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Stock Market & Financial Investment News

News For GM From The Last 14 Days
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April 27, 2015
11:54 EDTGMGeneral Motors ignition switch death claims rise to 90, AP reports
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April 26, 2015
12:50 EDTGMApple, Celgene, others are 'top picks' for spring, Barron's says
In a survey of U.S. money managers, shares of Apple (AAPL), Dow Chemical (DOW), American Airlines (AAL), Celgene (CELG), General Motors (GM), and McDermott (MDR) were identified as top picks for this spring, Barron's contends in its cover story. Reference Link
April 24, 2015
10:00 EDTGMOn The Fly: Analyst Downgrade Summary
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08:23 EDTGMGeneral Motors downgraded at Buckingham
As previously reported, Buckingham downgraded General Motors to Neutral from Buy and reduced its price target to $37 from $42. The firm said GM's North America EBIT came in well below expectations despite the favorable pricing environment. Buckingham has concerns in GM's ability to maintain high truck average transaction prices, combined with already weak car average transaction prices, and has concerns about the international automotive business and pricing in China.
08:10 EDTGMGeneral Motors downgraded to Neutral from Buy at Buckingham
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April 23, 2015
13:01 EDTGMOn The Fly: Top stock stories at midday
Stocks on Wall Street were higher at midday amid another deluge of earnings reports. Stocks began the session in negative territory and have remained there through the morning before crossing into positive ground right near noon. The averages gapped up after making it back to the green, putting the Nasdaq back above the all-time closing record it achieved in 2000. A question for the afternoon will be whether the average can hold on to set a new all-time closing high fifteen years later. ECONOMIC EVENTS: In the U.S., initial jobless claims inched up 1K to 295K in the week ended April 18, versus the expected 287K first-time claims. Markit's flash manufacturing PMI fell 1.5 points to 54.2 in April, versus expectations for it to hold steady at 55.7. New home sales dropped 11.4% to a 481K rate in March, versus expectations for a less severe 4.5% drop to a 515K rate. COMPANY NEWS: Shares of Time Warner Cable (TWC) slid about 1% after The Wall Street Journal reported that the FCC's staff recommended a course of action that could derail the company's merger with Comcast (CMCSA). However, research firm Jefferies remained upbeat on Time Warner Cable shares, upgrading the stock this morning and saying that Charter (CHTR) would probably buy the company if the government nixes the Comcast deal... Among members of the Dow that issued earnings reports this morning, Caterpillar (CAT) slid fractionally while 3M (MMM) and Procter & Gamble (PG) each fell about 2%. MAJOR MOVERS: Among the notable gainers was ARRIS (ARRS), which jumped 21% after the company agreed to acquire its competitor Pace for aggregate stock and cash consideration of $2.1B. Also higher following their earnings reports were Skechers (SKX), which rose nearly 13%, and Dunkin' Brands (DNKN), which gained 8.5%. Among the noteworthy losers was MobileIron (MOBL), which plunged 22% after the company warned of a Q1 revenue miss and announced the resignation of its CFO. Also lower following their earnings reports were Texas Instruments (TXN), which fell 7%, and General Motors (GM), which declined nearly 4%. INDEXES: Near midday, the Dow was up 81.31, or 0.45%, to 18,119.58, the Nasdaq was up 22.69, or 0.45%, to 5,057.86, and the S&P 500 was up 10.32, or 0.49%, to 2,118.28.
10:51 EDTGMGM CEO: 'not going to entertain anything that distracts us from our plan'
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10:29 EDTGMGeneral Motors says $5B share buyback is 'first tranche' in repurchase strategy
Says working to quickly meet $20B cash target.
10:28 EDTGMGeneral Motors says wants to buy back shares 'as quickly as possible'
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10:11 EDTGMGeneral Motors sees automotive free cash flow flat to slightly up in 2015
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09:31 EDTGMGeneral Motors slips after earnings, levels to watch
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09:18 EDTGMOn The Fly: Pre-market Movers
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08:26 EDTGMGeneral Motors says 'on track' with 2015, 2016 financial commitments
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08:22 EDTGMGM Financial reports Q1 net income $150M
GM Financial announced net income of $150 million for the quarter ended March 31, 2015, compared to $145 million for the quarter ended March 31, 2014. Consumer loan originations were $4.1 billion for the quarter ended March 31, 2015, compared to $4.0 billion for the quarter ended December 31, 2014, and $3.4 billion for the quarter ended March 31, 2014. The outstanding balance of consumer finance receivables totaled $25.6 billion at March 31, 2015. Operating lease originations of General Motors Company vehicles were $3.0 billion for the quarter ended March 31, 2015, compared to $2.1 billion for the quarter ended December 31, 2014, and $773 million for the quarter ended March 31, 2014. Leased vehicles, net totaled $8.9 billion at March 31, 2015. The outstanding balance of commercial finance receivables was $7.6 billion at March 31, 2015 compared to $8.1 billion at December 31, 2014 and $7.1 billion at March 31, 2014. Consumer finance receivables 31-to-60 days delinquent were 3.4% of the portfolio at March 31, 2015, compared to 3.1% at March 31, 2014. Accounts more than 60 days delinquent were 1.4% of the portfolio at March 31, 2015 and 2014. Annualized net credit losses were 1.8% of average consumer finance receivables for the quarters ended March 31, 2015 and 2014.
07:56 EDTGMGeneral Motors CFO says earnings miss due to South America, taxes
General Motors CFO Chuck Stevens said "about half" of its earnings miss was driven by difficulties in South America and that its tax rate was also a contributing factor. Stevens is speaking on CNBC.
07:41 EDTGMGeneral Motors drops 3% to $35.90 after Q1 results miss estimates
Shares of GM (GM) peer Ford (F) are down 1% while Fiat Chrysler (FCAU) is down 2%.
07:39 EDTGMGeneral Motors says Q1 headline EPS of 56c included $500M of items
General Motors said its Q1 EPS 56c included special items of $0.4B related to the decision to change the company’s business model in Russia and $0.1B for an adjustment to the estimated costs of the ignition switch compensation program.
07:37 EDTGMGeneral Motors ended Q1 with $34.2B in total automotive liquidity
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07:36 EDTGMGeneral Motors Q1 automotive cash flow $0 vs. $2B last year
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07:33 EDTGMGeneral Motors reaffirms outlook for 2015
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07:32 EDTGMGeneral Motors reports Q1 EPS ex-items 86c, consensus 97c
Reports Q1 revenue $35.7B, consensus $37.61B.
April 22, 2015
15:50 EDTGMNotable companies reporting before tomorrow's open
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13:54 EDTGMEarnings Preview: General Motors sentiment positive ahead of Q1 report
General Motors Company (GM) is expected to report first quarter earnings on Wednesday, April 23 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 97c on revenue of $37.61B, according to First Call. The consensus range for EPS is 85c-$1.07 on revenue of $35.71B-$39.36B. LAST QUARTER: GM reported fourth quarter adjusted EPS of $1.19 against estimates for 83c on revenue of $40.5B against estimates for $40.12B. In Q4, GM reported the following: Retail vehicle sales of 2.55M units; Total U.S. retail vehicle sales of 727K units and total North America retail vehicle sales of 854K units; Europe retail sales of 298K units; APMEA retail sales of 1.165M units; South America retail vehicle sales of 236K units; Total worldwide automotive market share of 11.4%, with total U.S. market share of 17.4%; Total Europe share of 6.3% and total APMEA share of 10.5%; North America capacity utilization of 98.9%. GM announced it intends to increase the second quarter dividend on its common stock by 20% to 36c per share. On March 9, GM announced a $5B share repurchase program. On April 22, GM said it sold 2.4M vehicles globally in Q1, up 2% from last year. Sales in China increased 9% and deliveries in North America were up 6%. STREET RESEARCH: Street research has been mostly positive in the weeks leading up to GM’s Q1 earnings report. On February 5, Craig-Hallum upgraded General Motors to Buy from Hold. The analyst said the company's Q4 report was superb and expects a very strong year ahead given recall issues that are mostly behind it and a continuation of impressive truck/SUV sales. Additionally, Craig-Hallum expects more shareholder-friendly actions following the announcement of a 20% common dividend increase. They raised their price target on the shares to $44 from $34. On March 10, Citigroup raised its price target for shares of General Motors to $50 from $49 saying the car maker's "earnings and overlooked progress" should hold more weight now that its capital allocation is in place. The firm continues to believe shares will trade at premium to Ford (F) by the end of 2015. It thinks the GM bears have "run out of excuses" and kept a Buy rating on the name. PRICE ACTION: GM shares have gained approximately 8% since Q4 results were released and notched a 52-week high of $38.99 in March. In afternoon trading ahead of Wednesday's Q1 report, GM shares are down 0.4%.
06:04 EDTGMGeneral Motors says sold 2.4M vehicles globally in Q1, up 2% from last year
General Motors sold 2.4 million vehicles globally in the first quarter of 2015, up 2% compared to a year ago. Sales in China increased 9% and deliveries in North America were up 6%. Opel/Vauxhall increased its sales by 3% in Europe. “The momentum our brands are building in China, the U.S. and Western Europe more than offset difficult conditions in some other large markets like Russia and Brazil,” said GM CEO Mary Barra. “We are in the early days of a very aggressive onslaught of new products and customer-driven innovation,” she said. “Already, the Chevrolet Trax and Colorado are redefining segments in the United States, Cadillac is growing rapidly in China and establishing a new formula for prestige sedans with the CT6 and Opel’s revitalization is accelerating across Europe. At the same time, we are deploying OnStar with 4G LTE in North America, Europe and China to give our customers the best connectivity experience in the industry.”
April 20, 2015
15:16 EDTGMGreenlight starts new GM long position, rolls Lorillard short bet to Reynolds
David Einhorn's Greenlight Capital hedge fund said in its latest quarterly letter to investors that it had established new long positions in General Motors (GM), Chicago Bridge & Iron (CBI) and AerCap Holdings (AER) last quarter. WHAT'S NEW: Greenlight believes GM should benefit from low gas prices, low raw material costs, and its decision to launch share buybacks, Greenlight stated. GM has an excellent chance of beating 2015 EPS expectations, added the firm. Einhorn's group said they found the valuation of Chicago Bridge and Iron, an engineering and construction company with significant exposure to energy, attractive following the stock's decline. Although energy prices may stay low for some time, the company has a significant backlog that should support its earnings for several years, Greenlight stated. Additionally, the market is overestimating how much of the cost overruns for two nuclear energy projects with be shouldered by the company, Greenlight contended. AerCap, the largest publicly traded aircraft leasing company, bought AIG's (AIG) aircraft leasing business last year at a bargain price, Greenlight stated. The combined business will benefit from AerCap's low tax rate, as well as efficiencies, the hedge fund believes. WHAT'S NOTABLE: Greenlight exited its short position in Lorillard (LO). Greenlight noted that it has rolled its short bet on Lorillard into a fresh position in Reynolds American (RAI), since it still believes that the FDA is gearing up to do "something major" in terms of regulation of menthol cigarettes, but is moving "slowly and deliberately" because it anticipates an extremely aggressive industry response. The firm also exited two other short positions because the companies agreed to takeovers: Safeway (SWY) and Freescale Semiconductor (FSL), which has agreed to sell itself to NXP Semicondictors (NXPI).
14:16 EDTGMEinhorn lists AerCap, CBI, GM as new longs, Bloomberg reports
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11:35 EDTGMGeneral Motors ignition switch death claims rise to 87, WSJ reports
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06:50 EDTGMTesla price target slashed to $165 at JPMorgan
After lowering its earnings estimates to reflect adverse currency moves, higher operating costs and slower than earlier expected Model X ramp, JPMorgan cut its price target for Tesla shares to $165 from $175. The stock closed Friday up 9c to $206.79. The firm dropped its Q1 earnings estimate to (38c) from (31c) despite the increase in Q1 deliveries preannounced by the electric car maker. JPMorgan keeps an Underweight rating on Tesla, the firm's equivalent to a sell. It maintains Overweight ratings on Ford (F) and General Motors (GM) with price targets of $19 and $46, respectively, ahead of the Q1 reporting season.
April 19, 2015
12:42 EDTGMGM China JV plans $16B investment in new car development, WSJ says
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April 16, 2015
06:33 EDTGMToyota engineer says charging electric cars quickly impractical, Reuters says
Charging electric vehicles quickly would place too much pressure on the electricity grid, Yoshikazu Tanaka, chief engineer of Toyota's hydrogen fuel-cell car Mirai, said, according to Reuters. If a car received enough electricity in 12 minutes to travel 310 miles, it would probably consume enough electricity to power 1,000 houses, the news service quoted Tanaka as saying. Prominent makers of electric cars include Tesla (TSLA), Nissan (NSANY), and GM (GM).Reference Link
April 15, 2015
19:20 EDTGMCo-lead counsel in GM ignition lawsuit will appeal bankruptcy shield ruling
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17:45 EDTGMJudge allows GM to remain shielded from pre-bankruptcy accidents, Reuters says
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16:47 EDTGMJudge says GM can keep 'shield' against pre-bankruptcy lawsuits, Reuters says
09:55 EDTGMBofA/Merrill U.S. autos analysts hold an analyst/industry conference call
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April 14, 2015
18:07 EDTGMGeneral Motors seeks to cut costs via longer term supply contracts, WSJ says
General Motors’ new purchasing chief said the company is trying to lock in its supplier contracts for a term covering two vehicle generations, or as long as a decade, in a bid to cut costs and gain access to advanced technology, The Wall Street Journal reports. Reference Link
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