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GM Not the Only Victim of High Crude


Partner companies also feeling the pinch.


Hello from New York, where it's Thursday in my brain as I make my way toward a trip to Canada for fishing and bonding later this week. I'm not a bobber-watcher, by nature, but I'm big on bonding and Mrs. Jeffmacke is all but kicking me out of the house with a mandate to "Find My Smile." As I so often point out, it's very seldom in my best interest to disagree with the Missus.

Here's what I'm watching when not wondering if it's possible to just have myself dipped in a giant vat of bug repellent:

  • What kind of fishing will I not be doing any time soon? Bottom fishing. Picking away at long side trades in names like Citigroup (C) or JPMorgan (JPM) is tantamount to self-abuse at this point.

  • In other fishing metaphors, check the streaming misery flowing from crude. The stories on General Motors (GM) and the AMRs (AMR) of the world are the headlines but the American Axles (AXL) and Lear Corps (LEA) of the world are suffering the same pain as their partners, just a little less loudly.

  • Today's examples of why I don't buy dips in retail are brought to us by the letter C, as in Circuit City (CC). The not-dead-yet electronics retailer is down 20-odd percent today and the best "reason" being offered is the idea that Blockbuster (BBI) may not want to buy CC for $8 a share. You don't think?

  • Duuuuuuuude.

  • I simply can't believe what I just paid for a ticket to go to fishing and the fact that Northwest (NWA) isn't making money at these prices. This week may be the last time I travel more than 40 miles from home for the foreseeable future.

  • And when I don't go to Vegas ever again I won't be staying at the MGM Mirage (MGM) or buying the casino stocks. Then again, I like my odds on "Red" more than I like my chances of calling a bottom in the laggers on days such as this.

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No positions in stocks mentioned.

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