It is hard look at today's sell off and not see the market coming up with negative news to justify the price action. GM's guidance announcement certainly seemed like a catalyst though from what I can tell it is in-line with expectations. Perhaps people are looking at the company's decision to restructure GMAC (to defend its rating) as a no confidence vote. The move seems prudent and I don't see why the market wouldn't have seen it coming. CNBC made mention that there was some pretty big trading going on in GM 20 strike puts so there certainly seems to be some new believers in a downgrade.
One positive here not being mentioned anymore is that M&A is humming along just like people expected into year end. Also, I would be pretty surprised if the retail investors that showed up after the election didn't get into the game again sometime soon. We will see.
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