Delta Air plans for stock to trade on NYSE in May | Transportation | Reuters
Existing shares of Delta will be wiped out when the company emerges from Chapter 11. Delta has said it expects to have a market value of $10 billion.
I've done some profoundly stupid things in my life... The most recent didn't involve a woman.
My father was sitting in my office the other day using a spare computer to check his email (he's not yet a gmail devotee' -- he's still on Yahoo, blech) and watching the market. Dad commented that Delta's stock was doing pretty well and was cheap that day... Yeah, it's DALRQ; the "Q" stands for Bankruptcy.
So, after watching the thing trade for a few minutes I absently hit the "buy" button and became the proud owner of 500 shares of this venerable air carrier. I bought at, I think, $.81... I got out at $.71, yesterday, and it's trading right now at $.52 with the bottom continuing to fall out
Now, my question is why in the world is anyone even still trading this thing? I know that there are a few idiots like me who didn't fully research the thing before doing a "Quick Buy", but that can't be all of it. It's destined to crash and burn, horribly, before May 1. At this late date, with its funeral already planned and the mourners having their suits pressed, why is anyone BUYING this thing?
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