GMGMQ as New GM Stock Symbol

GMGMQ is a new ticker of GM stock will replace "GM" ticker. This new GM symbol as a react of general motors corp reccent condition.

General Motors Corp. filed for bankruptcy reorganization, the stock is about to get dumped onto the pink sheets and even so, GM stock still popped up.

GM stock closed on Monday at 75 cents a share -- flat from Friday. Shortly before closing, though, the stock had been trading around 81 cents a share, up 6 cents. It was a considerable increase after GM fell more than 25% in early trading Monday.

Everyday investors are still being warned that there is no money to be made in GM and that the stock remains essentially worthless.

"The common shareholders are wiped out," said Christopher Ruth, chief investment officer for Comerica Asset Management in Detroit.

He said Monday most investors would likely want to sell GM stock and take losses based on the bankruptcy plans outlined Monday.

Ruth said short-term traders and hedge funds likely were buying GM stock Monday to close out short positions. For example, an investor who borrows shares of stock from a broker and sells them on the open market is said to have a short position in the stock.

Today, GM will stop trading on the New York Stock Exchange. The NYSE makes such moves if a company falls below any continued listing standards and files for relief under provisions of the bankruptcy laws.

The "GM" ticker symbol will be gone as well. A new ticker symbol was issued Monday: GMGMQ. The stock will end up on the over-the-counter market.

GM will be dropped from the Dow Jones Industrial Average as of Monday. GM, which was added to the Dow in 1925, is going to be replaced by Cisco Systems Inc.

Once a company files for bankruptcy protection, it is disqualified from being one of the 30 stocks that are part of the Dow industrials index.

Welcome GMGMQ

source:freep.com

gmgmg, gmgmq stock, gmq, gm stocks, gm new symbol