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News For DDAIF;VLKAY From The Last 14 Days
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September 28, 2015
07:34 EDTVLKAYVolkswagen's Audi says 2.1M cars affected by emissions scandal, CNBC reports
Audi, Volkswagen's luxury brand, says 2.1M of its cars globally have been affected by the emissions scandal that has rocked its parent company, CNBC reports. The automaker says 1.42M cars in Europe were affected, while nearly 13,000 Audi cars in the U.S. and 577,000 in Germany were also impacted. Reference Link
06:57 EDTVLKAY, DDAIFNHTSA mulls Takata air bag recall expansion, Bloomberg reports
The National Highway Traffic Safety Administration, or NHTSA, is mulling an order that would expand that recalls of Takata (TKTDY) air bags and has contacted seven manufacturers who may be affected, including Volkswagen (VLKAY) and Tesla (TSLA), Bloomberg reports. Takata had identified seven companies that it has supplied with air bag inflators that use ammonium nitrate propellant, the report says, citing NHTSA letters dated September 22. The NHTSA also contacted Mercedes-Benz (DDAIF), Jaguar Land Rover (TTM), Suzuki (SZKMF), Volvo Trucks (VOLVY), and Spartan Motors (SPAR), the report says. Reference Link
06:46 EDTVLKAYEPA to road-test all diesel fuel vehicles, WSJ reports
U.S. regulators joined with governments in Europe and South America in increasing the crackdown of diesel emissions violators in the wake of the Volkswagen emissions scandal, the Wall Street Journal reports. The EPA said in a letter to auto manufacturers that it plans to road test vehicles instead of just rely on statements from the companies, the report says. Reference Link
06:44 EDTVLKAYVolkswagen diesel car sales could be banned by Switzerland, WSJ reports
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06:37 EDTVLKAYVolkswagen software was provided for testing, warned of illegality, WSJ says
Auto parts supplier Robert Bosch provided the emissions software to Volkswagen for test purposes and told the car maker in letter in 2007 that the planned use would be illegal, the Wall Street Journal reports, citing a report from German newspaper Bild am Sonntag. Internal auditors at the company discovered the letter, the report says. Reference Link
06:31 EDTVLKAYU.K. PM decries Volkswagen over emissions scandal, Bloomberg reports
U.K. prime minister David Cameron called out Volkswagen over its emissions reporting scandal and refused to rule out whether the U.K. will ban the sale of some of the company's diesel vehicles, Bloomberg reports. The country's Department of Transport is re-doing vehicle tests and looking into the regulatory failures which allowed the company to use "defeat" devices to conceal high emissions, the report says. Reference Link
06:17 EDTVLKAYGerman regulators request clean-up plan from Volkswagen, Bloomberg reports
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06:02 EDTVLKAYVolkswagen's new CEO promises 'thorough' investigation into scandal, WSJ says
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05:59 EDTVLKAYSuzuki sells Volkswagen shares to Porsche
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September 27, 2015
20:57 EDTVLKAYVolkswagen plans to elect Potsch as chairman
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20:53 EDTVLKAYVolkswagen announces restructuring, says U.S. CEO Horn to remain
The supervisory board of Volkswagen (VLKAY) approved a new management structure for the group and its brands as well as for the North America region. Interim chairman Berthold Huber commented, "The new structure strengthens the brands and regions, gives the group board of management the necessary leeway for strategy and steering within the company, and lays a focus on the targeted development of future-oriented fields." Markets in the U.S., Mexico, and Canada will be combined and strengthened to form a new North America region. Effective November 1, the group's activities in the region will be led by Winfried Vahland, formerly chairman of the board of directors at Skoda. Michael Horn remains president and CEO of Volkswagen of America. Additionally, at group level, the management structure will be oriented even more towards modular toolkits. These toolkits feature standardized technical components for each automotive vehicle segment, including volume, premium, sport and commercial vehicles. Consequently, a Porsche (POAHY) brand group with Bentley and Bugatti will be established for the sportscar and mid-engine toolkit. The toolkit strategy will come under the guidance of the group CEO, and a separate department will be set up for this purpose. The Audi brand group with Lamborghini and Ducati will be continued as will the Truck Holding, and the Power Engineering and Financial Services business lines. The volume brands Volkswagen, SEAT, and Skoda will be represented by one member each in the board of management. Also, group functions will concentrate more closely on efficiency and future-oriented fields. Organizational units, for example for product strategy, new business fields, cooperations and holdings, connected car activities, and CO2 steering, will therefore be set up. Furthermore, a Chief Technology Officer will analyze and, if necessary, co-steer technical developments throughout the group. At the same time, existing corporate bodies, structures and processes will be streamlined at group level, in particular by strengthening the brands and regional accountability. To that end the Volkswagen brand will introduce a management structure with four regions, each led by a local CEO with a direct reporting line to the brand chairman. The production department at group level, until now led by Thomas Ulbrich in an interim capacity, will be abolished with immediate effect as a consequence of delegating responsibility to the brands and regions. Huber commented, "Going forward, the brands and regions will also have greater independence with regard to production." The new management model will be implemented at the beginning of 2016. Separately, Christian Klingler, member of the board of management of Volkswagen with responsibility for sales and marketing is leaving the company with immediate effect as part of long-term planned structural changes and as a result of differences with regard to business strategy. New CEO Matthias Muller will head the sales department at group level in an interim capacity. Reference Link
12:33 EDTVLKAYAuto suppliers look like bargains after Volkswagen scandal, Barron's says
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September 25, 2015
16:35 EDTVLKAYStocks end week lower as biotechs sink, Volkswagen crashes
Stocks ended the week lower after concerns about drug prices were reignited, sinking biotech stocks, an emissions scandal engulfed Volkswagen (VLKAY), dragging down shares of automakers and their suppliers, and Caterpillar (CAT) announced that it may eliminate as many as 10,000 jobs in the next three years as commodity prices continue to slump. MACRO NEWS: Following the Federal Reserve's decision last week to wait before raising rates, the central bank made a concerted effort to give the market more clarity this week. Over last weekend, three Federal Reserve officials - San Francisco Fed President John Williams, St. Louis Fed President James Bullard and Richmond Fed President Jeffrey Lacker - all argued that an interest-rate increase is still warranted this year. Then, on Thursday night, Fed Chair Janet Yellen said during a speech at UMass Amherst that the central bank remains inclined to hike rates this year. Yellen's remarks were incrementally hawkish, but welcomed by the market, since they helped clarify the message the Fed delivered a week ago... In the U.S., Markit's flash manufacturing purchasing manager's index was flat at 53.0 in September, which was slightly better than the expectation for it to dip to 52.8. Durable goods orders for August declined 2.0%, versus expectations for a drop of 2.3%. When transportation items were removed, the core reading was breakeven, versus expectations for a rise of 0.1%. The third estimate of second quarter GDP showed the economy grew 3.9% quarter-over-quarter, versus expectations for the GDP growth estimate to stay at 3.7%. Personal consumption in Q2 is now believed to have grown 3.6%, up from the prior estimate of 3.1%. The final University of Michigan consumer sentiment reading for September came in at 87.2, which was down from August's 91.9 but above the expected 86.2 reading... The Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. Markit's flash manufacturing PMI for China fell to 47.0 in September from 47.3 last month. Meanwhile, Japanese Prime Minister Shinzo Abe unveiled new economic targets, including a goal for a 20% increase in the target size of the Japanese economy to 600T yen, though he gave no timeframe for achieving this aspiration... In Europe, Markit's composite PMI for the eurozone came in at 53.9 in the first look for September, down from 54.3 in August and below expectations for a reading of 54.1. COMPANY NEWS: Biotech stocks declined after privately-held Turing Pharmaceuticals made headlines by enacting a 5,000% price increase on its treatment for toxoplasmosis, reigniting a debate around drug prices that previously embroiled costly Hepatitis C drugs including AbbVie's (ABBV) Viekira Pak and Gilead's (GILD) Sovaldi and Harvoni. Presidential candidate Hillary Clinton sent the debate to center stage by criticizing the "outrageous" prices of specialty drugs and laying out a plan to tackle "price gouging" in the specialty drug market. The NASDAQ Biotechnology index fell roughly xxx% for the week amid the attention paid to Turing's drug and Clinton's response... Volkswagen (VLKAY) shares trading in New York fell sharply to begin the week and ended the week far from where they'd been last Friday before the EPA said it found manipulations that violate U.S. environmental standards while testing certain of the automaker's diesel cars. The EPA said Volkswagen may face civil penalties of $37,500 for each vehicle not in compliance with federal clean air rules, which could total as much as $18B, according to Reuters. In the wake of the scandal, Chief Executive Officer Martin Winterkorn resigned, with the company's supervisory board subsequently praising the decision and selecting Matthias Mueller, the former head of Porsche (POAHY), as Winterkorn's successor as the company's new CEO... Caterpillar (CAT) shares dropped after the heavy machinery maker announced plans for job cuts and lowered its revenue guidance for this year and next. Caterpillar said that it would lay off 4,000-5,000 of its employees between now and the end of 2016 and could lay off up to 10,000 employees by 2018. Caterpillar cut its fiscal year 2015 revenue forecast by $1B and said its sees its fiscal year 2016 revenue to be 5% below this year, adding that it expects revenue declines in all three large segments next year... Online and mobile deal provider Groupon (GRPN) said it plans to cut 1,100 jobs relating primarily to the company's international operations... Nike jumped after the athletic gear giant reported better than expected earnings and futures orders, prompting numerous price target hikes and at least one upgrade at Street research firms. Among other companies reporting earnings this week, BlackBerry (BBRY), ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell immediately following their quarterly reports... Apple (AAPL), which has previously been reported to be working on an electric car via its "Project Titan," is speeding up those efforts and setting 2019 as a target to ship its first vehicle, according to The Wall Street Journal... Against the backdrop of China's President Xi Jinping visiting the U.S., Boeing (BA) announced deals to sell 300 planes to three Chinese companies and set up an aircraft factory in in the Asian nation, while Cisco (CSCO) announced a partnership with Chinese server maker Inspur Group... Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... GoPro (GPRO) finished the week about xxx% lower after Barron's contended in a feature article last weekend that the company's stock could plunge another 30% to $25 as Apple, Sony (SNE) and others pressure the company's "one-hit wonder" products... On the M&A front, Atmel (ATML) agreed to be acquired by German chipmaker Dialog Semiconductor in a deal valued at roughly $4.6B and Starwood Waypoint (SWAY) announced a stock-for-stock merger agreement with Colony American Homes. INDEXES: The Dow lost about 0.43% to close at 16,314.67, the S&P 500 fell about 1.35% to close at 1,931.34, and the Nasdaq declined about 2.89% to close at 4,686.50.
12:43 EDTVLKAYVolkswagen names Matthias Mueller as new CEO
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09:17 EDTVLKAYAuto suppliers decline on Volkswagen fears overdone, says Wells Fargo
Wells Fargo says that a 10% decline in diesel's market share in Europe would only reduce the annual EPS of Tenneco (TEN0, BorgWarner (BWA) and Delphi (DLPH) by 1%-5%, while the stocks have fallen by a median of 10.2% since September 17. The firm does not expect Volkswagen (VLKAY) sales to drop tremendously. It views fears about BorgWarner and Tenneco as "way overdone," and says that Delphi's weakness is also unjustified.
09:12 EDTVLKAYBank of France removes Volkswagen securities from buy list, Bloomberg says
The Bank of France has cut two notes secured by Volkswagen (VLKAY) auto loans from a list of asset-backed debt it's looking to buy, Bloomberg reports, citing two people familiar with the matter. The Volkswagen-related securities were not listed Friday after being included in the original list sent to investors earlier this week, the report says. One of the two bonds backed by Credit Agricole (CRARY) consumer loans was also cut, the report says. Reference Link
08:55 EDTDDAIFDaimler AG announces it denies 'any and all; allegations of manipulation
In response to the assertions from the Deutsche Umwelthilfe, Daimler AG announced the following statement: "We categorically deny the accusation of manipulating emission tests regarding our vehicles. A defeat device, a function which illegitimately reduces emissions during testing, has never been and will never be used at Daimler. This holds true for both diesel and petrol engines. Our engines meet and adhere to every legal requirement. In light of the written request by the DUH, which was sent to us this morning with a deadline to respond by 3:00 pm, and the seven questions they posed, we can confirm that none of the allegations apply to our vehicles. The technical programming of our engines adheres to all legal requirements. We have no knowledge of measurements that indicate our vehicles did not meet legally required standards. We actively support the work being done within Europe and Germany in order to develop new testing methods which measure emissions based on real driving conditions. We work closely and constructively with the responsible authorities in Germany, Europe and the United States and will willingly provide any vehicle for testing."
07:54 EDTVLKAYVolkswagen issues could lead to Magna buying opportunity, says Canaccord
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07:23 EDTVLKAYVW scandal to hit French car makers Peugeot, Renault, Bloomberg says
Volkswagen's (VLKAY) diesel emissions scandal may accelerate the technology's decline in Europe, hitting competitors Peugeot (PUGOY) and Renault, Bloomberg reports. The French car maker rely on diesel-powered vehicles for approximately 60% of their sales in Europe, and with the fuel systems already hit due to pollution concerns, Volkswagen's scandal could cause the technology's market share to fall to as low as 35% of cars sold in 2022 from 53% last year, the report says, citing industry consultant LMC Automotive. Reference Link
06:15 EDTVLKAYFrance's Macron: Don't overreact to Volkswagen scandal, The Times reports
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