One of the major reasons that the market plunged was because of a notice of Review of GM.
Yep. Thats right. This is a quote from this article.
" Shares of GM and Ford Motor Co. plunged in the waning minutes of trading Thursday, after Standard & Poor's Ratings Services placed their credit ratings under review for possible downgrade. "
http://www.msnbc.msn.com/id/27101859/
Some talking heads from Standard and Poors decided that it would be in EVERYONES best interest to announce that they would be reviewing the rating of GM. So the market plunged 600 points.
No.. we could not wait till the market went back up a bit to make sure that the drop hurt a little less. they wait till a day when the market is as low as they THINK it will go, and then at the end of the day make the announcment.
wonder how much they made off the deal.
Whats it called when you buy a PUT?? thats the one where you put money that the stock will drop right???