NEW YORK (
TheStreet) -- The markets were mixed today as investors awaited GM's IPO.
Dow Jones Industrial Average fell 15.62, or 0.14%, to 11, 007.88 while the
S&P 500 gained 0.25, or 0.02%, to 1,178.59. The
Nasdaq added 6.17, or 0.25%, to 2,476.07.
CNBC reporter Kate Kelly provided more details on GM's IPO on the "Fast Money" TV show. She said the vast majority of the order book went to investors in North America, with 10% going overseas. She said the retail allocation was higher by dollar value than the
For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
She said the Kuwait investment authority pulled out of the offering when the pricing reached $33. Steve Grasso added some of the large institutions were finding the offering too expensive for their taste.
Karen Finerman liked what she saw in the IPO, including the automaker's strategic market position, significant size of the offering, satisfactory comparable sales and backing of money managers and underwriters who need the offering to work well.
Jon Najarian predicted investors will flip the stock quickly, but he also believed the stock will head higher into next week. He said options trading in the stock will begin on Nov. 29 at the CBOE.
Joe Terranova said there is every reason to believe that GM will be profitable. Finerman added the offering comes at a time where the auto industry is near the bottom of a "pretty big cycle" with the potential for a huge upswing.
reporter said the turnaround in GM has been dramatic. He said the automaker has moved from a loss of $1,101 for every vehicle it produced in 2008 to a profit of $3,005 in 2010. He said pent-up demand could drive auto sales higher the next couple of years. He also said GM is well positioned, with its costs under control and the likelihood of strong sales in the coming years.
Terranova said the stock should get a boost when it is added to the S&P sometime next year. Najarian said the only hitches might be a move by Treasury to want more of its money back or a snag in the global recovery.