Market Recap: GM's a Zero

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The Reformed Broker, AKA The Sugar Bear, here with today’s Market Recap…

OK, finally, General Motors (GM) makes it official.  They’re a Zero.  Let’s move on.

And would you believe that the auto-related stocks rallied?  That’s either a short-squeeze or the finality and closure that this industry needed…

Check ’em out at the 3:15 look, with the sector as a whole up around 8%:

Industry Top Performers
Intraday Price Performance % Change Market Cap
PENSKE AUTOMOTIVE [PAG] +16.09% $1.1 B
Rush Enterprises, Inc. [RUSHB] +13.77% $357.6 M
GROUP 1 AUTOMOTIVE [GPI] +10.09% $515.2 M
CARMAX INC [KMX] +10.08% $2.5 B
LITHIA MOTORS INC [LAD] +9.98% $116.0 M

In non-auto related news, the mining equipment names and China plays and steels and such went ballistic today from the open, shrugging off the GM thing like it didn’t exist (and now it doesn’t).

Cisco and Travelers were added to the Dow, replacing GM and Citigroup.  I like that move, long overdue.

In honor of GM’s disappearance, here’s Karen O and the Yeah Yeah Yeah’s with Zero, off their new album, which is absolutely killer.

Thanks for reading today, have a great night!

Full Disclosure: No positions mentioned.  My commentary above is strictly a recap of the day’s news.  Please do not trade based on anything you read here, for a full disclaimer, visit my Terms & Conditions page.

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