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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 GMs 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
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October 23, 2014
07:36 EDTGMGeneral Motors reports Q3 adjusted EPS 97c, consensus 95c
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October 22, 2014
13:28 EDTGM, FEarnings Preview: General Motors sees better second half, excluding recalls
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11:27 EDTFFord October weekly volatility elevated into Q3 and outlook
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10:14 EDTGMKyle Bass says would buy more GM shares at current levels
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10:08 EDTF, GMBass says General Motors taking back share from Ford
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10:05 EDTGMKyle Bass says General Motors still largest position
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06:24 EDTF, GMNHTSA says over 6M cars involved in Takata airbag recalls
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October 21, 2014
13:32 EDTFFord lowers price of Focus Electric to $29,995 to spur interest, HybridCars says
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12:08 EDTGMGeneral Motors says supports Michigan House Bill 5606
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10:13 EDTGMGeneral Motors volatility elevated into Q3 and outlook
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10:00 EDTF, GMOn The Fly: Analyst Initiation Summary
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08:03 EDTFFord announces actions with respect to senior convertible notes due 2016
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06:26 EDTGMGeneral Motors initiated with a Neutral at Susquehanna
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06:25 EDTFFord initiated with a Neutral at Susquehanna
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October 20, 2014
11:53 EDTGMDeaths tied to faulty GM ignition-switch increases to 29, Reuters says
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08:22 EDTGMCourt rules GM loan docs valid despite mistake, Reuters reports
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06:09 EDTFFord expected to add over 300 new jobs at Dagenham plant, Guardian reports
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October 17, 2014
18:10 EDTGMGeneral Motors General Counsel Michael Millikin to retire in early 2015
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16:31 EDTGMGeneral Motors announces $12.5B revolving credit facility
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14:39 EDTFFord to hold a conference call
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