In a move that would send Jim Cramer into a roaring fury, a group of twenty General Motors dealerships joined together and purchased a collective $1 million in GM stock.
Although possibly not the shrewdest investment one could make, the group sees the move as a ‘symbolic gesture’ that they have faith in GM’s future.; A total of $1,057,000 netted the dealers 107,000 shares of GM stock.
For now, that investment may have paid off; GM stock rose nearly seventeen percent following their purchase.
The dealers also plan on proclaiming their faith via a series of national advertisements, designed to extol the virtues of GM’s product portfolio.
Source: Automotive News