Vestas stock approaches all-time low
Portland's supposed economic savior, which has its shiny new taxpayer-subsidized U.S. headquarters in the Pearl District, is clearly on life support:
Since hitting a record high of 692 Danish kroner, or about $113, in August 2008, shares have tumbled 96% to 24.95 kroner. They are off 61% year-to-date and now trading close to the all-time low of 19.74 kroner. Meanwhile, the yield on Vestas's corporate bond has jumped to around 20%, according to Deutsche Börse.
For a while there was a rumor of a Chinese takeover, but even that seems unlikely until the company's performance bottoms out -- if it does before the end comes.
| Posted at 2:42 PM | Permalink |
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Comments (10)
In other news, GM is doing just great!
Posted by cc | July 26, 2012 3:05 PM
CC:
Which definition of great do you mean:
Stock at its lowest point since its IPO?
Value of the company so low that the gov't would take a 17Billion with a B Bath to get out of it?
(the stock is under 19$ per share... down 52% from its high about 18 months ago).
My point: Government should not be betting taxpayer money on what the party in power thinks are the winners.
Cheers, Mike
Posted by It's Mike | July 26, 2012 3:30 PM
Hmm. A good time to buy?
Posted by reader | July 26, 2012 4:47 PM
Friends, the problem is that we already DID buy... at roughly 53$ per share.
If you want to buy more and try to dollar cost average your share of the investment out of it, good luck...
True Story: Mrs. Mike was dropping me off at the airport, we saw a new Buick Lacrosse in a deep blue color... she commented that although it looked really good, 'at the end of the day, it's a Buick'...
Cheers, Mike
Posted by It's Mike | July 26, 2012 5:07 PM
Hey, Mikey,
It's irony (or so I hope) - my point was that GM is Vestas writ large.
Posted by cc | July 26, 2012 6:29 PM
Sorry CC... Not used to irony here in Portlandia
Posted by It's Mike | July 26, 2012 6:48 PM
Meanwhile, Facebook dropped below $24 per share ($38 IPO) in after hours trading. Way to go Zuck!
Posted by Newleaf | July 26, 2012 6:59 PM
Ah, sure GM is doing great by Obama's standards. A year ago it was trading at $30, now it's down to $19. Its lost over 33% of its value but Obama claims it's successful while still owing us over $30 Billion. That's Obama economics.
Posted by lw | July 26, 2012 9:06 PM
General Motors is an Obama Win because the UAW made out like bandits and the shareholders got the Change.
That's the Chicago Way.
Posted by Mister Tee | July 26, 2012 9:25 PM
Mmm, Chinese takeover. Make sure they don't forget the cookies this time.
Posted by Downtown Denizen | July 26, 2012 11:47 PM