Traders On NYSE Floor Cheer Return Of General Motors

Source: WSJ

NEW YORK (Dow Jones)--The return of General Motors Co. (GM) shares to the New York Stock Exchange was met with cheers and the flash of cameras Thursday in what traders said was the biggest reception for an initial public offering in years.

The busy morning scene around post 11-H, the new home for GM shares on the floor, gave traders some optimism about the market. Shares of the auto maker were recently up 5.7% at $34.87.

"It went well," said Elliott Roman, a trader with Direct Access Partners on the NYSE floor. He said the fact that the stock rose helped give the floor a bullish feeling that helped erase the market's malaise earlier in the week. "It's definitely helping the markets in general. Call it a GM rally, so to speak."

GM's offering elicited an unusual flurry of excitement on the NYSE floor that had traders reminiscing about the days before trading was electronic.

"We don't see action like this too much any more--the IPOs in general have really tamed down," said Maier Tarlow, managing director of Raven Securities, on the New York Stock Exchange floor.



Read more: http://online.wsj.com/article/BT-CO-20101118-712753.html

The cheers were from people planning to short this taxpayer-funded monstrosity into the dirt from whence it came.

even if they haven't the foggiest idea of what they are talking about.

n/t

Let's see, yes, they shed loads of debt and obligations.

But GM's product line is still old. GM's biggest gamble, the Volt, is expensive and could be a bust.

As the US Dollar continues to crash, the price of oil will increase, causing the pick up and big SUV market to slow. This would be very bad for GM.

Could happen.