Billionaire wants to buy GM

[Ghiadude]

MAY. 4 4:38 P.M. ET Stocks skipped higher Wednesday as investors were emboldened by decent earnings, a handful of mergers and billionaire investor Kirk Kerkorian's bid to substantially add to his stake in General Motors Corp. The Dow Jones industrials soared almost 125 points. Wall Street enjoyed a broad rally as investors seemed to shrug off some of the worries that have dogged stocks in recent weeks. The possible return of the 30-year bond was the biggest news of the day, but analysts said what really lured stock buyers back from the sidelines was Kerkorian's commitment to troubled auto maker GM. Considered a smart value investor, Kerkorian's unexpected move may have restored some faith in the market, which ultimately could turn sentiment around.

"It kind of surprised everyone that someone as savvy as him would talk about increasing his stake in a beleaguered company. It suggested that there is value in this market," said Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors. "On the days the stock market reverses or changes direction, it's often hard, historically, to find a reason why, on that day. I used to say the market seems to reach magical moments, and this may very well be one of those magical moments, where the configuration of events is just enough to get investors back on the bandwagon."

[RED_EL_XR8]

Kerkorian or Kavorkian, looks like the Kavorkian machine is plugged into GM and ready to be switched to High.

I'd heard Daimler Chrysler was looking and purchase of a chunk of the ailing GM.