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Author Topic: Kerkorian cuts GM stake, shares plunge  (Read 1898 times)

Offline articsteve

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Kerkorian cuts GM stake, shares plunge
« on: November 22, 2006, 09:19:23 pm »
Billionaire Kirk Kerkorian's Tracinda Corp. investment firm today said it had sold $462 million of stock in General Motors this week, cutting its stake in the automaker to 7.4 percent from 9.9 percent.

The news sent GM stock plummeting. GM stock closed Wednesday at $31.09, down 4.7 percent for the day. It was the largest one-day fall in percentage terms since Oct. 6, when the automaker said it would not seek an alliance with Renault-Nissan.

Since Friday, the GM's shares have dropped about 10 percent.

Obviously Kerkorian's gambit with GM didn't quite work out.  :rofl:  The dude is 89 years so I doubt it will have a lasting effect on him.  :)

Meanwhile Dubya's gambit in Iraq was yet to implode, but when, not if, the middle east implodes, a share of GM stock will be worth about the same as a gallon of gas. 
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mdxtasy

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Re: Kerkorian cuts GM stake, shares plunge
« Reply #1 on: November 22, 2006, 10:51:52 pm »
What's everybody's stance on Captain Kirk's desire to move GM down a certain direction.  Think he was on the right path?
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Offline ovr50

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Re: Kerkorian cuts GM stake, shares plunge
« Reply #2 on: November 22, 2006, 10:57:41 pm »
My very uneducated guess is that Capn Kirk was in it solely for the gain on the shares - he hoped to influence GM enough to have the stock move up and sell for a gain. I seriously doubt that Kirk has much interest in GM other than that. This type of investor is ALWAYS in it for the money, nothing more.
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Offline safristi

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Re: Kerkorian cuts GM stake, shares plunge
« Reply #3 on: November 22, 2006, 10:58:27 pm »
Kirkvorkian always had that DEFT!!! touch :o ;D...
« Last Edit: November 22, 2006, 11:00:00 pm by safristi »
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mdxtasy

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Re: Kerkorian cuts GM stake, shares plunge
« Reply #4 on: November 22, 2006, 11:30:02 pm »
Obviously he's in it for the money....I think that's the ultimate goal of any investor.  Did you think his strategy was the right move to make GM shares rise? 
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Offline safristi

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Re: Kerkorian cuts GM stake, shares plunge
« Reply #5 on: November 22, 2006, 11:33:13 pm »
FROM THE DEAD!!!!! 8)
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Offline ovr50

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Re: Kerkorian cuts GM stake, shares plunge
« Reply #6 on: November 23, 2006, 12:10:40 am »
Quote from: MdX5 on November 22, 2006, 11:30:02 pm
Obviously he's in it for the money....I think that's the ultimate goal of any investor.  Did you think his strategy was the right move to make GM shares rise? 

It is possible (none of us are close enough to know for sure) that some of his actions helped GM stock to recover a bit; but, as far as helping reorganize GM itself to make it better able to compete, I doubt it. Not that Kirk is not smart, obviously he is, but his motivation will be financial only and not necessarily for the benefit of GM itself. The rise in GM shares does little to help GM compete better in the market place.
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Offline articsteve

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Re: Kerkorian cuts GM stake, shares plunge
« Reply #7 on: November 23, 2006, 05:45:43 am »
Quote from: MdX5 on November 22, 2006, 11:30:02 pm
Obviously he's in it for the money....I think that's the ultimate goal of any investor.  Did you think his strategy was the right move to make GM shares rise? 

Obviously it was a gamble that did not pay off and had nothing to do with improving the core of GM.  He is still stuck with 7% of the stock.  That's a :censor: load to unload on the market while keeping the price stable.  Whose gonna buy it under the conditions that GM face today and for the next few years.  If another oil shock happens early next year like last summer GM shares will tank.  As pointed out in Sir A's GM Tidbit thread, US health-care is killing GM.  It's unsolvable without a Chapter 11.

« Last Edit: November 24, 2006, 01:37:54 am by articsteve »
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Offline UmroAyyar

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Re: Kerkorian cuts GM stake, shares plunge
« Reply #8 on: November 23, 2006, 09:32:39 am »
There is still hope for GM, a lot of product is lined up for next few years, Opelizing Saturn has begun, its a contrarian's game right now.
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Offline safristi

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Re: Kerkorian cuts GM stake, shares plunge
« Reply #9 on: November 23, 2006, 10:52:20 am »
Opelizing Saturn...they'd  do better concentrating here on EARTH ??? ::) :P..Like handing out FREE Z06 at Roll Up tha RIM TIME...I'm feeling LUCKY..let us give THANKS we are NOT IN DETROITUS :stick: :shuffle:
« Last Edit: November 23, 2006, 10:54:12 am by safristi »
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Offline sirAQUAMAN64

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Re: Kerkorian cuts GM stake, shares plunge
« Reply #10 on: November 23, 2006, 12:10:00 pm »
GM and VW stock have risen together outpacing the other players in the industry, both up 100% in the last year. I'd say he made a wise investment - if he bought and sold at the right time. Remember, he bought, sold, then re-bought... now selling a chunk again to fund his MGM Mirage interest.
« Last Edit: November 23, 2006, 12:11:32 pm by sirAQUAMAN64 »
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Offline safristi

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Re: Kerkorian cuts GM stake, shares plunge
« Reply #11 on: November 23, 2006, 12:13:26 pm »
Geez I ALWAYS wanted ta BUY a "MIRAGE" fer 1Billion........is it just me or are these Sumner RedSTONED outta their frikkin' WALLETS...... ;D
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Offline ktm525

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Re: Kerkorian cuts GM stake, shares plunge
« Reply #12 on: November 23, 2006, 12:43:36 pm »
Perhaps GM should sell Saab to Toyota. ;D
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Offline safristi

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Re: Kerkorian cuts GM stake, shares plunge
« Reply #13 on: November 23, 2006, 12:49:45 pm »
C'APN KIRK has LEFT the MOTHER_PARKIN" SHIP.......Beam Me UP SCOTTIE :rofl:
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