Some analysts said that knowing earnings were dismal, GM had to take some sort of action. Things like today are great it's better than not being able to announce anything, ... But I certainly don't think it's anywhere near the scope or the magnitude of what this company needs.
More Quotes from Kevin Tynan:
We have today and tomorrow as the last trading sessions of the year. With the stock being down so far, you would be looking at a little bit of tax selling to harvest those capital losses to offset gains in other areas.Kevin Tynan
Is this another blow to management I would say yes. But you can't say management was on very steady ground in the eyes of investors.
Kevin Tynan
Under the value pricing system, on average, the sticker prices are down a couple hundred bucks. To be effective, value pricing has to be four times that, and incentives required to sell vehicles must be removed.
Kevin Tynan
This is not a company you would buy for its fundamental attributes or its operational strengths.
Kevin Tynan
The sequential decline in GMAC's income reflects the increase in their borrowing costs following the credit downgrades.
Kevin Tynan
What you're getting now with the stock where it is trading, there is a lot of news-event volatility, you get people betting on the next move... they're basically just trading on the momentum being generated by the news.
Kevin Tynan
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