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Stock Market & Financial Investment News

News Breaks
December 3, 2012
10:04 EDTGMGeneral Motors sees 2012 Industry Sales 14M-14.5M vehicles
The company said, "The East Coastís ongoing recovery from Hurricane Sandy helped drive the November SAAR materially higher, but it benefited our competitors more than GM, since they rely on the region for more of their sales. Itís clear that the industry will come in at the high end of our full-year sales forecast. Exactly how much growth we can expect next year will depend in part on how Congress and the president resolve the fiscal cliff issue. Consumers hate uncertainty, so an agreement on ways to reduce long-term federal budget deficits could remove an impediment to growth."
News For GM From The Last 14 Days
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July 24, 2014
07:32 EDTGMGeneral Motors reports Q2 EPS ex-items 58c, consensus 59c
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July 23, 2014
15:30 EDTGMNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Ford (F), consensus 36c; General Motors (GM), consensus 58c; Potash (POT), consensus 46c; Caterpillar (CAT), consensus $1.52; 3M (MMM), consensus $1.91; Union Pacific (UNP), consensus $1.43; Bristol-Myers Squibb (BMY), consensus 44c; Eli Lilly (LLY), consensus 65c; Celgene (CELG), consensus 89c; Precision Castparts (PCP), consensus $3.35; Raytheon (RTN), consensus $1.59; Noble Energy (NBL), consensus 79c; Hershey (HSY), consensus 76c; Southwest Airlines (LUV), consensus 61c; Boston Scientific (BSX), consensus 19c; JetBlue (JBLU), consensus 19c.
14:02 EDTGMEarnings Preview: Ford approaches 52-week high ahead of Q2 report
Ford Motor Co. (F) is expected to report second quarter earnings on Thursday, July 24, before the market open with a conference call scheduled for 8:30 am ET. Ford is a manufacturer and distributor of cars and trucks across six continents. EXPECTATIONS: Analysts are looking for earnings per share of 36c on revenue of $36.26B, according to First Call. The consensus range for earnings per share is 31c-43c on revenue of $34.65B-$39.42B. LAST QUARTER: Ford reported first quarter adjusted EPS of 25c against estimates for 31c on revenue of $35.9B against estimates for $34.06B. On its Q1 earnings report, the company said its plan for FY14 automotive revenue to be about equal to FY13's $139.4B is on track. It said FY14 operating margin and operating related cash flow plans are on track as well. The company maintained its view for U.S. and China industry volumes, but increased its view for EU 20 industry volume this year to 14M-15M from 13.5M-14.5M. The company expects second quarter production to be 1.7M units, up 32,000 units from a year ago, more than explained by higher volume in Asia Pacific. Compared with the first quarter, second quarter production is up 87,000 units. On its Q1 earnings conference call, Ford said it expects the remaining quarters of year to be 'substantially better' than Q1. On May 1, Ford announced CEO Alan Mulally was retiring and would be replaced by Mark Fields, effective July 1. On May 7, Ford announced a $1.8B stock repurchase plan. On June 24, Ford's Americas Chief Joe Hinrichs said the company was on schedule for its aluminum bodied 2015 Ford F-150 pickup truck. STREET RESEARCH: Street research has been mostly positive in the weeks leading up to Fords's Q2 earnings report. On April 28, Craig-Hallum upgraded Ford to Buy from Hold based on balance sheet, earnings profitability and dividend yield, and the upcoming 2015 F-Series launch. The firm raised its price target on the shares to $21 from $16. On May 15, Buckingham said Ford shares should be sold. Buckingham recommended buying GM's (GM) shares aggressively and selling Ford's stock. The firm reported that GM's performance in May had significantly outpaced that of Ford, while GM's full-size pickup sales had risen year-over-year. The firm kept a Buy rating on GM and a Sell rating on Ford. PRICE ACTION: Ford's shares have traded 13% higher since its Q1 report and are approaching their 52-week high of $18.08. In afternoon trading ahead of Thursday's Q2 report, Ford is up about 0.4% to $17.90.
13:45 EDTGMEarnings Preview: General Motors to take Q2 charge up to $1.2B on recalls
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13:30 EDTGMGM announces six new recalls totaling 717,950 vehicles
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07:53 EDTGMWider group of engineers at GM knew about switch issues, WSJ says
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July 22, 2014
10:38 EDTGMGM recalls 2015 Chevrolet Silverado 2500s, 3500s for power steering defect
GM is recalling certain model year 2015 Chevrolet Silverado 2500 and 3500 HD vehicles manufactured October 1, 2013 to June 6 and 2015 GMC Sierra 2500 and 3500 HD vehicles manufactured September 30, 2013, to June 6. The power steering hose clamp may disconnect from the power steering pump or gear, causing a loss of power steering fluid. GM will notify owners, and dealers will inspect the vehicles to make sure the power steering hose clamps are properly secured, free of charge. The recall is expected to begin in early August. Reference Link
July 21, 2014
11:57 EDTGMChinese electric vehicle maker Kandi surges after tax break news
Shares of Chinese electric car maker Kandi Technologies (KNDI) are surging after a Chinese newspaper reported that electric cars made outside of China would not qualify for a key tax break in the country. WHAT'S NEW: A key sales tax will not be waived on purchases of electric cars made outside of China, said Su Bo, China's vice-minister of the Industry and Information Technology Ministry, according to China Daily. Buyers of electric vehicles made in China will not have to pay a purchase tax from September 1, 2014 until the end of 2017, China Daily stated. WHAT'S NOTABLE: Tesla Motors (TSLA), Nissan (NSANY) and GM (GM) have all sought to sell electric vehicles in China. PRICE ACTION: In late morning trading, Kandi Technologies' stock rose $1.66, or 8.5%, to $21.28. The shares are well off their high for the day of $22.22, but they have surged 80% so far this year. Tesla shares, which had spent some of the morning in slightly negative ground, were up about 1% near $222 per share just before noon.
06:21 EDTGMGeneral Motors eyeing budget cars for Europe, FT reports
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06:12 EDTGMGeneral Motors delays recall in another ignition switch case, ABC News says
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July 19, 2014
20:10 EDTGMGM issues stop-sale on certain 2014 Cadillac CTS sedans, Bloomberg says
General Motors has issued a stop-sale order dated July 8 to its dealers for 2014 Cadillac CTS sedans that use a standard key ignition, says Bloomberg. Reference Link
July 18, 2014
12:21 EDTGMCable ad upfront volumes may drop 4% or more, WSJ says
Two of the U.S.'s biggest marketers, Procter & Gamble (PG) and General Motors (GM), have pulled back on their TV network advertising commitments in advance of the "upfront" selling season for cable networks, said The Wall Street Journal, citing people familiar with the matter. The overall volume of ad dollars committed to cable networks during the upfront, which is still under way, could be down 4% or more from last year, people familiar with the situation said. Notable owners of cable television stations include 21st Century Fox (FOXA), Time Warner (TWX), Disney (DIS), CBS (CBS), Comcast (CMCSA), Discovery (DISCA), Viacom (VIAB), and AMC Networks (AMCX). The report added that cutbacks partly reflect a shift of tv ad budgets to digital media, including online video. Google (GOOG) has a large presence in online video with YouTube and Facebook (FB) is taking steps to grow in the area. Reference Link
July 17, 2014
07:46 EDTGMSenate Commerce & Transportation Committee to hold a hearing
The Subcommittee on Consumer Protection, Product Safety and Insurance holds a hearing entitled, "Examining Accountability and Corporate Culture in Wake of the GM Recalls" with General Motors CEO Barra and EVP Milllikin and President & CEO O'Neal of Delphi Automotive on July 17 at 10 am. Webcast Link
06:53 EDTGMGM deems some cars with same recalled switch 'safe', Reuters says
Even though GM issued a recall for millions of cars with defected ignition switches, the automobile manufacturer has concluded that over 2M other vehicles with the same switches are safe, according to Reuters, citing comments from GM spokesman Alan Adler. The car models which have not been recalled include fullsize crossovers such as the Buick Enclave and the Chevrolet Traverse manufactured from 2007 to the present. Reference Link
06:38 EDTGMGeneral Motors hires outside law firm to review litigation practices, WSJ says
General Motors has hired an outside law firm to review the way it handles litigation, reports the Wall Street Journal. The company's General Counsel Michael Millikin plans to say in a testimony at a Senate hearing Thursday that a "well-respected outside law firm" will conduct a "zero-based review" of his department. Reference Link
July 16, 2014
13:05 EDTGMGM sold 2.5M vehicles worldwide in Q2
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09:02 EDTGMGeneral Motors volatility low into testimony at Senate hearing
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06:31 EDTGMDocuments show GM hid defect from regulators, NY Times reports
Documents indicate that GM knew at least three fatal crashes were caused by its faulty ignition switches, but failed to tell regulators that when asked about the cause of the accidents, according to The New York Times. Reference Link
06:29 EDTGMSenators turn scrutiny towards GM General Counsel, WSJ reports
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06:19 EDTGMFord, GM, Chrysler not interested in Tesla patents, Detroit News says
Ford (F), General Motors (GM), and Chrysler (FIATY) either have little interest in Tesla's (TSLA) EV patents or the companies are not sharing their plans, reports the Detroit News. Reference Link
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