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GM Rating Target Price: $0

China up 7 percent on the nearly $600 billion stimulus package, Europe has also opened 3 to 4 percent. That is stimulating commodity stocks like BHP Billiton, Rio Tinto,ArcelorMittal, and ABB, all of who are up about 10 percent.

Elsewhere:

1) GMdown 10 percent as Deutsche Bank lowered its rating on GM to a Sell, but more interesting is the price target: $0. That's because, like most analysts, Rod Lache has concluded that a government bailout is not likely to help the shares, that even with a bailout GM's future, if it is not in bankruptcy, is likely to be "bankruptcy-like." That means that secured creditors may be made whole, while unsecured creditors will get a very low recovery. Equity shareholders will likely get nothing.

2) McDonalds up 3 percent pre-open; comp store sales were again stellar. U.S. comparable store sales were up 5.3 percent, 11.5 percent gains in Asia/Pacific, 9.8 percent in Europe.

3) Circuit Cityhas filed for bankruptcy under Chapter 11, which will allow it to hold off creditors and operate as normal while it develops a financial reorganization plan. Stock is $0.10 now, it was $0.25 at the close Friday.

4) AIG is now getting all sorts of loans, including 1) an additional $40 billion purchase of newly issued preferred shares under the TARP program, 2) a modification of the loan the government initially gave to AIG, and 3) two additional lending facilities that will allow the Fed to lend money to AIG. The first lending facility will be secured with mortgage-backed securities as collateral; the second will buy collateralized debt obligations (CDOs) on which AIG has written credit default swaps (CDS).

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  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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