They call him Flipper, Flipper, faster than lightning,
No-one you see, is smarter than he,
And we know Flipper, lives in a world full of wonder,
Flying there-under, under the sea!
- from the 1964 TV show "Flipper" (a dolphin)
What other reason could there be for such demand for the General Motors IPO this week? They already raised the offering price range. And now they've raised the number of shares to make this the biggest IPO of all time - bigger than the monster one in China!
Do you buy shares because GM makes great cars? (I own a Chevy Traverse and am quite happy with it). Do you buy because the economy is on the mend?
Or do you buy because of the buzz allowing you to flip your shares on day one and get out of Dodge? Oh wait, that's a Chrysler brand.
But it's all moot anyway because Average Joe won't be able to play, anyway.
1 comment:
Based on the Investors Intelligence poll this week, GM has good timing.
Bulls 56.2%, up from 48.4%, and Bears 20.2%, down from 23.1%.
These numbers point to an intermediate-term top.
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