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Stock Market & Financial Investment News

News Breaks
December 19, 2012
11:42 EDTGM, AXLGM to buy back Treasury shares, AXL trades higher
American Axle (AXL), a maker of driveline and drivetrain systems for light trucks, and a General Motors (GM) supplier is up almost 4% or 40c in late morning trade following news that GM is repurchasing shares from the U.S. Treasury.
News For AXL;GM From The Last 14 Days
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February 27, 2015
06:27 EDTGMGeneral Motors to discontinue vehicle production at Bekasi, Indonesia plant
As part of its ongoing focus on strengthening the performance of its global operations, General Motors announced that it will transition to a national sales company in Indonesia and will discontinue vehicle production at its Bekasi manufacturing plant near Jakarta by the end of June. GM Indonesia will retain its local presence by providing customers with Chevrolet products such as the Orlando, Captiva and Trailblazer through its committed dealer network. Several factors contributed to GMís decision, including high material costs and reduced potential to utilize the local supplier base due to limited scale.As a result of the companyís actions, approximately 500 positions will be impacted at the Bekasi plant, which is 16 km east of Jakarta. The plant, which is wholly owned by GM Indonesia, opened in 1995. It was reactivated in May 2013 after a suspension of production in 2005. The Bekasi plant currently produces the Chevrolet Spin for Indonesia and other ASEAN markets. GM also announced that GM Indonesia President Michael Dunne has decided to leave the company at the end of February to start his own business and focus on his previous domain of expertise. Dunneís decision has been known to GM for some time. GM has identified a new executive to lead the NSC, who will be announced shortly. GM Indonesia CFO Pranav Bhatt will serve as interim president until the permanent replacement is named.
February 26, 2015
13:06 EDTGMGM reaches agreement with Brazil factory union, Reuters says
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10:39 EDTGMOrbital ATK selected by 10 automakers to investigate Takata airbags
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06:42 EDTGMGeneral Motors to stop making cars in Indonesia, Reuters says
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February 24, 2015
13:13 EDTGMTesla Model S named 'best overall' by Consumer Reports
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07:30 EDTAXLJPMorgan to hold a conference
Global High Yield & Leveraged Finance Conference is being held in Miami Beach, FL on February 23-25 with webcasted company presentations to begin on February 24 at 7:40 am; not all company presentations may be webcasted. Webcast Link
February 23, 2015
10:40 EDTGMGM ignition-switch deaths increase to 57, WSJ says
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10:19 EDTAXLAmerican Axle expects 2015 market conditions to be positive
Expects to have a bias towards the high end of range for light vehicles sales guidance of 16.5M-17M in 2015. Comments taken from Q4 earnings conference call.
09:54 EDTAXLAmerican Axle targets FY15-FY17 annual sales to grow at CAGR in excess of 5%
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09:52 EDTAXLAmerican Axle sees FY15 revenue $4B-$4.1B, consensus $4.07B
This sales projection is based on the anticipated launch schedule of programs in AAM's new and incremental business backlog and the assumption that the U.S. Seasonally Adjusted Annual Rate of sales is in the range of 16.5M-17M light vehicle units for the full year 2015. Sees FY15 ABITDA $550M-$575M. Sees FY15 free cash flow $175M-$200M. Sees FY15 CapEx to be 5% of sales in 2015.
08:14 EDTAXLAmerican Axle reports Q4 EPS 17c, may not compare to consensus 54c
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08:04 EDTAXLAmerican Axle reports Q4 non-GAM sales up 13% to $317.2M
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08:04 EDTAXLAmerican Axle reports Q4 net income 17c, not comparable to consensus 54c
Reports Q4 revenue $939.5M, consensus $924.29M. In the fourth quarter, AAM's results reflect the impact of a non-cash charge of $35.5M related to the 2014 Pension Payout Offer. This compares to net income of $29.8M, or 39c per share, in the fourth quarter of 2013.
07:52 EDTAXLAmerican Axle to amend 10-Q for period ended September 30, 2014
American Axle said in a filing that on February 19, the Audit Committee of the Board of Directors of American Axle & Manufacturing Holdings, after discussion with management and the companyís independent registered public accounting firm, Deloitte & Touche LLP, concluded that the financial statements contained in the companyís Quarterly Report on Form 10-Q for the period ended September 30, 2014, as previously filed with the SEC on October 31, 2014, should no longer be relied upon. American Axle says "In connection with the preparation of our consolidated financial statements for the year ended December 31, 2014, we determined that entries recorded in the third quarter of 2014 to reduce certain accrued accounts payable balances by $8.4M were previously recorded as a reduction of cost of goods sold but should have been recorded as an adjustment to opening accumulated deficit because the amounts giving rise to the correction originated in periods prior to January 1, 2012. While management determined that it was necessary to restate the September 30, 2014 interim period and revise managementís conclusion regarding the effectiveness of disclosure controls and procedures as a result of a material weakness in internal controls over financial reporting, the effect of correcting these errors was not material to opening accumulated deficit as of January 1, 2012. The cumulative impact of the error was a decrease of $6.9M in opening accumulated deficit as of January 1, 2012.As a result of the foregoing, AAM will amend our Form 10-Q for the interim period ended September 30, 2014 to restate our previously issued financial statements. The Form 10-Q/A will be filed on February 23, 2015."
06:24 EDTGMGeneral Motors to legally challenge worker strike in Brazil, WSJ reports
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February 22, 2015
14:20 EDTGMUAW chief says GM buyback proposal too much, premature, Reuters says
Dennis Williams, the president of the UAW, said that an investor groupís proposal that GM buy back $8B of its stock is premature, and the amount too high for the companyís long-term health, says Reuters. The UAW indirectly controls the largest single block of General Motors shares, added Reuters. Reference Link
February 20, 2015
08:11 EDTGMAlly CEO exploring subprime lending, sees loss of GM business, Detroit News says
Ally (ALLY) CEO Jeffrey Brown stated in a Thursday interview with The Detroit News that the company may return to offering credit cards and home mortgages, and currently plans to expand auto lending to subprime customers. The CEO said he expects to decide within 30-60 days whether Ally will consolidate its five locations to a single headquarters in the Detroit suburbs. Brown added that he expects GM (GM) to shift its $4.1B subsidized leasing program for Chevrolet from Ally to GM Financial, which the Ally CEO wants to offset by increasing subprime lending from 9% of total lending to 12%-15%. Reference Link
07:04 EDTGMAlly CEO assuming company will lose all of GM's leasing business, Reuters says
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06:41 EDTGMApple pushing for 2020 production of its electric car, Bloomberg says
Apple (AAPL) is pushing to begin production of its electric vehicle as soon as 2020, reports Bloomberg, citing people with knowledge of the matter. Bloomberg notes that the move could put Apple into direct competition with Tesla (TSLA) and General Motors (GM), both of which are targeting a 2017 release for next-generation electric vehicles. Apple may still cancel the project if it becomes unhappy with progress, the sources said, though its vehicle team is already 200-people strong. Reference Link
06:06 EDTGMGeneral Motors names Craig Glidden as new general counsel
General Motors (GM) announced yesterday that Craig B. Glidden has been appointed executive VP and general counsel, effective March 1. Glidden will lead a team of staff attorneys who are integrated into all of GMís regional and functional teams in more than 30 countries. Glidden succeeds Michael Millikin, who is retiring in July after a nearly four-decade legal career, including five years as GMís general counsel. Before joining GM, Glidden was executive VP and chief legal officer for LyondellBasell Industries (LYB).
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