It's like AIG and CIT. It seems that this was the week for the "revenge of the wards of the State". These are companies that are thoroughly, totally and permanently FUBAR and their only possible end result will be liquidating them. Yet they're running as if they discovered a cure for cancer.
With AIG, the so called reason the MSM was providing for this run up was a short squeeze...yet short interest was only 16%. While this may have provided some pop had everyone decided to cover on the same day (yeah right as if) it would be hard to justify it going more than 100% in two days. And then there is the earnings...the street estimate was somewhere around $1.36 or $1.63 and it reported something like $2.50ish thus blowing away the estimate...BUT...wasn't that estimate prior to the RS? When you factor in the 20:1 RS into the reported earnings...the actual numbers are .128...falling well short of estimates.
Perhaps the estimate was based on the post RS share count...I am not certain...but one word comes to mind regarding their earnings report...BULLSHIT.
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