But GGP did not file for Chapter 7 but rather Chapter 11, which allows the company to continue its operations while undergo extensive restructuring. GGP isn't looking to liquidate its assets in order to meet creditors' demands on repayment on loans instead they are asking for better terms from creditos, which courts can be inclined to approve, that is if it goes that far. That is why government is asking GM to file Chapter 11 instead of outright declare bankruptcy, which can pose devastating affects on the economy as a whole. GGP has explicitly stated on its website that despite the filing all its malls and other business activities will continue to operate as normal.
C - mixed news in my opinion. The stock was over $4 probably closer to $5 during pre-hour trading but now it seems to be going down.
An opportunity to buy C at a 5% discount versus yesterday.
I bought back my FAS shares at $8.68. (The same shares I sold for $9.05 yesterday), but not the Citi shares. Financials have had a good run, so I am trimming back my exposure now. It could be a time to buy the rumor sell the news.
C below $2 is a good buy and as I write this message C has dropped to $3.57. I am of the opinion that we are not quite out of the woods yet, at least for 2009. There will be more opportunities to buy C and finance stocks at discount prices through out this year. So far I've been just accumulating penny stocks as if they were going out of business.
Sold my entire position of FAS, but for 1000 shares, between ($9.70-$9.40). We will see what Monday brings. Hoping FAS doesnt gap up a dollar or some thing at the open on Monday. Made a profit of $10,621 for the day. Made $64,000 for the week.
Firenze looks like you did well today on BAC too.
Fallenpieta looks like SIRI did well for you too. (It is a little to risky for my taste. however, with credit markets opening up, I can see why you may think it will survive the crunch. btw, when and where did they get the $5 Billion?)
Bohat Mazah aa raha hai, .. all the financial stocks are bloody !
Good thing I sold all my FAS and C, but for a small position of 1000 FAS. With about 2% of my money in stocks right now, I can pick and choose when and where to invest my money.
I just bought 5000 FAS at $7.79 (part of what I sold at over $9.40 on Friday).
WHAT A DAY!!! Today all of my positions were in the negative territory except SIRI and MTIZ. I put some money into FNM and AIG. Lets see what happens tomorrow.
