GM's now a buy?!?!?!
At least that's what the market's saying. The old bankrupt shares (GMGMQ...i.e. not shares in the "new" GM) are up over 30% so far today to over $1. Unless we're missing something, these shares are worthless. GM's said so itself...quoting from the LA Times last month:
GM has said unequivocally that the stock will be worthless after the government, the United Auto Workers and the company’s bondholders take their pieces of the restructured company. But we’ve seen this movie before: Traders often will play with a worthless stock for as long as they’re able.