Trading General Motors Stock - Sold GM for a big loss
- 3/18 How Much I Lost
- 3/17 Sold SYMC
- 3/16 Sold GM
- 3/15 Sold MU
- 3/14 Bought GM
- 3/11 Sold IOM
- 3/10 Bought MU
- 3/9 Bought SYMC
- 3/8 Bought IOM
- 3/7 Sold WDC and MU
- 3/4 Bought WDC
- 3/3 Sold ELN and CRNT
- 3/2 Sold RSH
- 3/1 Sold AMZN
- 2/28 Bought ELN
- 2/25 Sold ATI
- 2/24 Bought AMZN
- 2/23 Bought CRNT
- 2/22 Bought ATYT
- 2/18 Bought AMD
- 2/17 Bought RSH
- 2/16 Sold SKE
- 2/15 Bought SKE
- 2/14 Bought MU
- Hardware Stocks
- Software Stocks
- Israeli Stocks
Copyright 2005 by Morris Rosenthal
All Rights Reserved
Headline, headline - GM tanks! GM shares were down over 10% on the open after they reported a larger than expected loss for the quarter. So much for the stock market discounting information in the future. Since the goat (me) bought 100 shares Moday, this sets a new record for a bad 48 hour investment, essentially threw $500 out the window. Bought at $34.24, sold at $29.16 - that's a $518 round trip loss, including trading cost. Thanks to the fact it's a tax deferred $518, the real loss is closer to $238, or so I like to think. In any case, I never liked GM cars anyway. GM is now expecting to earn around $2 on the year, changing their P/E from an incredible 5 times earning to 15 times earning overnight. I didn't see that coming. The funny thing is it might actually be good news for cost control at GM because they can use the loss to try to scare the unions into renegotiating contracts.
GM dragged down the whole DOW, since there's a 7 point per dollar of GM share price connection. In the meantime, the EU approved Symantec's acquisition of Veritas, but neither stock did anything. One commentator on CNBC pointed out that Veritas has delayed their annual report, so that could be the reason. Either that or the reason is because I own SYMC. I'll have to review the month of trading on Friday, see where the big losses (vs the little losses) were.
| Symbol/Index | # Shares or Cash | Purchase Price | Day High | Day Low | Today's Change | Closing Price | Closing Value |
| AMD | 200 | $17.13 | $16.33 | $15.86 | -0.04 | $16.03 | $3,206 |
| SYMC | 100 | $21.19 | $21.05 | $20.35 | -0.31 | $20.53 | $2,053 |
| Portfolio1 | $18,092 | N/A | $23.346 | ||||
| Dow Jones (DIA) | 230.251 | $108.48 | $107.11 | $106.19 | -1.19 | $106.38 | $24,522 |
| S&P 500 (SPY) | 206.254 | $121.21 | $120.15 | $118.90 | -1.01 | $119.13 | $24,571 |
| Nasdaq (QQQQ) | 658.241 | $37.98 | $37.18 | $36.53 | -0.42 | $36.62 | $24,101 |
1Portfolio balance is after all trading costs in SEP brokerage account with BrownCo