Changes to the DOW 30 - GM, Citi out - 9:20AM

Dow 30 components GM and Citi (GM & C)out, replaced by Cisco & Travelers (CSCO & TRV).

Pre-market - Monday, June 1, 2009

Futures up large today, before consumer spending: DJIA INDEX 8,610.00 122.00 S&P 500 933.80 15.70 NASDAQ 100 1,453.00 17.50 Gold - 980 +17 1.78% Oil - 67.82 +1.51 +2.28% Personal Income and Outlays - 8:30 AM ET ISM Mfg Index - 10:00 AM ET Construction Spending - 10:00 AM ET 4-Week Bill Announcement - 11:00 AM ET 3-Month Bill Auction - 1:00 PM ET 6-Month Bill Auction - 1:00 PM ET GM files for bankruptcy. Earnings reports today:

GM news - 2:00PM

UAW Discloses Terms of GM Deal - WSJ The United Auto Workers told union officials Tuesday that it has agreed to a deal with General Motors Corp. that will lead to the union owning 17.5% of the company once it restructures as part of GM's obligation to fund future retiree health-care obligations, a person familiar with the matter said. Under the deal, which was agreed to last week and is set for a UAW vote in coming days, GM place $10 billion of assets into a Voluntary Employee Beneficiary Association, of VEBA, on Jan. 1, 2010. The UAW will also receive a new note, payable in cash, for $2.5 billion. That note will be paid out in three installments taking place in 2013, 2015, and 2017. The details of the arrangement were outlined in an informational brochure detailing the agreement, which was obtained by The Wall Street Journal Tuesday. The UAW's VEBA had been owed $20 billion, but the UAW – responding to Treasury Department demands – has agreed to cut the cash obligation and receive a significant amount of what it is owed in stock or notes. In addition, the UAW will be given $6.5 billion in preferred stock in a reorganized GM. That stock includes a 9% cash dividend, under which the union's VEBA will receive $585 million annually for as long as the UAW holds the stock. That preferred stock is in addition to 17.5% of the company's common stock that is being promised by GM to the VEBA. The UAW also will receive a warrant for an additional 2.5% of the common stock in the new company. The UAW said that "with a greatly improved balance sheet, as well as with the significant restructuring of business operations, there is a realistic prospect that the stock in the new company will represent significant value in the future."

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This information is coming out in bits and pieces. Watch the news for further details. GM stock now up after being up down all day.

Market Wrap End of Day - Tuesday, May 12, 2009 - Posted 4:40PM

It was a fairly uneventful day in the market today. Anadarko Petrolium(ACP) and USBankcorp(USB) both issued secondary share offerings. The market was down most of the day until a rally around 1:30 led by the financials. The DOW moved the most but all indexes sold off in the last half hour. The S&P hit 914 before closing at 908, while the Nasdaq was weak all day, closing at 17.15, down (-0.88%).

Dow	8,469.11	+50.34 (0.60%)
S&P 500	908.34	-0.90 (-0.10%)
Nasdaq	1,715.92	-15.32 (-0.88%)

Crude oil closed at a 6 month high today at $58.85 and did breach the $60.00 level earlier in the day. Gold was up $10.00 for a gain of 1.14 percent. CNBC reported there will be many more of these stock offerings because companies need to raise capital. Usually, and I say that hesitantly, this dilutes the share price, therefore the price goes down. Make sure you do your due diligence before investing. Stocks of interest: Great Atlantic and Pacific Tea Company(GAP) shares slid $2.48 to $4.21 cents, a loss of %37.07.If you haven't heard of them by this name, you might know them by A&P, a grocery store. They reported earnings this morning and said losses were due to increased store-closing and pension-related costs. Ford Motor Company(F)closed at $5.01 or a loss of -1.07 (-17.60%)due to the stock offering today. General Motors(GM)closed today at 1.15, down -0.29 (-20.14%). It will eventually be at ZERO. Clear Channel Outdoor Holdings, Inc.(CCO)the radio and media player lost 4.20 -0.84 (-16.67%). Clear Channel is the provider of Rush Limbaugh's show. Rush better step up his game.

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Today's gainers by sector: Market doesn't move as much when not led by financials. Today's heatmap: Earnings reports due out tomorrow morning before the market opens: Don't forget the economic numbers tomorrow as well: Wednesday AM: 7:00 MBA Purchase Applications; 8:30 AM Retail Sales 8:30 Import/Export Prices 10:00 AM Business Inventories 10:30 EIA Petroleum Status The retail sales numbers will be watched very closely. Consumers disposable spending is key to this economy. No matter the numbers they will paint it as "less worse than expected" but I'm not buying. Income tax returns. See how many times they mention that.

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CNBC cheerleading grade for the day - Solid A As usual, the cheerleaders were doing their best to make the market go up today. Bob Pisoni was the all star spinner today. He declared this the "new Bull market." Very few interviews were Bears, and the ones that were got cut off. Kudlow was his normal self, bashing the government but slobbering over this government fueled rally. Just stick a cork in it Larry. Happy Trading

GM shares dropping like a rock - Updade 10:14 AM

Lutz and other top GM executives sell shares - MarketWatch Duh! Why hasn't everyone else? As I posted last week, GM would issue more shares, therefore diluting the already declining share price. I can't believe it's still trading has high as it is. Sell it, like the GM executives are doing! The price is going to ZERO. As of 10:20 this morning: 1.16 -.29 -20.14 percent. Only the banks can issue more shares and the price goes up. [/sarcasm]

GM article on today's meeting from Detroit News - 1:15 PM

GM considers eventual move from RenCen, dealer plans - From the Detroit News. GM headquarters is the tall building in the center of the picture. There is a Marriott right across the street. Greektown and MGM Grand not far away, as well as Comerica Park. All but the MGM can be accessed via the people mover for .50 cents one way. Contrary to many, it's really a nice part of Detroit. I've been there many times, stayed at the Marriott, went to Greektown and the ballpark. There is a great Chicago style Pizza place right beside the Casino - if you have any money left. Great trip. Also via the People Mover are the Joe Louis Arena, home of the Redwings, Cobo Hall, home of the Detroit Auto Show, the SAE show, and many other great events. Ford Field, home of the Detroit Lions sits right beside Comerica Park. You can take the tunnel or bridge to Canada as well in a short time. Consider a trip there, it's worth it, I promise. Michigan and Detroit has been ravaged by job losses over the last decade, but it is truly a great state with many things to see and do. Not only in the city of Detroit but the state as a whole. Hunting, fishing, hiking, camping and golf. Disclaimer: I do not live in Michigan.