Traders are still having fun with General Motors Corp. shares today: The stock plunged as low as 27 cents this morning after the company's bankruptcy filing, then quickly resurged to as high as $1.01.
A savvy trader who bought at the morning low and sold at $1.01 made 274%. Not bad for less than a day’s work.
The shares were trading around 84 cents at about 10:50 a.m. PDT -- still up 9 cents from Friday’s close.
GM has said unequivocally that the stock will be worthless after the government, the United Auto Workers and the company’s bondholders take their pieces of the restructured company. But we’ve seen this movie before: Traders often will play with a worthless stock for as long as they’re able.
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