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New Stock Coverage: General Motors Enjoys Life in the Fast Lane


Wall Street ratings agencies set the tone for today's stock market.

MINYANVILLE ORIGINAL So the Mayans, those indigenous peoples of southeastern Mexico, were wrong all along. And with the country's low unemployment rate the envy of the world, and native son Carlos Slim the richest person on the planet, it's just as well for our southern neighbors. Nonetheless, doomsday of sorts did arrive as predicted on Friday, with the Dow (^DJI) enduring its worst day in a month as fiscal cliff talks appeared to collapse.

When all was said and done - with distinctly more having been said than done, this being Washington, DC - President Obama advised us all to kick back with a glass of eggnog. Our Commander in Chief must have momentarily forgotten that this advice falls afoul of FDA's CPG Sec. 527.350, which clearly states, "The addition of yellow color may serve to adulterate the products under 403(b) of the Act since the use of such color would make the article appear to contain more egg yolk than it actually contains."

Some stocks did enjoy a stellar week, with Winnebago (WGO) advancing 19.46% to hit its highest since April 2010. Its angriest man in the world may still have been annoyed that the world didn't actually end on Friday - there's no pleasing some people - but other investors will have enjoyed the money tree that grew from the Forest City, Iowa, outfit. (A state where you can apparently be fired for being too sexy.)

Warsaw-based telecom titan Netia Spolka Akcyjna (NTIAF) slumped 16%, its biggest fall in more than nine years, which must particularly pain the Polish man who recently mistook his phone for an iron. And ArcelorMittal (MT), headed by Europe's richest man (a native of India, natch) announced it would be forced to write-down $4.3 billion due to weakness in Europe.

Stock markets can't wait to split this afternoon, closing early at 1:00 p.m. Eastern, and neither can Nike (NKE), which splits 2:1 in the form of a 100% stock dividend payable today. There are no quarterly earnings of note.

General Motors (NYSE: GM) Goldman Sachs starts Buy rated research on the automotive giant, assigning it a price objective of $35.

(See also: Stock Downgrades: Pinnacle Entertainment Falls From Summit and Stock Upgrades: Time to Buy Fly Leasing.)
No positions in stocks mentioned.
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