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Thursday Options Update: GM, C, UAUA, ALL, RYL, CTX
Posted on June 26, 2008
General Motors (GM) Goldman Sachs demotion of GM from neutral to sell further demoralized a stock that has suffered mightily for the sins of the broader economy in recent months. Goldman s downgrade cited the possibility that GM will have to resort to shareholder dilution and/or a cut in its dividend to shore up capital. Shares plummeted 11%, setting the latest in an atrocity exhibition of 52-week lows today, as implied volatility on all GM shares veered almost 20% higher, now coming in at 97.4% against a historic reading of 53.2%. Buying pressure has been observed i...
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