers for many over-the-counter securities. Market makers and other brokers can use Pink Quote to publish their bid and ask quotation prices. Starting in 1913, and prior to the creation of the electronic system in 2000, these quotes were printed on pink colored paper by the National Quotation Bureau. The term Pink Sheets is also used to refer to a market tier within the current Pink Quote system.

The Pink Sheets is not a stock exchange. To be quoted in the Pink Sheets, companies do not need to fulfill any requirements (e.g. filing financial statements with the SEC). With the exception of foreign issuers, mostly represented by ADRs, the companies quoted in the Pink Sheets tend to be closely held, extremely small, or thinly traded. Most do not meet the minimum U.S. listing requirements for trading on a stock exchange such as the New York Stock Exchange. Many of these companies do not file periodic reports or audited financial statements with the SEC, making it very difficult for investors to find reliable, unbiased information about those companies.

For these reasons the SEC views companies listed on Pink Sheets as "among the most risky investments" and advises potential investors to heavily research the companies in which they plan to invest.

Buying Pink Sheets shares is supposed to be difficult. Broker-dealers are enjoined to weed-out unsophisticated investors who may get an e-mail or word-of-mouth tip about a small stock. Many Pink Sheets stocks may only be registered for sale in one state so that the only way to purchase the stock is to make a DRIP/business/unsolicited/accredited or other sophisticated form of investment. Many registered representatives do not even know how or if they can sell them.

[helios]

June 2 (Bloomberg) -- General Motors Corp., the largest U.S. automaker, may prove a profitable bet for stock traders who sell their shares within a week of the company’s bankruptcy filing, if history is any guide.

Stocks of the 20 largest U.S. companies that declared bankruptcy since 1980 rose an average 18 percent one week after filing for court protection from creditors, according to data compiled by Bloomberg and BankruptcyData.com, a Boston-based research firm. The increase diminished to 3.1 percent over a month and turned into a 15 percent loss within three months as the shares began to be removed from exchanges, the data show.

[cif5000]

GM = Government Motors

[kennynah]

san mei mei...

so how are you gonna trade your existing GM shares?

[millionairemind]

UPDATE 5-GM strikes Hummer deal with China machinery maker
Tue Jun 2, 2009 11:49pm EDT


* China's Sichuan Tengzhong Heavy Industrial is buyer

* Hummer deal comes a day after GM bankruptcy filing

* US consumer tastes eventually soured on macho brand
(Adds details, statement from Sichuan Tengzhong in paras 9-10)
http://www.reuters.com/article/usDollar ... 4520090603

[helios]

san mei mei...

so how are you gonna trade your existing GM shares?

ken ge,

earlier, i have sold 1/3; on e last day, i have sold 2/3 with a tradeoff loss $1K+ ... i wasn't paying attention and concentration coz i was doing work! ... i've 2 opportunity to exit at good profits then, but didn't act on them! arrghh ...

underlying assumption: let us wait for another opportunity at our doorstep ... am still interested in this counter.