Posted on 10/28/2008 5:31:54 AM PDT by truthfreedom
FRANKFURT, 28 Oct (Reuters) - Volkswagen (VOWG.DE: Quote, Profile, Research, Stock Buzz) briefly became the world's biggest company by market value on Tuesday, as short sellers continued to pile into the stock on weekend news Porsche had bought up much of VW's remaining free float.
Shares in the German car maker hit an intraday high of 1,005.01 euros, valuing the company at 296.06 billion euros ($370.4 billion) based on ordinary stock, more than that of worl'd number one company Exxon Mobil Corp's (XOM.N: Quote, Profile, Research, Stock Buzz) $343 billion market value at Monday's closing price.
http://www.reuters.com/article/rbssEnergyNews/idUSLS14365720081028?pageNumber=1&virtualBrandChannel=0 for the rest
(Excerpt) Read more at reuters.com ...
Makes sense that a company founded in the Nazi era on the concept of a “people’s car” would experience a resurgence in anticipation of the birth of a new socialist republic with 300 million people on the far side of the Atlantic.
DO NOT BUY VOLKSWAGON!
How about Porsche? Porsche is buying Volkswagon, and it appears that Porsche, of all auto companies, is going to be the biggest auto company in the world?
Or, isn’t interesting that Volkswagon, of “people’s car” fame, is getting bought out by Porsche, who is not exactly considered a populist auto maker?
Actually, the Volkswagen was originally designed by Dr. Ferry Porsche.
Sort of, except that the original VW was actually manufactured by Porsche.
I work for a company in silicon valley that actually raises a gay lesbian pride flag once a year in honor of certain folks. Unbelievable!
Sorry, dude. Our 97 TDI has 450,000 miles on it. I buy what runs.
They are?
Yeah, I read that somewhere. I find this story interesting, so I’m reading up on it. I think it goes to illustrate what can happen in a short squeeze. Some are suggesting that US hedge funds are getting creamed here.
When you tell that to a Porsche lover they nearly faint. lol
Dang that looks like a Carmen Ghia!
Not to worry, I can’t stand their commercial with Brooke Shields.....I always thought of Nazi Germany when I saw it.....now I hit the mute button
That’s a lot of miles. What kind of MPG do you get; and what model do you have?
97 Jetta TDI. It gets 45 MPG. It still has a lot of original parts on it. Changed the clutch at 400,000 miles.
Not true. Most Porsche lovers are very knowledgable about the history of the company and the family. In fact Dr. Porsche fled the Nazis and moved to Austria during the war.
“Some think short sellers, especially “naked short sellers” using “phantom stock” are at least partially responsible for some of our market troubles here in the US. See http://deepcapture.com about phantom stock, short selling, etc.”
Geez, I started reading some of that stuff and I don’t think I want to go on - it’s too depressing. It only confirms what I have thought for some time now: The foxes are in charge of the hen house. Makes me wonder why any sane person (including myself) wants anything to do with the stock market, at least in efforts to produce long-term growth. Recent history has certainly suggested that stuffing all my money into coffee cans buried in the back yard would have been a more prudent investment strategy.
We’re talking about the difference between someone who sighs when they see a Porsche and a car aficionado .
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