The street was expecting “Head-spinning” numbers from GM. CNBC reports General Motors Posts Loss Far Bigger Than Expected:

General Motors posted a biggest [sic] than expected loss for the quarter, the latest US auto maker to report dismal results.

The adjusted loss was $7.35 a share, well more than analysts estimates of $3.70. Revenues were $37.9 billion, below estimates, while the cash-burn rate was $6.9 billion for the quarter, more than double.

GM’s stock [GM 4.30 -0.50 (-10.42%) ] was halted briefly before the company announced the latest results. When trading resumed, it fell sharply.

GM has cash on hand for less than 3 quarters. With conditions worsening the way they are, it is likely that they are closer to 2 quarters than 3. Whether or not this is “Head-spinning” remains to be seen.

… pauses to listen to the TV …

Actually, their capital requirements apparently require $12 billion. They’re basically already dead.

In other news

In other news, some new housing numbers just came out, pretty poor.

In other news, I sold US Steel. Turns out I should have gone for Arcelor Mittal. Their bump today was bigger. I’ll revisit steel in a couple months.