In a symbolic gesture of support for a struggling General Motors, 20 members that make up GM’s national dealer council bought more than $1 million in the automaker’s stock this week.
GM has been ravaged by a sharp decline in truck and SUV demand, with stock prices dropping near historic lows over the past few weeks. However, GM’s dealer council feels that both GM and its stock are undervalued and that it’s the perfect time to buy.
“We took a hard look at General Motors and we wanted to show our confidence in General Motors,” Duane Paddock, co-chair of GM’s national dealer council told Automotive News. “We firmly believe in GM and that we have the best products to sell, our fuel economy is the best story in the industry and the best way to do it was to buy an investment stock.”
In all, the dealer council purchased about 107,000 shares — valued at $1,057,000 – and the move looks as though it’s already paying off. GM’s stock climbed 16.6 percent on Wednesday, and is up at about 15 percent today.
07/17, 3:50 PM
posted by:
corvette
finally its been going down for so long, about time its gone up.
07/17, 3:57 PM
posted by:
jumpoffit
and ford stock is where again?
07/17, 4:03 PM
posted by:
crackerhemi
Show me a stock that wasn’t up today or yesterday. The Dow was up almost 300pts yesterday, and up 190pts today.
07/17, 4:08 PM
posted by:
corvette
Crackerhemi heres some stocks that plumeted today:
SGLP down 47.5%
CHCI down 25%
07/17, 4:13 PM
posted by:
ihustle
Kind of sad you have to buy your own stock for it to go up HAAAAAAAAAAAAAAAAAAAAAAAAAAAAAHAHAHA
07/17, 4:29 PM
posted by:
beatusmongous
Well, at least SOMEONE bought it.
07/17, 4:30 PM
posted by:
crackerhemi
Okay, let me rephrase that: stocks that aren’t in the energy and finance sectors, or that have news (bad quarterly earnings, etc.) that causes them to be down.
GM is rising on no news (except for this piece), which means that it will tank when the markets are down again.
07/17, 4:51 PM
posted by:
ktulu
that will not move the stock up much
07/17, 5:07 PM
posted by:
monte
Ford didn’t move today
07/17, 5:19 PM
posted by:
ihustle
I’d rather Ford not move, them me taking money out of my account to buy my own stock hahaha
07/17, 5:24 PM
posted by:
beatusmongous
Wow, I thought you had confidence in Ford. I guess I’m mistaken, because YOU wouldn’t even buy Ford stock. Ouch, that hurts.
07/17, 5:52 PM
posted by:
jumpoffit
i doubt he even drives a ford vehicle- come on ihustle what kind’a lame pos do you drive
07/17, 5:54 PM
posted by:
monte
GM went up 12% today, 1.1 million dollars isn’t even a percent sales bot.
07/17, 6:01 PM
posted by:
400horseSS
Cracker, what about that sh*t you were talkng the other day about my GM stock…….when it goes up to $30 a share im selling and then im buying a Grand National, straight cash.
07/17, 6:42 PM
posted by:
RaineMan
Wow… that was a pretty confident move by them. It’s nice to see that someone still has pride in the company.
07/17, 7:10 PM
posted by:
ihustle
I own ford stock. I said i wouldnt buy more to improve my stock thats ridiculous. BTW i own a F-150
07/17, 7:30 PM
posted by:
RaineMan
now if some bank employees would do the same we could start to turn the whole crisis around…
07/17, 7:43 PM
posted by:
TOZO
It’s gone up a little but probably never again! Sell! Sell! Sell! And buy again at $3/share. I like GM – just not the stock right now.
07/17, 8:27 PM
posted by:
crackerhemi
You are such a dumbass,400horseSS. From what I remember, you said you were down 33 dollars. So, that would still mean you are selling at a loss.
Also, whats 15% of 9 dollars? Thats about a 3 dollar raise for the past two days. How long do you think it will take to get to $33.
Like I said before, GM is up on no news, which means it is just following the market trends. When the market falls in a couple days again, look for GM to follow; especially look out for it to fall more when they announce quarterly earnings.
07/17, 10:52 PM
posted by:
400horseSS
I bought 800 3 yrs ago at $17 so I’ve made money bitch, well according to fidelity I have.
07/17, 10:55 PM
posted by:
400horseSS
If you think im not trading around your high.
07/17, 10:59 PM
posted by:
400horseSS
Here’s some interesting info, one of the really old timers here tod me not to invest in psp because Gm takes that money to build foreign plants, but f*ck that im outta here in 30 or sooner if I can.
07/18, 8:07 AM
posted by:
SickofGarbageMotors
These guys must have money to burn. May not get that back boyz
07/18, 8:52 AM
posted by:
global_lightning
1. This is a good time to buy GM and hold for the *long-term*. It will be bumpy for the next several years, but the chance of GM going under are overplayed
2. This move by the dealers may be self-protecting. GM is looking at all money flows, and a big one is their relationship with their dealers. This move gives the dealers a little more leverage if the negotiation turns to conflict.
07/18, 9:35 AM
posted by:
xyunya
Cheap bastards! 50K of stock per nose! They should plutzed at least 500K each. Actually, this is a ****ty stock with more bad news ahead, unless Nissan or Toyota buys them outright. No one in right mind can believe in talent of this management team. This stock may be a buy when new CEO and board are elected.