GM Death Watch
November 10, 2008 – 12:51 pm
Speaking of bankruptcy, Deutsche Bank published an analyst note today, cutting its rating on GM to “sell” and setting a price target of $0. The stock is getting hammered, down $1 to $3.33, or about what the shares traded for in the late 1940s. Click on “1d” to see today’s chart.
The equity is close to worthless because there are higher claims on the company’s assets, specifically what they owe bondholders and current/future retirees. Any government bailout could easily wipe out existing stockholders’ stake.
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Posted in Wall Street, bankruptcy, stocks |
