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April 6, 2012
14:52 EDTCAR, FAvis Budget removes 10,000 Ford Focus sedans after recall
Avis Budget Group (CAR) announced that it is immediately taking steps to remove from its rental fleet in the United States, Canada and Puerto Rico approximately 10,000 model-year 2012 Ford (F) Focus sedans following receipt of a safety recall notice from the manufacturer relating to a potential problem with windshield wiper motors.
News For CAR;F From The Last 14 Days
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October 1, 2015
15:55 EDTFGeneral Motors advances after September sales, 2015 investor conference
Shares of General Motors (GM) advanced in a down market after reporting U.S. sales figures for September and holding its 2015 Global Business conference, during which the company took the opportunity to highlight numerous high-tech initiatives. WORLDWIDE UPDATE: General Motors held its 2015 Global Business conference on Thursday, outlining the company's plan to "own the customer relationship beyond the car." CEO Mary Barra acknowledged headwinds in the form of slow China growth, unfavorable macro conditions in South America, intensified U.S. competition, and somewhat underwhelming brand strength, but also provided color on new initiatives for the automaker. Barra noted plans to grow adjacent businesses like GM Financial and after-sales, and also highlighted a focus on maturing growth markets like China, India, and the American luxury space with the company's Cadillac brand. Front and center, however, were GM's future-focused plans. "As we move forward, we plan to lead" in autonomous vehicles, alternative propulsion, car sharing, and connectivity, Barra said, emphasizing new targets for the company as it grapples with automotive innovations from Tesla (TSLA), Google (GOOG), and -- according to recent reports -- Apple (AAPL). The company said it will test a fleet of autonomous Chevrolet Volts at its Warren Technical Center campus in late 2016, and GM also showed off a prototype Apple Watch app to start and unlock vehicles. GM also announced two new ride-sharing projects, one in New York City operating currently and one to come in first quarter next year in another, unnamed U.S. city. FINANCIAL TARGETS: Barra disclosed that the company's $5B share repurchase plan is "on track." The company has achieved North American margins of 9.7% during just the first half of this year, positioning the company well to hit its target of 10%, Barra said. The Chief Executive also revealed that the company is targeting 9%-10% global margins by early next decade, adding that GM plans to cut costs in the range of $5.5B between 2015 and 2018. GROWTH MARKETS: GM president Dan Ammann remarked that developed markets are "basically no-growth, perhaps even shrinking," leading the company to increase its focus on growth markets. The company previously announced a $5B initiative to tackle those growth markets over "the next several years," and Amman provided additional detail during today's presentation. No longer relying on repurposed legacy architecture, the company will be approaching growth markets in partnership with regional players like China's SAIC to codevelop vehicle programs and simplify its vehicle sets. SEPTEMBER SALES: The presentation by GM came alongside September U.S. sales figures for the major automakers. General Motors reported that its U.S. sales grew 12% to 251,310 vehicles, while Fiat Chrysler (FCAU) reported growth of 14% and Ford (F) disclosed a rise of 23% for the month. PRICE ACTION: Shares of General Motors are up 2.2% to $30.69 heading into session close, while Ford and Fiat Chrysler shares have risen a respective 0.66% and 2.27%.
12:16 EDTFOn The Fly: Top stock stories at midday
Stocks on Wall Street were lower at midday as investors remain cautious following last quarter's rout. The Dow, Nasdaq and S&P 500 each lost 7% or more in the third quarter and yesterday's end-of-quarter rally is turning out to be very short-lived as investors brace for tomorrow's nonfarm jobs report and the Federal Reserve rate setting meeting that comes late this month. ECONOMIC EVENTS: In the U.S., Markit's manufacturing purchasing managers' index inched up to 53.1 in the final September reading, compared to the preliminary September figure of 53.0 that was flat from August. ISM's manufacturing index fell to 50.2 in September, however, versus expectations for a reading of 50.6. Construction spending grew 0.7% in August, versus the consensus expectation for a rise of 0.5% for the month. Initial jobless claims rose to 277,000 in the week of September 26, versus expectations for 271,000 first-time claims. In Asia, Chinese markets were closed for holidays, but monthly manufacturing data was still released. The government's official manufacturing PMI ticked up to 49.8, beating expectations for a 49.6 reading. The final Caixin/Markit PMI, meanwhile, fell to a fresh six-and-a-half-year low of 47.2 in September, though that was slightly improved an earlier flash estimate of 47. In Japan, the Bank of Japan's quarterly tankan survey of large manufacturers for the September quarter came in at positive 12, compared with expectations for a positive 13 reading. In Europe, Markit's final Eurozone manufacturing PMI for September came in at 52.0, consistent with the flash figure and down from August's final 52.3 reading. COMPANY NEWS: Shares of General Motors (GM) rose fractionally near midday after the company reported its U.S. sales grew 12% in September compared to the same month of last year. Additionally, the auto giant hosted a global business update event, where it announced two new car- and ride-sharing projects and confirmed its plans to jointly develop a commercially viable fuel cell vehicle with Honda (HMC) in the 2020 timeframe. Fiat Chrysler (FCAU), which reported U.S. sales increased 14% last month, and Ford (F), which said its U.S. sales rose 23% in September, both saw their shares slip fractionally near noon. MAJOR MOVERS: Among the notable gainers was Sarepta Therapeutics (SRPT), which rallied 19% after the company released additional data from its Phase IIb program of eteplirsen in patients with Duchenne muscular dystrophy. Also higher was PBF Energy (PBF), which gained 10% after agreeing to purchase the 155,000 barrel-per-day Torrance refinery, and related logistics assets, from ExxonMobil (XOM). Among the noteworthy losers was Crocs (CROX), which dropped 14% after Piper Jaffray analyst Erinn Murphy downgraded the stock to Neutral, saying adverse currency moves and China weakness could cause sales to miss expectations in Q3. Also lower were shares of Dunkin' Brands (DNKN), which fell 10% after the company projected third quarter U.S. same-store sales that fell below the prior year period and said it would close 100 stores in the U.S. in 2015 and 2016. INDEXES: Near midday, the Dow was down 195.02, or 1.2%, to 16,089.68, the Nasdaq was down 55.92, or 1.21%, to 4,564.24, and the S&P 500 was down 17.57, or 0.92%, to 1,902.46.
10:36 EDTFFord says Volkswagen scandal 'a non-issue' for its dealers
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10:18 EDTFFord sees 2015 U.S. industry volume at high end of 17M-17.5M vehicle range
Says believes September industry SAAR around 18M. Says total vehicle industry "likely" up about 13% in September including medium and heavy trucks. Says automaker had the best September sales performance since 2006. Says September benefited from "strong" Labor Day weekend. Says U.S. economy continuing to perform well, says U.S. economy expanded at 3.9% annualized rate in September. Sees labor market to continue to improve at steady pace. Sees 2015 U.S. industry volume at high end of 17M-17.5M vehicle range. Comments made on Ford's September U.S. sales conference call. Ford is up 0.88% to $13.69 in morning trading.
09:16 EDTFFord reports September U.S. sales up 23% to 221,599 vehicles
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09:15 EDTFFord reports September U.S. sales up 23% to 221,599 vehicles
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08:36 EDTFMarathon Patent subsidiary receives favorable order against Ford, Fiat Chrysler
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05:56 EDTFTrueCar boosts 2015 U.S. sales forecast to 17.4M from 17.2M
TrueCar (TRUE) raised its 2015 annual forecast by 200,000 units to 17.4 million as sales growth in the remaining months of 2015 is poised to remain vigorous. New auto sales in September, aided by a later-than-usual Labor Day, should expand by 12.6 percent from a year ago, while the Seasonally Adjusted Annual Rate should reach 17.7 million units. That strength underpins TrueCar's revised full-year industry forecast of 17.4 million units, the highest volume since 2000. Retail share of the total industry likely expanded a full point in September versus last year, indicating busier-than-average showrooms. Confident consumers are expected to push new vehicle revenue to a record $45 billion for the month, up 13.2 percent versus the same period last year. Publicly traded companies in the space include Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM), Daimler (DDAIF) and Volkswagen (VLKAY). TrueCar EVP Larry Dominique commented, "Volkswagen's stop sell of diesel vehicles in the U.S. causes a noticeable hit to its September revenue, with a 7.7 percent decline. We expect sales to dip by at least by 5 percent and incentives to increase by $235 per unit, which will be essential to push non-impacted models off the lots."
September 30, 2015
11:57 EDTFFord issues 5 safety recalls and one safety compliance recall in North America
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September 29, 2015
15:03 EDTCARAvis Budget CFO says 'aggressive' in repurchasing shares recently
Avis Budget CFO David Wyshner, speaking earlier at the Deutsche Bank Leveraged Finance Conference, said that the company saw strong summer rental volumes in continental Europe that slightly exceeded its projections. In the Americas, the company had positive volume growth in the summer that was consistent with first half trends and with a modestly growing economy, Wyshner added, according to a transcript. Wyshner said the car rental industry has seen "real progress" in terms of the being right fleeted in the U.S. for the first time in almost a year and the used car market has been "healthy." Pricing for the Avis and Budget brands in the U.S. was up a fraction of a point during the summer, consistent with what the company said previously about July, the CFO noted. Wyshner also said Avis Budget been "aggressive" in repurchasing shares recently, stating that its Q3 share repurchases will total more than $150M.
06:17 EDTFFiat Chrysler labor deal faces resistance, NY Times reports
Fiat Chrysler's (FCAU) tentative deal with the United Auto Workers union has seen resistance in early voting, with several plants rejecting the deal outright, the New York Times says. Voting at some of the largest plants will start Tuesday, and that fate of the proposed four-year deal will be determined by the middle of the week, the report says. Opponents to the deal have said that it does not offer any clear path for lower-tier workers to reach the highest levels of hourly play and fails to limit the number of entry-level workers, the report says. Fiat Chrysler's deal with its auto workers is viewed as a template for labor talks that General Motors (GM) and Ford (F) will have with their workers, the report says. Reference Link
September 28, 2015
10:04 EDTCARZipcar to launch at 100 colleges and universities in 2015
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09:05 EDTCARAvis named exclusive rental partner of Wyndham Rewards
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September 24, 2015
14:06 EDTCARAvis Budget expands consumer car sales program to North and South Carolina
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09:25 EDTFFord to host sales conference call
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09:22 EDTFFord exec says company does not use emissions 'defeat devices,' CNBC reports
Ford President of the Americas Joe Hinrichs said, while appearing on CNBC's Squawk Box, that Ford does not use "defeat devices and we clearly understand what it means from an integrity standpoint to make sure our vehicles perform on the road like they do in the lab." Hinrichs' comments come after Volkswagen (VLKAY) was accused by the EPA of installing a device in its diesel vehicles to mask their true emissions and after a German report said that a discrepancy with on-road emissions performance was found with an SUV made by BMW (BAMXY). Reference Link
09:03 EDTFAlcoa completes expansion of Tennessee facility
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September 23, 2015
19:07 EDTFStudy shows U.S. cars less safe than EU vehicles, Independent says
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09:55 EDTFActive calls on open: BIIB FCX X F INTC
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September 22, 2015
16:00 EDTFOptions Update; September 22, 2015
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