Tuesday, December 20, 2005
GM closes at 23 Year Low!
General Motors today closed at $19.85. GM hasn't closed under $20 since October 1982. There was an 18 year low reference in the media today, which was mistakenly using the "Crash of 87", but GM actually closed above 20 that day. It hasn't closed UNDER $20 since October 1982, and of course today!
Kirk Kirkorian also took a huge bath on 12 Million shares he sold in the last few days. He's lost around $110 Million on that sale, but is also hurting with a large unrecognized loss on the rest of his GM position, now representing an 8% stake in the company, down from an over 10% stake prior to this 12 Million share sale.
I personally think GM will go Bankrupt sometime in 2008 or 2009!
Here's a 25 year chart of GM:
GM Deathwatch continues.....
Kirk Kirkorian also took a huge bath on 12 Million shares he sold in the last few days. He's lost around $110 Million on that sale, but is also hurting with a large unrecognized loss on the rest of his GM position, now representing an 8% stake in the company, down from an over 10% stake prior to this 12 Million share sale.
I personally think GM will go Bankrupt sometime in 2008 or 2009!
Here's a 25 year chart of GM:
GM Deathwatch continues.....
