Did anyone really think GM's full issue wouldn't go out the window? THAT NEVER HAPPENS. EVER.
Yes, GM is deeply troubled. It has massive long-term debts and a product line that isn't improving fast enough. But, it is an American institution that too deeply embedded in the old-money set the runs wall street to fail. GM owns land, raw materials, and technology, and would liquidate for a substantial amount of money if it ever came to that.
Since the offering would clearly sell out, any investor who does not know that first day increases are always 3-10% should stop investing. Flipping issues can always be avoided, slightly reducing gains, but buying 100K in the morning and selling 103,000 in the afternoon is a good day to me.
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