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Stock Market & Financial Investment News

News For GM From The Last 14 Days
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September 1, 2015
16:26 EDTGMOn The Fly: Top stock stories for Tuesday
Stocks began the session deep in negative territory and remained there throughout the session. The weakness was attributed to the release of poor economic data out of China that confirms the world's second largest economy is slowing. There was little help from the day's domestic economic reports, as the construction spending and ISM manufacturing data came out roughly in-line with expectations. The market pared its losses slightly just before the lunch hour, but then the sellers regained control and pushed the averages down further with no sign of a rally prior to the close. ECONOMIC EVENTS: In China, the government's official manufacturing purchasing manager's index fell to 49.7 in August, indicating contraction and marking its worst PMI reading in three years. In the U.S., the Institute for Supply Management's manufacturing index for August came in at 51.1, below the consensus forecast for a reading of 52.5. Markit's manufacturing PMI for last month came in at 53.0 in its final reading, slightly beating expectations for a 52.9 reading. Construction spending rose 0.7% in July, beating/missing expectations for spending to have grown 0.6% in the month. In Europe, the final Eurozone manufacturing PMI for August came in at 52.3, which was a tick down from the flash reading of 52.4 and from July's final 52.4 reading. The EU's statistics agency said the eurozone's unemployment rate fell to 10.9% during July, marking the area's lowest unemployment figure since February 2012. COMPANY NEWS: Ford (F) reported August U.S. sales that it said were its best in nine years, growing its sales by 5% to 234,237 vehicles last month, but its shares slipped 1.08% to $13.72 amid the broader market weakness. General Motors (GM) fell 2.75% to $28.63 after the company reported its U.S. sales slipped 0.7% to 270,480 vehicles in August, while Fiat Chrysler (FCAU) shares slid 3.4% to $13.65 after the company reported its U.S. sales increased 1.7% last month to 201,672 units... Shares of streaming video giant Netflix (NFLX) fell $9.39, or 8.16%, to $105.64 after Variety reported that Apple (AAPL) is exploring an entry into the original programming business and Amazon (AMZN) announced it expanded Prime Video downloads to the iOS and Android platforms. MAJOR MOVERS: Among the notable gainers was drugmaker Trevena (TRVN), which surged 51% to $9.06 after reporting that its study of post-surgery painkiller TRV130 met its primary endpoint. Also higher was Internap (INAP), which gained 12% to $8.93 after disclosing that it is exploring strategic alternatives. Among the noteworthy losers was Penn West (PWE), which declined about 16.5% to 64c after suspending its dividend and announcing plans to cut its global workforce by 35% amid the weak commodity price environment. Also lower were both Westport (WPRT) and Fuel Systems (FSYS), which lost a respective 5.93% and 4.23%, after agreeing to merge and reiterating current revenue outlooks for both companies. Additionally, Dollar Tree (DLTR) fell 9.2% to $69.22 after its pre-market earnings report. Note that in a regulatory filing last night, the company disclosed that it does not plan to pay a dividend following its combination with Family Dollar. INDEXES: The Dow dropped 469.68, or 2.84%, to 16,058.35, the Nasdaq lost 140.40, or 2.94%, to 4,636.10, and the S&P 500 fell 58.33, or 2.96%, to 1,913.85.
14:55 EDTGMAutodata says U.S. auto sales rate comes in at 17.8M SAAR, CNBC reports
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12:21 EDTGMOn The Fly: Top stock stories at midday
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09:35 EDTGMGeneral Motors estimates August U.S. light vehicle SAAR at 17.5M
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09:34 EDTGMGeneral Motors says retail deliveries rose 6% in August
General Motor reported its Chevrolet, Buick, GMC and Cadillac brands sold 270,480 vehicles in the U.S. in August. Retail deliveries climbed 6% compared with a year ago, when results included the Labor Day holiday. GM had the industry's largest retail sales increase and gained more than 1 percentage point of retail market share year over year, based on J.D. Power PIN estimates. Fleet sales were down 24% on a 38% decline in rental deliveries. "GM's retail sales increase far outpaced the industry in August, and we have grown our retail share for five months in a row compared to last year," said Kurt McNeil, GM's U.S. vice president of Sales Operations.
09:31 EDTGMGeneral Motors reports August U.S. sales down 0.7% to 270,480 vehicles
August 31, 2015
16:28 EDTGMGeneral Motors union members approve strike authorization
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07:08 EDTGMFiat Chrysler CEO not giving up on GM merger talks, Automotive News reports
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August 28, 2015
11:32 EDTGMFederal government to team with tech companies for tech hub, Venture Beat says
The Obama administration will make an announcement later today that will establish a flexible hybrid electronics hub in Silicon Valley, reports Venture Beat. The administration will partner with 162 companies that include Apple (AAPL), Hewlett-Packard (HPQ), Boeing (BA), General Motors (GM) and others. Both the Department of Defense and this private consortium will look to enhance the U.S.'s standing in "next-generation bendable and wearable electronic devices." Reference Link
August 26, 2015
16:26 EDTGMMajor automakers sued over allegedly 'deadly' keyless technology, Reuters says
A number of automakers have been named in a lawsuit alleging that keyless ignition technology can lead to "deadly" results due to carbon monoxide poisoning from cars left running under the belief that engines will automatically switch off, reports Reuters. Defendants include General Motors (GM), Ford (F), Fiat Chrysler (FCAU), Honda (HMC), Hyundai (HYMLF), Nissan (NSANY), Toyota (TM), Volkswagen (VLKAY), BMW (BAMXY), and Daimler's (DDAIF) Mercedes Benz, said Reuters. According to the plaintiffs, the carmakers had "actual knowledge" of the so-called risks and could have prevented 13 deaths and numerous injuries. Reference Link
13:42 EDTGMTrueCar says 'on plan' to hit 17.2M U.S. vehicle forecast for 2015
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13:19 EDTGMTrueCar says daily auto sales pace up 0.9% for August, with 17.4M SAAR
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August 24, 2015
19:36 EDTGMGeneral Motors ends two-week strike in Brazil, Reuters says
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17:50 EDTGMGeneral Motors denies 3944 of 4343 ignition switch claims
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09:45 EDTGMOn The Fly: Analyst Initiation Summary
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09:18 EDTGMOn The Fly: Pre-market Movers
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08:04 EDTGMGeneral Motors coverage resumed with an Underweight at Morgan Stanley
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06:14 EDTGMGM recalling 59,474 2010 Chevrolet Cobalt vehicles
GM is recalling 59,474 2010 Chevrolet Cobalt vehicles manufactured January 4, 2010, to June 23, 2010. The affected vehicles may be equipped with an improperly routed Side-Impact Sensor wiring harness in the driver side front door. The misrouted wiring harness could cause an electrical short that disables the driver side curtain air bag. A disabled driver side roof-rail air bag will not deploy in the event of a crash necessitating deployment of that air bag, increasing the risk of injury to the driver.
August 23, 2015
18:23 EDTGMGM, Volkswagen slow production at Chinese factories, WSJ says
Auto manufacturers including General Motors (GM) and Volkswagen (VLKAY) appear to be running their Chinese factories at less than maximum capacity for the first time, reports the Wall Street Journal, citing industry data. The numbers suggest that a "bumpier ride" may be in store for multinationals that counted on Chinese demand, said the report. "The situation seems worse than that of 2008," remarked an engineer working at GM's Shanghai plant. Reference Link
August 21, 2015
06:46 EDTGMGM recalling 5,493 2014-2015 Chevrolet Impala vehicles
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