DOW 10,831.07 -19.59 (-0.18%)
NASDAQ 2,069.40 -22.48 (-1.07%)
S&P 500 1,161.06 -5.30 (-0.45%)
SDS 69.77 -0.53. Closed long position intraday.
DE 46.3 -3.2. New 52 week low today. 52 week range 46.00 - 94.89. This can go a lot lower, as financing for tractors is less available. Support in the 30s?
GE 24.50 -1.
On a September 25 conference call, CFO Keith Sherin was asked if GE would need to tap any lending facilities. Keith answered, "Absolutely not." (http://www.ge.com/pdf/investors/events/09252008/ge_transcript_09252008.pdf pages 9 and 10)
GE announced today (one week later) an "investment" by Warren Buffett that is structured like a loan. GE Announces Common Stock Offering; Warren Buffett Announces Investment In GE
Why didn't the CFO know a week ago that more funding would be needed? What changed in one week?
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