General Motors GM 2/9/09 Stock Report 2009

I haven't written about GM in depth since the Bailout was approved back in December. I think it is time once again to do some analysis on the business developments going on with this company.

General Motors ( GM ) - Stock Report - February 9, 2009

Today, 2/9/09, GM is out with several pieces of news. Below are the latest news articles for General Motors. The stock is trading at $2.89 after hitting a 52 week low November 20th at $1.70 per share. GM is expected to submit a plan by February 17, 2009 to the US Congress to justify the bridge loan the Bush Administration approved. The plan is one of the conditions for GM to receive the aid package it desperately needs.

Gov’t Explores Move To Push GM Into Bankruptcy
GM in talks to buy back parts of Delphi-source
GM Vice Chairman Bob Lutz to retire at end of 2009
General Motors Said to Plan Negotiations With Bondholders, UAW , Cut more Jobs

General Motors stock has support at around $2.60 after making what appears to be a double bottom the other day at $2.63. Buying the stock is risky due to a possibility of bankruptcy in a few months but if they do survive, there could be some nice upside. If you are buying GM stock I would be putting a stop at $2.60 support. A break below $2.60 and you could have another retest of $2. Things could get rocky in the next few months if GM asks Washington for more money!

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