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News For AAPL;DDAIF;VLKAY;F;HMC;NSANY;TSLA;GM;FIATY;TM;EADSY;BA From The Last 14 Days
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July 24, 2014
08:54 EDTFFord says remains on track to be profitable in Europe by 2015
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08:47 EDTFFord reports Q2 EPS ex-items 40c, consensus 36c
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08:11 EDTGMGM Financial reports earnings of $175M for June quarter
Consumer loan originations were $3.6B for the quarter ended June 30. Consumer loan originations for the six months ended June 30, 2014 were $7B. Consumer finance receivables 31-to-60 days delinquent were 3.5% of the portfolio at June 30, 2014, compared to 3.4% at June 30, 2013. Accounts more than 60 days delinquent were 1.6% of the portfolio at June 30, 2014, compared to 1.4% a year ago. Annualized net credit losses were 1.4% of average consumer finance receivables for the quarters ended June 30, 2014 and 2013. For the six months ended June 30, 2014, annualized consumer net credit losses were 1.6%, compared to 1.8% for the six months ended June 30, 2013.
08:05 EDTBABoeing shares still attractive, says Wells Fargo
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07:52 EDTGMGeneral Motors says on track to be profitable in Europe by mid-decade
GM CFO Chuck Stevens said, “With successful new vehicle launches, we continue to generate strong results in the U.S. and China and remain on track to be profitable in Europe by mid-decade. We are confident we are currently on or ahead of plan to deliver the results we promised earlier this year, excluding the effects of recalls.” For Q2, GM North America reported EBIT-adjusted of $1.4B which included the impact of $1.0B in recall-related costs in the quarter, compared with EBIT-adjusted of $2.0B in the second quarter of 2013. GM Europe reported an EBIT-adjusted of ($0.3B) billion, which includes $0.2B for restructuring costs, which compares with ($0.1B) billion of EBIT-adjusted in the second quarter of 2013. GM International Operations reported EBIT-adjusted of $0.3B, compared to $0.2B in the second quarter of 2013. GM South America reported EBIT-adjusted of ($0.1B), compared with EBIT-adjusted of $0.1B in the second quarter of 2013. GM Financial earnings before tax was $0.3B for the quarter, compared to $0.3B in the second quarter of 2013.
07:48 EDTGMGeneral Motors takes $0.9B non-cash special charge for future possible recalls
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07:47 EDTGMGeneral Motors takes $0.4B special charge for ignition switch compensation
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07:46 EDTGMGeneral Motors reports Q2 adjusted EBIT $1.4B
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07:32 EDTGMGeneral Motors reports Q2 EPS ex-items 58c, consensus 59c
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07:26 EDTFIATYISS recommends Fiat investors vote against Chrysler deal, Reuters says
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07:19 EDTBABoeing downgraded to Neutral from Buy at BofA/Merrill
As previously reported, BofA/Merrill downgraded Boeing to Neutral from Buy. The firm believes the peak in the cycle is near and has concerns seat overcapacity may lead to order cancellations in out-years. The firm sees additional risks from shrinking milirary programs, 777x development risk, deferred production costs in the 787 program, overhangs to the 737 MAX transition and Airbus A321NEO competition vs. the 757. Price target lowered to $140 from $154.
06:51 EDTFFord sees Q3 production to be about 1.5M units
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06:51 EDTFFord reports Q2 total production 1.7M units
06:50 EDTBABoeing enters into agreement, engaged in talks with Iran regarding parts sales
Boeing said in a filing that during Q2 it entered into an agreement and engaged in related discussions with Iran Air pursuant to a license from the U.S. Office of Foreign Assets Control. The agreement sets forth general terms and conditions with respect to the potential sale of certain goods and services related to the safety of flight, including airplane parts, manuals, drawings, service bulletins, and navigation charts and data. Boeing also engaged in discussions pursuant to the OFAC license with Iran Air Tours, a subsidiary of Iran Air, with respect to the sale of similar goods and services. Boeing applied for the OFAC license consistent with guidance from the U.S. Government in connection with ongoing negotiations between the “P5+1” nations and Iran related to, among other things, the safety of Iran’s civil aviation industry. Boeing generated no gross revenues or net profits during the second quarter in connection with these activities.
06:46 EDTAAPLApple could launch mobile wallet as early as this fall, The Information reports
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06:44 EDTFFord Credit sees FY14 pre-tax profit to be higher than 2013
Ford Credit also now expects year-end managed receivables of $112 billion to $115 billion, up from prior guidance of about $110 billion. Ford Credit continues to expect managed leverage in the range of 8:1 to 9:1, and distributions to its parent of about $250 million.
06:43 EDTFFord Credit reports Q2 pre-tax profit of $434M, net income $264M
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06:42 EDTFFord reports Q2 Total Automotive wholesale volume down 1%, revenue down 2%
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06:42 EDTFFord 'on track' for a solid year, 'higher volumes, revenues in 2015 and beyond'
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06:41 EDTFFord sees FY14 North America pre-tax profit to be lower than 2013
Sees North America operating margin in 8%-9% range. The company’s guidance includes 13 weeks of production downtime this year for the launch of the new F-150, including the summer shutdown at Ford’s Dearborn and Kansas City plants. Ford expects South America to incur a larger loss in FY14 than previously guided. It now expects the rest of the year for South America to be about breakeven to a loss due to lower-than-expected industry volumes and weaker currencies. The volatility in the region, including potential currency devaluations, adds uncertainty to short-term projections. Ford sees Q2 Europe pre-tax profit of $14M, due to lower costs and favorable exchange. Restructuring costs were lower than a year ago, primarily due to a reserve release this quarter associated with its Cologne investment agreement and non-recurrence of a facility write-off in Genk last year. Ford’s full-year guidance for Europe remains unchanged, with the region expected to improve pre-tax results compared with 2013. Ford expects Europe’s second half loss to be higher than the first half loss of $180 million. Lower second half wholesale volumes of about 100,000 units include the effect of summer shutdowns in the third quarter and year-end shutdowns in the fourth quarter. Ford’s full-year guidance for Middle East & Africa remains unchanged, with the region expected to be about breakeven with quarterly variability driven by factors such as the timing of production, mix of vehicles and long shipping times. Asia Pacific reported a second quarter pre-tax profit of $159M. For the full year, Ford continues to expect Asia Pacific to earn a higher pre-tax profit than a year ago. Ford expects full year results will be strong for the region, with third and fourth quarter results down from second quarter.
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