AP writer Mark Williams has a telling breakdown on the stock values of some major companies. I’ll give you the highlights with up-to-the-minute prices: Office Depot’s stock is down from $38 to $1.11. A package of ballpoint pens goes for $1.89.
Citigroup shares are going for $2.86, about the cost of one ATM transaction.
Hovnanian, one of the country’s biggest homebuilders, is going for 88 cents. I don’t think you can copy a set a keys for that.
GM’s share price is lower than the cost of a spark plug. You can buy New York Times stock for less than the cost of the Sunday edition. GE shares aren’t even worth the price of a toaster.
The AP story sums it up:
The bargain-basement stock prices of America’s best known companies present either the greatest opportunity of a lifetime – or the biggest money pit this side of the Great Depression.
The money pit being a company that winds up going under — i.e. Circuit City.
So, which do you think it is — opportunity or money pit?
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