Market Recap: GM's a Zero

[youtube=http://www.youtube.com/watch?v=2a8skzlhxDY]

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% ChangeMarket 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.

What's been said:

Discussions found on the web
  1. Lydia commented on Jun 18

    I ask you today How many people are happy with this bailout? Except those top Paid execs at GM nobody is not even its workers!

  2. Lydia commented on Jun 18

    I ask you today How many people are happy with this bailout? Except those top Paid execs at GM nobody is not even its workers!

  3. Lydia commented on Jun 18

    I ask you today How many people are happy with this bailout? Except those top Paid execs at GM nobody is not even its workers!

  4. Tia commented on Jun 18

    So Finally where has the conclusion come to? GM is bankrupt, We are bankrupt and the average man is going nowhere in this struggle, I ask you guys today What did we gain out of this?

  5. Tia commented on Jun 18

    So Finally where has the conclusion come to? GM is bankrupt, We are bankrupt and the average man is going nowhere in this struggle, I ask you guys today What did we gain out of this?

  6. Tia commented on Jun 18

    So Finally where has the conclusion come to? GM is bankrupt, We are bankrupt and the average man is going nowhere in this struggle, I ask you guys today What did we gain out of this?