Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[REPORT: Despite having no real value, investors continue to trade GM stock]]>http://www.autoblog.com/2009/07/02/report-despite-having-no-real-value-investors-continue-to-trad/http://www.autoblog.com/2009/07/02/report-despite-having-no-real-value-investors-continue-to-trad/http://www.autoblog.com/2009/07/02/report-despite-having-no-real-value-investors-continue-to-trad/#commentsFiled under: ,



As of 10 am this morning, General Motors stock was trading at about 80 cents. If you think that is a bit of a bargain, you may be a bit of crazy. With The General apparently almost finished with bankruptcy, there is near certainty that the company's common stock will mean exactly nothing in a manner of days or weeks.

GM is warning investors that the stock grab is a bad idea, releasing a statement reiterating its "strong belief that there will be no value for the common stockholders in the bankruptcy liquidation process, even under the most optimistic of scenarios."

With GM common stock scheduled for oblivion in the near future, it seems likely that any money spent on stock in the struggling company would be more useful as kindling for a bonfire. Since the new GM will be owned by the federal government, unions and shareholders, the stock-buying public likely won't have an opportunity to buy in for months - or more likely, years.

[Source: Detroit News | Image: Scripophily Trader]

REPORT: Despite having no real value, investors continue to trade GM stock originally appeared on Autoblog on Thu, 02 Jul 2009 14:01:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcycommon stockCommonStockgeneral motorsGeneralMotorsgm stockGmStockThu, 02 Jul 2009 14:01:00 EST<![CDATA[REPORT: Execs including Bob Lutz, Troy Clarke dump GM stock ]]>http://www.autoblog.com/2009/05/12/report-execs-including-bob-lutz-troy-clarke-dump-gm-stock/http://www.autoblog.com/2009/05/12/report-execs-including-bob-lutz-troy-clarke-dump-gm-stock/http://www.autoblog.com/2009/05/12/report-execs-including-bob-lutz-troy-clarke-dump-gm-stock/#commentsFiled under: , ,

As General Motors teeters on the brink of bankruptcy, several major executives have just taken advantage of an opportunity to sell their stock shares just after the company's quarterly earnings report came out in May. Among them, Bob Lutz, Troy Clarke, Thomas Stephens and several others decided that it was better to cash out and get something, no matter how paltry.

As the June 1 deadline for a workable restructuring plan or bankruptcy filing looms, the suits grabbed what may be their last chance to get rid of their holdings. Departing Vice Chairman Lutz took in $130,989.60 from the sale of his 81,360 shares. GM North America President Troy Clarke sold 21,380 shares for a return of $31,001 - not exactly a ringing vote of confidence in the automaker, but you'd expect so many thousands of shares would bring more money. Ouch.

CEO Fritz Henderson keeps intimating that bankruptcy is where General Motors is headed, and the stock has taken a 90+ percent beating this past year, making all financial activities look like preparation for a bankruptcy filing. Or just an example of rearranging deck chairs on the Titanic. Thanks for the tips, everyone.



[Source: Bloomberg]

REPORT: Execs including Bob Lutz, Troy Clarke dump GM stock originally appeared on Autoblog on Tue, 12 May 2009 09:28:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>general motorsgeneral motors stockgeneral motors stock priceGeneralMotorsGeneralMotorsStockGeneralMotorsStockPricegmgm stockgm stock priceGmStockGmStockPriceTue, 12 May 2009 09:28:00 EST<![CDATA[Cheap shares lead GM to suspend employee stock purchases]]>http://www.autoblog.com/2008/10/04/cheap-shares-lead-gm-to-suspend-employee-stock-purchases/http://www.autoblog.com/2008/10/04/cheap-shares-lead-gm-to-suspend-employee-stock-purchases/http://www.autoblog.com/2008/10/04/cheap-shares-lead-gm-to-suspend-employee-stock-purchases/#commentsFiled under: ,



You know what they say: "Buy low and sell high." General Motors stock closed at $9.45 on September 30, which is 78% below its 52-week high of $43.20. That little piece of news, coupled with GM's enormous financial losses and declining sales, makes stock in the 100-year-old company sound like a bad bet, but employees don't agree. The low price of GM shares has lead workers to snatch up all available employee purchasable stock, which is capped by volume in the company's two 401(k) programs. As a result, GM employees can no longer buy stock in the automaker through the company. Because of the share freeze, GM executives are also not allowed to buy, sell or trade any of the company's stock during this time due to the Sarbanes Oxley act. To obtain more employee purchasable shares for its 401(k) program, GM has to register more shares with the SEC, which is expected to happen on November 9.

[Source: Detroit Free Press, Photo by jzakariya | CC2.0]

Cheap shares lead GM to suspend employee stock purchases originally appeared on Autoblog on Sat, 04 Oct 2008 16:59:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>general motorsGeneralMotorsgmgm sharesgm stockGmSharesGmStockSat, 04 Oct 2008 16:59:00 EST<![CDATA[In the name of faith: GM dealers buy $1M in GM stock]]>http://www.autoblog.com/2008/07/17/in-the-name-of-faith-gm-dealers-buy-1m-in-gm-stock/http://www.autoblog.com/2008/07/17/in-the-name-of-faith-gm-dealers-buy-1m-in-gm-stock/http://www.autoblog.com/2008/07/17/in-the-name-of-faith-gm-dealers-buy-1m-in-gm-stock/#commentsFiled under: ,

GM has had what can be conservatively called a difficult week. In a live press conference, CEO Rick Wagoner delivered sobering news about health care cuts, asset sales, retirement and separation packages, and the elimination of GM stock dividend. The doom and gloom hasn't scared off the General's Dealer Council, as 20 retailers purchased a combined $1m in GM stock to show their support. Of course $1m isn't going to help much in the face of $15 billion in cuts, but co-chair Duane Paddock wanted to make the gesture to show GM and its massive dealer body that the council believes in the struggling automaker.

The move could be considered risky in light of the fact GM stock has dropped like a rock over the past couple months, and when the stock dropped to below $9 per share, it was a 50-year low point. So far the council looks both loyal and fiscally prudent. After Wagoner's press conference, GM stock rose by 16.6%. That translates into about $170k in earnings in just under a week. The way vehicle sales have been at GM dealerships, the dealers may want to try their hand in the market more often.

[Source: Automotive News (subs req'd)]

In the name of faith: GM dealers buy $1M in GM stock originally appeared on Autoblog on Thu, 17 Jul 2008 14:52:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Dealer bodyDealerBodyGeneral MotorsGeneralMotorsGMGM stockGmStockThu, 17 Jul 2008 14:52:00 EST<![CDATA[Ban lifted: GM execs can sell their shares]]>http://www.autoblog.com/2007/05/10/ban-lifted-gm-execs-can-sell-their-shares/http://www.autoblog.com/2007/05/10/ban-lifted-gm-execs-can-sell-their-shares/http://www.autoblog.com/2007/05/10/ban-lifted-gm-execs-can-sell-their-shares/#commentsFiled under: ,


Two years ago when General Motors embarked on its latest turnaround plan, the company instated a two-year stock trade ban on its top 20 executives. The group included well-known names such as Chief Executive Rick Wagoner, and Vice Chairman of Global Product Development Bob Lutz. Until today, none of them were allowed to buy or sell General Motors stock. At the time of this posting, none of the them had filed plans with the SEC to purchase or sell their holdings, but they have until May 31 to do so.

Sarah Gilbert, editor at Blogging Stocks tells us that the unusual ban was probably a way to keep investors from implying too much about the state of the company from inside trades. It was a move, Gilbert says, that went hand-in-hand with GM's decision to stop issuing forecasts during the turnaround period. She says lifting the ban could indicate GM is nearing completion of its turnaround plan.

GM shares closed at 29.65 Wednesday afternoon, down 8 cents.

[Source: CNN Money]

Ban lifted: GM execs can sell their shares originally appeared on Autoblog on Thu, 10 May 2007 08:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>general motorsgeneral motors stockGeneralMotorsGeneralMotorsStockGMGM insider tradingGM insider transactionsgm stockGM stock tradeGmInsiderTradingGmInsiderTransactionsGmStockGmStockTradeThu, 10 May 2007 08:29:00 EST