Red Sox fans will recognize this "not impossible nightmare" as the inverse of their team's fabled 1967 season. The rest of us will see it as a fancy way for an influential Wall Street firm to say a GM bankruptcy is "increasingly likely." In fact, Yahoo! News reports that Merrill's analysts had a gander at June's sales stats and GM's cash burn and reckon the ailing American automaker will need to raise an additional $15b– preferably with Merrill's help– to stay afloat. Meanwhile, Merrill Lynch analyst John Murphy shanked The General, cutting GM from "buy" (har-har) to "underperform," and lowering his price target from $28 to… $7 per share. The move slammed GM's stock price and forced a subtle shift in GM's increasingly taciturn spin. "We continue to believe the company has sufficient liquidity for 2008 despite lower volumes," GM spokeswoman Renee Rashid-Merem told Reuters. "If conditions continue to deteriorate, we would consider other operating measures." In other words, more cost-cutting in addition to fund raising. But honestly, what good what that do?
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