The ever-active Kirk

Ever wonder what it must be like to sell almost a half-billion dollars worth of stock with a snap of your fingers? Bev Hills billionaire Kirk Kerkorian doesn't have to wonder - he just unloaded 14 million GM shares worth $462 million while also announcing plans to buy 15 million shares of MGM Mirage at $55 each. The net effect is that GM shares have been sliding all week - 3.4 percent on Monday, 4.5 percent on Tuesday and 2 percent so far this morning. The WSJ reports that a 45-day moratorium on Kerkorian's investment group, Tracinda Corp., trading in GM shares expired on Monday. You might remember that Kerkorian's representative on GM's board, Jerome York, resigned last month when it became clear that his ideas for reviving the automaker were not being heard. WSJ's Marketbeat picks up the story:

As easy as it is to blame Mr. Kerkorian, there are other catalysts for GM’s decline this week — albeit none as potentially earth-shaking as Tracinda dumping the stock. Tuesday, United Auto Workers Chief Ron Gettelfinger said that, when contract negotiations with the Big Three automakers begin in July, he’ll be pounding the table for preservation of the controversial Jobs Bank program, which pays idled workers, despite calls from auto makers for a more competitive contract. In addition, analysts say GM stock has broken down from a technical perspective, breaking through an uptrend established in April.