Various hedge funds got reamed last month when shares of Volkswagen spiked on a massive short squeeze. Porsche, which played the other side of that bet, did awesome:
Bloomberg: The Volkswagen stake produced a gain of 6.83 billion euros through hedging transactions, and its earnings contributed 1 billion euros to fiscal 2008 profit, Porsche said. The sports- car manufacturer will pay a dividend of 69 cents per common share and 70 per preferred share, as well as a special dividend for both classes of stock of 2 euros a share.
And what about the business of actually selling sports cars? Crappy. The company refused to make a forecast, citing further economic upheavals, though it did say sales would suffer from a “serious setback”.
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