VW briefly world's top company
10-28-2008, 09:48 AM
#1
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VW briefly world's top company
Even though the price is temporary, its nice to see some auto company doing well.
http://www.reuters.com/article/newsO...49R3I920081028
http://www.reuters.com/article/newsO...49R3I920081028
VW briefly world top company as shortsellers caught
By Sarah Marsh
FRANKFURT (Reuters) - Volkswagen briefly became the world's biggest company by market value 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 world number one company Exxon Mobil Corp's $343 billion market value at Monday's closing price.
The shares later eased back to stand 25.4 percent higher at 652.00 euros at 1103 GMT, after tripling in the previous session.
Porsche said Sunday it held over 74 percent of VW, prompting a panic among short sellers who had sold VW shares in the hope of buying them back at lower prices.
German regulator Bafin saud it was looking at the VW share movement to see if any insider trading or market manipulation had taken place.
"Each and any short seller in the world is trying to close up their position and there is no way they can do it except for trying to buy like mad," said FrankfurtFinanz analyst Heino Ruland.
"Someone is selling it at a rather interesting and rich price -- it is about 10 times as much as it should trade."
By Sarah Marsh
FRANKFURT (Reuters) - Volkswagen briefly became the world's biggest company by market value 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 world number one company Exxon Mobil Corp's $343 billion market value at Monday's closing price.
The shares later eased back to stand 25.4 percent higher at 652.00 euros at 1103 GMT, after tripling in the previous session.
Porsche said Sunday it held over 74 percent of VW, prompting a panic among short sellers who had sold VW shares in the hope of buying them back at lower prices.
German regulator Bafin saud it was looking at the VW share movement to see if any insider trading or market manipulation had taken place.
"Each and any short seller in the world is trying to close up their position and there is no way they can do it except for trying to buy like mad," said FrankfurtFinanz analyst Heino Ruland.
"Someone is selling it at a rather interesting and rich price -- it is about 10 times as much as it should trade."
10-29-2008, 01:17 PM
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Big RWD V8's do exist in the German world, but they're usually of the 4-door variety, come with leather and a sunroof, few/no cupholders, and 50 cigarette lighters.
The Scirocco is back, but unfortunately, not likely in the US. It was always a little 4-cylinder car anyway, and still is...but with a lot more HP.
10-29-2008, 01:38 PM
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While still far from a sure thing, a U.S. Scirocco is looking more likely than it did 6 months ago:
http://www.autoblog.com/2008/10/27/v...to-the-states/
I'd say the big question mark will be cost. It'll likely have to be pricey in the U.S.
http://www.autoblog.com/2008/10/27/v...to-the-states/
I'd say the big question mark will be cost. It'll likely have to be pricey in the U.S.
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