One of my favorite bloggers notes today:
Only GM could get a boost to their stock price from a $3.3 billion dollar loss.
And indeed, that move does highlight the peculiarity (thankfully)—although not the uniqueness—of GM’s rather dire situation. When Citigroup reported a $5 billion loss (and $14 billion in writedowns), its stock not only jumped about 5 percent, but the news sent the whole market up about 1 percent.
When you fear the apocalypse, a mere disaster qualifies as good news, I suppose.
