Oh, what a difference an IPO can make. Two years ago, who would have ever thought GM would be riding an IPO of record proportions?
GM shares began trading on the New York and Toronto stock exchanges with the rev of a Camaro engine on the floor of the New York Stock Exchange taking the place of the traditional ringing of the bell. Composite share volume surpassed 100 million in the first 20 minutes.
Congratulations to them. This is good news for all of us, as we desperately need manufacturing here in the U.S.A. Equally good news is that the American consumer is coming back, at least for this holiday season.
NEW YORK (Reuters) – As many as 138 million shoppers could be hunting for Black Friday bargains during the three days after Thanksgiving, a slight increase over last year’s projections, according to a retail trade group survey released on Thursday. The total number of possible shoppers is 4 million more than forecast last year, when the NRF forecast up to 134 million Americans would be out shopping over the three-day weekend.
A robust shopping season should provide a boost to the manufacturing/inventory cycle that I have mentioned before. The GM IPO and the good news on the American consumer are bright spots and good omens for the U.S. economic recovery, but, as I lamented yesterday, it is getting more difficult to see the next 6-9 months, especially with dark clouds lingering, such as the building problems in the foreclosure arena.
NEW YORK – Foreclosure-fraud class action lawsuits are starting to pile up against major banks across the U.S., threatening a besieged industry with billions more in potential losses.
The above could set back the sluggish but building U.S. economic recovery. Unlike China or Ireland, the above represents a real threat to the U.S. economic recovery. How it will all play out is anyone’s guess … This is why I want to hear from you …
Trade in the day; invest in your life
