The big loser on my watch list is Frontier Financial (FTBK.PK) who lost 20% today. No headlines so I can't tell you what was behind it. They were followed by Motors Liquidators (MTLQQ.PK), that quasi company that sorta kinda owns GM (article), down 14.8% for the day. Bummer news since yesterday they announced they were going to push for an initial public stock offering. I haven't decided if I would buy GM in their IPO. Chances are, if you can get in good the first few days you'll make out like a bandit on speculation, just not sure if I believe they've turned themselves around sufficiently to warrant any long term consideration.
Thursday, August 19, 2010
He Giveth and He Taketh
As good as the last few days were, today is worse. "The Market" is currently down about 156 points, but so are about 90% of the stocks I follow. It ended losing 144 points for the day. The "experts" are saying it's because jobless claims were announced to day and are higher than expected. Apparently, most of the people who are trading stocks (Ma and Pa Public) are sitting around waiting for bad or good news and making their immediate trading decisions based on what they hear. Here's a new one: The Hindenberg Omen! I guess if you frequently cry doom and gloom, eventually you will be right.
Posted by Tyrone Griffin at 8:18 AM