GM Update

Quoting from today's Wall Street Journal Online article Kerkorian Boosts Stake In General Motors to 7.2% (subscription required) ...

Tracinda said Wednesday that about 18.9 million shares have been tendered at $31 apiece, boosting its ownership to about 41 million shares. While marking a big jump in Tracinda's holdings, it fell below the stated target of acquiring 28 million shares, which would have put its total holdings at 50 million shares, or 8.8% of the total outstanding.

I note that the stock is up $1.29 or 4.2%. That's a good showing by GM, expecially on a down day in the markets.

I am curious to see what happens next.

I remain short GM stock.