Oh, how I love the financial press and their stock pumpage extravaganzas. Take, for example, this snippet from Barrons
On the long side, [Company X] now seems suited mainly for one group -- bold investors who hope to eventually double their money but can afford to lose it all if their wager goes awry. The good news for [Company X] fans: Despite the misery that the car maker is experiencing and might endure for another 12 to 18 months, such a wager ultimately should pay off.
BUT THE THICK GLOOM obscures improvements already evident and the prospect that [Company X]'s turnaround will accelerate over the next two to three years, even if the U.S. cyclical downturn dims the outlook for the next 12 months.
The shares could rise to at least 30 and maybe as much as 45 once those big cost reductions drop to the bottom line in 2010. And if the stars align perfectly -- the economy enjoys a second-half uptick and the housing market and consumer confidence turn for the better sooner than expected -- the stock's rebound could be quicker. Even a small improvement in sentiment could bring a disproportionate rise in the stock.
The company in question? General Motors.
The date of the article
? June 2, 2008.
GM's stock closed that day at $17.44 per share. Yesterday it closed at 74 cents.
Like a rock, indeed.