The only reason why GM ran to 36 was because of Kerkorian buying up GM and hyping up an alliance with Renault and Nissan Motor that had a 0% chance of ever getting done. IT WAS ALL HYPE TO MOVE THE STOCK HIGHER. PATHETIC... Talk of ford and gm teaming up is sounds like another illusion. GM has no where to go but down. 2007 auto sales are expected to be flat to down. GM could easily be back in the low to mid 20's very soon. AP Kerkorian Selling Another 14M GM Shares Thursday November 30, 6:37 pm ET By Ken Thomas, Associated Press Writer Kirk Kerkorian Is Selling Another 14 Million Shares in GM, Dropping His Stake to 4.95 Percent WASHINGTON (AP) -- Dissident General Motors Corp. shareholder Kirk Kerkorian is selling another 14 million shares in the troubled automaker, dropping his stake by a third to 4.95 percent for a price of just over $400 million. ADVERTISEMENT The billionaire's move disclosed Thursday represents an even larger retreat from his ownership of the world's biggest automaker than previous indications. The investor's stock sale was reported even as GM announced it has completed a deal announced in April to sell a 51 percent stake in its finance unit to private investors for about $14 billion. That was part of the automaker's plan to gain some financial flexibility as it struggles to compete with Asian automakers who have been eroding its market share at home. GM has lost more than $3 billion in the first nine months of the year, and is slashing its U.S. work force in an effort to cut costs. GM shares dropped 27 cents to close at $29.23 on the New York Stock Exchange. Its shares have traded in a 52-week range of $18.33 to $36.56. Kerkorian's investment company, Tracinda Corp., said last week it was reducing its stake to 42 million shares, or 7.4 percent of GM, from 56 million shares, or 9.9 percent. In a filing Thursday with the U.S. Securities and Exchange Commission, Tracinda said it reached agreement Tuesday to sell another 14 million shares at $28.75 each, leaving Kerkorian with 28 million shares of the automaker. That sale would raise a total of $402.5 million and was to close on Friday. Tracinda spokeswoman Carrie Bloom said she could not comment on the transaction beyond the SEC filing. GM spokeswoman Gina Proia said the company does not comment on the actions of its shareholders. As part of last week's announcement, Kerkorian's investment company said it offered to buy up to 15 million shares of casino and hotel operator MGM Mirage Inc., tightening its control of the company. Analysts said the moves offered evidence that Kerkorian may have given up on his attempt to shape General Motors. "He seems to be more interested in MGM than GM these days," said Burnham Securities analyst David Healy, a GM shareholder. By reducing his stake to less than 5 percent, Tracinda no longer faces disclosure requirements for its intentions on GM. Kerkorian would be able to sell off his remaining shares without filing with the SEC. "It has all the appearances that he's unwinding his position," said Peter Henning, a former SEC attorney who teaches at Wayne State University Law School in Detroit. "He's playing it very well. We're just left to guess what he's going to do." Tracinda's decision follows the resignation last month of Jerome York, a key Kerkorian adviser, from the GM board. York wrote that he had "grave reservations" about GM's ability to compete against Asian automakers. York resigned shortly after GM decided against joining an alliance with Renault SA of France and Nissan Motor Corp. of Japan. The three companies began discussing a potential three-way alliance after public prodding by Tracinda. GM has undertaken a massive turnaround plan, cutting production and reducing costs by winning health care concessions from the UAW and persuading about 35,000 hourly workers to leave under early retirement or buyout plans. At the same time, Toyota Motor Corp. is on track to steal GM's crown as the world's largest automaker. GM announced in April that it had a tentative deal to sell a 51 percent stake in General Motors Acceptance Corp. to a consortium of investors led by Cerberus Capital Management, a private investment company. The group also includes Citigroup Inc. and Aozora Bank Ltd. "This transaction will result in a stronger GMAC, with enhanced access to funding at lower costs and greater opportunities for growth, including leveraging their traditionally strong relationships with GM dealers," Rick Wagoner, GM's chief executive, said in a statement. General Motors Corp.: http://www.gm.com
wsj is reporting kirky dumped his whole position the thing i dont understand is who bought it?? and why??
Kirk is now flat. http://www.marketwatch.com/news/sto...D68A9727-4D25-4A9C-B597-FAB7BA797D02}&siteId=
Anyone else taking a shot at some GM calls here? Kerkorian's massive selling has crushed GM's shares over the last two weeks. I'm looking for a relief bounce over the next few days. I bought the Dec 30's near the close today. If it pans out, great. If not.....damn you Kerkorian!!!