Deutsche Bank came out this morning with a pretty bold call, that is almost certainly right, slapping a sell rating on General Motors (GM) and a $0 price target. They forecast that GM might not have enough cash to operate the business into 2009. GM shares are off about 25% and trading at levels not seen since 1946.
Also getting hammered today is Goldman Sachs (GS). Barclays Roger Freeman became the latest analyst to project a 4th quarter loss for Goldman forecasting a loss of $2.50 a share from his prior estimate of a $2.71 profit. Goldman shares have traded below $70 this afternoon for the first time since April 1, 2003.
Disclosure: Top Gun is long shares of Goldman Sachs (GS).