Smith: Stock market drives confusion
“Outta My Mind on a Monday Moanin’”
The stock market has always confused me. Consider these approximate numbers from last week. Amazon made about $1.7 billion in the first quarter, as did our own Ford Motor Company.
Amazon stock is selling at about $1,517 a share. Ford Motor Company stock selling for about $11.43 a share.
General Motors made over a billion dollars. Stock price about $38.25 a share. FCA made a bushel basket of money. Stock price about $23.50 a share. And finally, Tesla, still waiting to see a penny in profit, in fact hemorrhaging hundreds of millions of dollars, was selling at about $285 a share.
What’s wrong with this picture? Everything!
■Congratulations to the Gaylord Golf Mecca, the Gaylord Area Convention and Tourism Bureau and the Cherry Capital Airport in Traverse City, honored recently with the Governor’s Award for Innovative Tourism Collaboration for marketing efforts that are attracting golfers from Texas to Michigan.
■More big news for the area. Congratulations to Christopher Ilitch, president and CEO of Ilitch Holdings, Inc. — $200 million more invested in the District Detroit development.
Also to Eric Larsen of Larson Realty Group, as he breaks ground Tuesday for The Corner development at Michigan and Trumbull in Ford Town, er, rather, Corktown.
■Blockbuster deal. Gary Heminger, head of Marathon Petroleum Corp. based in Findlay, Ohio, and operator of our only local refinery, pulled off a $23 billion deal to now make Marathon the top U.S. refiner.
■Kudos to Variety the Children’s Charity volunteers Felicia Palazzoio Shaw and Edwin Shaw, and to Bill and Vivienne Young for their work on behalf of JDRF.
Paul W. Smith is host of The Paul W. Smith Show on WJR-AM (760) from 5:30-9 a.m. Monday-Friday.