New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
July 23, 2014
13:45 EDTGM, FEarnings Preview: General Motors to take Q2 charge up to $1.2B on recalls
General Motors Company (GM) is expected to report second quarter earnings on Thursday, July 24 before the market open with a conference call scheduled for 10:00 am ET. General Motors is a global designer and builder of cars, trucks and automobile parts. EXPECTATIONS: Analysts are looking for earnings per share of 58c on revenue of $40.59B, according to First Call. The consensus range for EPS is 50c-74c on revenue of $39.74B-$41.53B. LAST QUARTER: GM reported Q1 EPS of 6c against estimates for 4c on revenue of $37.4B against estimates for $38.43B. On its Q1 earnings conference call, GM said its core operating performance was on plan for the year. It noted GMNA and consolidated International operations were performing as planned, with Europe and China performing better than plan, and GMSA performance weaker due to challenging environments in Venezuela and Brazil. On its Q1 earnings conference call, GM said it was on track to break-even in Europe by mid-decade, and no meaningful slowdown in U.S. sales had been seen after the recall. GM CEO Mary Barra said the company remained "optimistic" on its 2014 U.S. sales performance despite negative publicity related to its ongoing ignition switch recall and associated legal matters. Barra saw the ability to do repairs increasing in coming months, and expected to have sufficient parts to be able to complete the majority of recall-related repairs by October. She expected the need for loaner cars related to recalls to be "significantly reduced" by Q3. On June 30, GM announced it will conduct six new safety recalls in the United States involving about 7.6M vehicles from the 1997-2014 model years. Among these recalled vehicles, GM was aware of seven crashes, eight injuries and three fatalities. GM expects to take a charge of up to approximately $1.2B in Q2 for the cost of recall-related repairs announced in the quarter. This amount includes a previously disclosed $700M charge for recalls already announced during Q2. STREET RESEARCH: Street research has been mixed in the weeks leading up to GM’s Q2 earnings report. On June 26, Sterne Agee said GM and Ford (F) shares should be owned. After meeting with the management of Ford (F) and GM, Sterne Agee thought the companies' European businesses were improving, while pricing was favorable for them. The firm believed that the stocks were at an inflection point. On July 14, UBS said Ford should beat Q2 estimates, while General Motors will miss. UBS believed Ford (F) will beat Q2 estimates while General Motors (GM) will miss due to recall costs. Were it not for the recall charges, UBS thought GM would post solid underlying results. UBS, which thought Ford is likely to see a strong second half as product launch costs are already factored into guidance, raised its price target on the stock to $22 from $18. UBS increased its GM price target to $54 from $49. The firm kept Buy ratings on both stocks. PRICE ACTION: GM shares have traded higher by about 10% since Q1 results were released, but are up only about 3% over the past year. In afternoon trading ahead of Thursday's Q2 report, GM shares are down fractionally.
News For GM;F From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 | all recent news | >>
March 3, 2015
09:34 EDTGMGM February U.S. sales rise 4.2% to 231,378 vehicles
General Motors said dealers in the United States delivered 231,378 vehicles last month. Total sales were up 4.2% compared to a year ago. Retail sales were up 1%. Commercial and fleet deliveries were up 12%. GM estimates that the seasonally adjusted annual selling rate for light vehicles in February was 16.5M units. The automaker ended February with 732,394 units of inventory, or 76 days supply, versus 732,470 at last month's end. GM estimates the 2015 light vehicle SAAR at 16.5M-17.0M.
09:30 EDTGMGeneral Motors reports February U.S. sales up 4.2% to 231,378 vehicles
09:21 EDTFFord drops 3% after reporting weaker than expected February U.S. sales
Subscribe for More Information
09:16 EDTFFord reports February U.S. sales down 1.9% to 180,383 units
Ford Motor U.S. sales totaled 180,383 vehicles in February, down 2% from a year ago. F-Series retail sales increased 7%. The training of employees in the new manufacturing process at Kansas City Assembly Plant – the second plant building the new F-150 – is now under way, with production scheduled to begin this month, as planned, Ford said.
08:46 EDTGMFive people reject GM ignition settlements, WSJ says
Five people who submitted injury claims related to General Motors' ignition recall have rejected settlement offers, reports the Wall Street Journal. The Journal speculates that the rejections "likely [pave] the way for future lawsuits." Camille Biros, one of the administers of the compensation fund, stated "it is a bit surprising as these rejections are lower-end category two claims. These amounts are clearly spelled out in the facility’s protocol and are based strictly upon the number of nights of hospitalization or out-patient treatment." Reference Link
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 GM’s decision, including high material costs and reduced potential to utilize the local supplier base due to limited scale.As a result of the company’s 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. Dunne’s 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
Subscribe for More Information
10:39 EDTF, GMOrbital ATK selected by 10 automakers to investigate Takata airbags
Subscribe for More Information
06:42 EDTGMGeneral Motors to stop making cars in Indonesia, Reuters says
Subscribe for More Information
February 24, 2015
13:13 EDTGMTesla Model S named 'best overall' by Consumer Reports
Subscribe for More Information
11:36 EDTFFord to hold a conference call
Subscribe for More Information
05:09 EDTFFord launches training program at Kansas City plant to support F-150 production
Subscribe for More Information
February 23, 2015
10:40 EDTGMGM ignition-switch deaths increase to 57, WSJ says
Subscribe for More Information
06:24 EDTGMGeneral Motors to legally challenge worker strike in Brazil, WSJ reports
Subscribe for More Information
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 group’s proposal that GM buy back $8B of its stock is premature, and the amount too high for the company’s 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
Subscribe for More Information
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 GM’s 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 GM’s general counsel. Before joining GM, Glidden was executive VP and chief legal officer for LyondellBasell Industries (LYB).
February 18, 2015
06:38 EDTGM, FCar sales rose in Europe last month, NY Times says
European car sales increased 6.7% in January, versus the same period a year earlier, data from the European Automobile Manufacturers’ Association indicates, according to The New York Times. January was the 17th straight month that European car sales have increased, but they remain well below the levels they reached before the financial crisis, the newspaper stated. Publicly traded companies in the space include Fiat Chrysler (FCAU), Fiat S.p.A. (FIATY), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). Reference Link
1 | 2 | all recent news | >>

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use