UPDATE: Saturn goes under- Penske drops bid, GM says it will not seek alternate buyer; The New GM – CNBC.com

Wow! 1992 (the album!) !? Damn am I old!

Update: 9/30 -Commenter Thomas Stewart notes GM called the end of Saturn today as Penske withdrew its bid.

CNBC:

General Motors will close Saturn and wind down its dealership network after a deal to sell the faltering brand to Penske Automotive Group collapsed, the automaker said Wednesday.The breakdown of a deal that had been widely expected to close this week will force some 350 Saturn dealerships to close and could cut thousands of auto retail jobs that would have been preserved under a plan by auto magnate Roger Penske.

Shares of Penske Automotive ..were down almost 10 percent Wednesday in aftermarket trade. The breakdown of the deal was announced after the New York Stock Exchange closed.

GM’s failure to complete the deal also adds uncertainty to the automaker’s production plans as it struggles to regain its footing following a $50-billion taxpayer funded restructuring.

“This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn retailers who tried to make the new Saturn a reality,” GM Chief Executive Fritz Henderson said in a statement…

(more…)

June 1, 2009. Tags: , , , , , , , , , . Big 3, Economy, Finance, Obama Administration, Politics, Popular Culture, Uncategorized, Unemployment Statistics, Wall St. 2 comments.

Market Mover Monday: GM Bankrupt… CISCO replaces GM in DOW..DOW futures up sharply on Personal Income Up .5% – CNBC.com

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Great discussion here by Rickster on the weak dollar, the upcoming turn in inflation which IMO will be sharp brutish and nasty when it comes…

Personal Spending down 0.1%, but the loons trading this summer have the DOW  futures up over 100 in the face of continued massive government intervention in the markets this time with GM…D-E-N-I-A-L- now a river running down Wall St….consumers are not spending futures should not be rallying….when we break that 200 day moving average tears will flow..and if they believe the construction data coming out of China I have a nice shiny bridge to sell them….

and the very first info out of the new Government Motors, is that they have agreed to build a new small car at a previously closed plant, this as they announce 11 permanent plant closures and 3 others being idled, wow we are gonna get a tiny little car for our 50 billion, great, gee who’d a thunk it? BWAAAHAAAAAA, sigh. sucks dont it?

Hell yeah commodities are rallying, as a safety play not a global recovery play, we are afraid of the dollar now with TOTUS spending, where can we go? Commodities baby…

Cisco replaces GM in the DOW 30

Travelers replaces CITI…

more about “Market Mover Monday: GM Bankrupt CISC…“, posted with vodpod

June 1, 2009. Tags: , , , , , , , , , . Big 3, Economy, Finance, Obama Administration, Politics, Uncategorized, Wall St. Comments off.

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