General Motors (GMGMQ, $0.58, down $0.17) has a new stock symbol after it was suspended from the New York Stock Exchange following the company’s bankruptcy filing yesterday. More importantly, GM was removed from the Dow.
History lesson of the day – the stock had been part of the Dow since 1896 which was originally comprised by Charles H. Dow. The index is now chosen by the editors of The Wall Street Journal and I have touched on the two stocks going in and the two coming out, GM being one of them.
For the time being, GM will trade on the Pink Sheets, under the symbol GMGMQ. The key thing to remember is that the shares have no value and are expected to be wiped out in bankruptcy court.
All of this has meant good news for Ford (F, $6.25, up $0.12) which is up another 2% today. The company has said it will increase production and sales came in better-than-expected although the decline was 24% in May compared to year ago levels. Still, Ford reported its strongest domestic sales month since July 2008.
DryShips (DRYS, $8.01, up $0.22) looks tempting but I just don’t trust it.
Intuitive Surgical (ISRG, $158.36, up $9.08) has been a hot topic in past blog posts but it’s hard to believe I haven’t mentioned it since January when it was at $96. Since April 8th, the the stock has shot up over 60 points. Wow. I missed that one folks…