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News For GM From The Last 14 Days
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April 24, 2014
16:59 EDTGMOn The Fly: Closing Wrap
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15:42 EDTGMGM 'trims' expectations for remaining quarters after Q1 outperformance
On its earnings conference call this morning, General Motors noted that in February the company indicated that its Q1 earnings were going to be in the range of 10%-15% of its total earnings for the year. However, the company said that its Q1 out performance was "fundamentally cost driven" and that it expects to see, for both North America and the corporation, a "more normalized" cadence in its Q2 through Q4 earnings. The company noted that it has not changed its view for the year, though it has "changed the shape of the curve," adding that since it performed better than it had expected in Q1 that it will "have to trim some of the expectations" for Q2 through Q4. Shares of General Motors, which had been higher early in the session following its earnings press release, moved into negative ground during the morning hours. The automaker's stock is down about 1% to $34.04 in late afternoon trading.
15:21 EDTGMGeneral Motors says facing inquiries from various government agencies
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14:35 EDTGMGM says that they are aware of 60 putative class actions related to recall
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12:50 EDTGMOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday following reports from some of the biggest names in technology and ahead of reports tonight from several other tech giants. The averages opened in positive territory, with the tech-heavy Nasdaq up more than 1% soon after the opening bell. The index was unable to hold its early gains and moved into negative territory, taking the other major averages with it. The indexes were able to keep their losses to a minimum and eventually regrouped and made it back onto positive ground, where they stood near noon. ECONOMIC EVENTS: In the U.S., initial jobless claims rose 24K from the prior week to 329K in the week ended April 19, which was above the 315K consensus forecast of analysts, though there may have been some impact from Easter as the Bureau of Labor Statistics noted difficulty adjusting the data around the holiday. Durable goods orders rose 2.6% in March, beating the 2.0% increase that was forecast. Outside the U.S., Russia said it launched military exercises along the Ukrainian border after Ukrainian forces killed pro-Russian militants. COMPANY NEWS: Shares of Apple (AAPL) advanced more than 8% after the company reported significantly better than expected quarterly earnings and sales, particularly sales of its iPhone. Apple also announced a 7-for-1 stock split that will take effect in June, along with an 8% increase in its quarterly dividend and a $30B increase in its share repurchase authorization. Following last night's report, CLSA upgraded its rating on Apple shares to Buy from Outperform and raised its price target for the stock to $695 from $610, while Jefferies recommended "aggressively" buying shares following the Q2 results and outlook for Q3... Another tech giant, Facebook (FB), also reported earning and revenue that topped expectations last night, sending its shares higher in after-hours trading and prompting a number of price target hikes among Street analysts. However, Facebook also announced that its CFO David Ebersman will step down, to be succeeded by David Wehner, who is currently the company's Vice President of Corporate Finance and Business Planning. The social network operator traded on both sides of the flat-line this morning, but was up a bit over 1% at midday... Shares of General Motors (GM) fell about 2% after the company reported profits that narrowly edged out expectations but revenues that fell short of expectations. GM said its core operating performance has been on plan for the year CEO Mary Barra said the company has seen "no meaningful slowdown" in its U.S. sales despite the negative publicity related to its ongoing ignition switch recall and associated legal matters. MAJOR MOVERS: Among the notable gainers was orthopedic device maker Zimmer Holdings (ZMH), which climbed 11% after it agreed to merge with privately held Biomet in a cash and stock transaction valued at about $13.35B, including the assumption of net debt. Also higher following their earnings reports were Citrix Systems (CTXS), which rose 10%, D.R. Horton (DHI), which gained more than 7%, and Aetna (AET), which advanced 6%. Among the noteworthy losers was chip making giant Qualcomm (QCOM), which slid 3.5% despite reporting profits that beat expectations and raising its yearly EPS outlook, as the company also disclosed the receipt of a notice from the SEC about a potential filing of an enforcement action against the company related to anti-bribery violations. Also lower following their earnings reports were Xilinx (XLNX), which fell about 9%, Raytheon (RTN), which dropped 4%, and Hershey (HSY), which also declined about 4%. INDEXES: Near midday, the Dow was up 19.49, or 0.12%, to 16,521.14, the Nasdaq was up 25.91, or 0.63%, to 4,152.87, and the S&P 500 was up 5.35, or 0.29%, to 1,880.74.
11:07 EDTGMGeneral Motors says still expects to grow market share this year
GM sees its strongest pricing performance in first half of year and says price remains a headwind in China.
11:06 EDTGMGM says Canada has not yet asked company to consider buying back stake
11:00 EDTGMGeneral Motors says weighing options in Venezuela
GM says it sees no resolution in Venezuela in the near-term, but that it does not want to pull out of the country only to go back in again in the future.
10:42 EDTGMGeneral Motors says company does not have a 'poison pill'
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10:12 EDTGMGM CEO says no meaningful slowdown in U.S. sales seen yet after recall
GM CEO Mary Barra says the company remains "optimistic" on its 2014 U.S. sales performance despite negative publicity related to its ongoing ignition switch recall and associated legal matters. Barra sees ability to do repairs increasing in coming months and expects to have sufficient parts to be able to complete majority of recall-related repairs by October. Sees need to loaner cars related to recalls to be "significantly reduced" by Q3.
10:08 EDTGMGeneral Motors says on track to be break-even in Europe by mid-decade
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09:55 EDTGMGeneral Motors reports Q1 U.S. market share 17%
Reports Q1 North American deliveries 745K. Reports Q1 Europe market share 7.3% and Europe deliveries 338K. Reports Q1 International operations market share 10%, including 15.2% share in China. Reports Q1 International ops deliveries 1.12M, including 919K in China. Reports Q1 South America market share 16.3% and deliveries 211K.
09:49 EDTGMGM says core operating performance on plan for year
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09:44 EDTGMGeneral Motors reports Q1 global deliveries 2.4M, flat with prior year
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08:52 EDTGMGM says 'thousands' of ignition switch replacements shipped, Reuters says
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08:19 EDTGMGM Financial reports Q1 consumer loan and lease originations of $4.2B
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07:38 EDTGMGeneral Motors reports Q1 adjusted EBIT $0.5B
Earnings before interest and tax, or EBIT, adjusted was $0.5B and included the impact of a $1.3B pre-tax charge for recall-related costs and $0.3B in restructuring costs. GM North America reported EBIT-adjusted of $0.6B which included the impact of a $1.3B. GM Europe reported EBIT-adjusted of ($0.3B), which includes $0.2B for restructuring costs. GM International Operations reported EBIT-adjusted of $0.3B, compared with EBIT-adjusted of $0.5B in the first quarter of 2013. GM South America reported EBIT-adjusted of ($0.2B), compared with EBIT-adjusted of $0.0 billion in the first quarter of 2013.
07:36 EDTGMGeneral Motors reports Q1 EPS 6c, consensus 4c
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06:44 EDTGMGM car owners not in accidents say they deserve compensation, Bloomberg says
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April 23, 2014
13:44 EDTGMEarnings Preview: General Motors to take $1.3B charge in Q1 due to recalls
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08:02 EDTGMGeneral Motors bankruptcy exit called fraudulent in new suit, FT says
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06:06 EDTGMNHTSA probing new Chevrolet Impala cars, Detroit News reports
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April 22, 2014
14:28 EDTGMSunEdison, Conn's rally after Greenlight discloses new stakes
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14:03 EDTGMGreenlight closed short on Chipotle, long on GM, Dow reports
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12:48 EDTGMGeneral Motors April weekly volatility elevated at 42 into Q1 and outlook
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11:24 EDTGMGM restructures Global Vehicle Engineering organization
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07:55 EDTGMGM looks for court protection against defect suits, Reuters says
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April 21, 2014
11:46 EDTGMStocks with call strike movement; BX GM
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07:57 EDTGMContinental car airbag manufacturer named in GM recall case, Reuters says
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07:38 EDTGMGM offer to freeze ignition lawsuit deemed a 'red herring,' Bloomberg says
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07:12 EDTGMU.S. judge allows GM South Africa apartheid lawsuit, Bloomberg says
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06:28 EDTGMMany auto show attendees not worried about GM, NY Times says
Many attendees of a recent auto show were not very concerned about the recall of millions of GM's cars, according to The New York Times. One reason for the lack of worry is that GM's models whose ignition problems caused fatal crashes are out of production, the newspaper quoted analysts as saying. Reference Link
06:23 EDTGMGeneral Motors sees minimal impact on U.S. sales from recall, WSJ reports
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06:06 EDTGMGeneral Motors to boost production capacity in China to 5M, AP reports
Dan Ammann, the president of General Motors, says the company, along with local partners, will boost production capacity for company-branded vehicles in China to 5M, the Associated Press reports. The executive says he expects sales of the Cadillac to double to 100,000 next year. Reference Link
06:02 EDTGMGM waited years to recall 335,000 Saturn Ions despite complaints, AP reports
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April 20, 2014
16:08 EDTGMGM executive say April U.S. sales on pace for 'good month,' WSJ reports
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April 17, 2014
13:50 EDTGMJudge denies 'park it' request on recalled GM cars, WSJ says
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12:48 EDTGMJudge denies request GM tell recalled car owners to park them now, DJ says
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07:58 EDTGMEU vehicle sales turnaround fails to stop price war, Reuters says
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07:24 EDTGMGM sets up fast-track ordering system for recall-related parts, Reuters says
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06:53 EDTGMGM redesigned ignition switch on Cadillac SRX in 2006, Detroit News says
General Motors redesigned the ignition switch in pre-production Cadillac SRX crossovers in 2006 when it discovered problems similar to the vehicles currently recalled, reports Detroit News citing NHTSA documents released Wednesday. Reference Link
06:49 EDTGMGM motion to freeze suits could reduce customer compensation, Bloomberg says
GM's motion to freeze ignition-defect lawsuits in California and Texas has solid legal reasoning behind it and might help reduce customer payout demands by billions of dollars, according to Bloomberg, citing a company spokesman. Reference Link
April 16, 2014
14:29 EDTGMGM to offer diesel mid-size trucks, says April sales 'robust,' WSJ reports
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07:58 EDTGMGM CEO Barra says unaware if DOJ seeking documents, WSJ says
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07:53 EDTGMGM creates product develop group to keep safety as primary focus, Reuters says
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06:41 EDTGMGM CEO says recalled cars being fixed, NY Times reports
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06:15 EDTGMGM looks for ban on lawsuits related to recall pre-2009, Detroit News reports
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06:12 EDTGMGeneral Motors to bring Chevy Trax SUV to the U.S., Detroit News reports
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April 15, 2014
10:40 EDTGMBass says has not met GM's Barra but believes she is 'very competent' CEO
Hayman Capital's Kyle Bass is speaking about General Motors on CNBC.
10:36 EDTGMBass says GM is Hayman Capital's biggest position
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10:36 EDTGMBass says press not telling whole narrative related to GM-linked deaths
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April 14, 2014
13:06 EDTGMGeneral Motors bounces, but bearish pattern still dominates chart
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11:17 EDTGMGeneral Motors announces departure of HR, Communications heads
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06:33 EDTGMGM records show in-house investigator stymied by co-workers, Bloomberg says
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April 13, 2014
19:18 EDTGMGM Opel unit may get to break even ahead of 2016 target, WSJ says
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April 11, 2014
17:09 EDTGMStocks tumble as investors remain skittish
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15:15 EDTGMGM CEO Barra emailed about recall developments in 2011
New documents released this afternoon by the House of Representatives Committee on Energy and Commerce indicate that Mary Barra, who is now General Motors' CEO, was emailed by Terry Woychowski in 2011 regarding the company's handling of Saturn Ions and Chevrolet Cobalts that were being probed by the NHTSA related to defects. In the email, dated October 3, 2011, Woychowski tells Barra that during the initial Cobalt case the "Ion data did not justify being included" and that the situation was "evolving." Shares of General Motors, which have been in negative ground throughout the session, are down about 3.75% to $32.05 in late afternoon trading. Over the last three months, the stock is down about 20%. Reference Link
14:58 EDTGMGeneral Motors options active on Senators call on DOJ to intervene
General Motors April 34 calls and April 31 puts are active on Senators calling on the Department of Justice to intervene in GM suits. April call option implied volatility is at 30, May is at 31, June is at 30; compared to its 26-week average of 28 according to Track Data. Active option volume suggests traders taking positions for large price movement.
14:54 EDTGMSenators call on DOJ to intervene in GM suits, require compensation fund
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14:14 EDTGMDeutsche Bank upgrades Ford on earnings outlook
Deutsche Bank upgraded Ford (F) to Buy from Hold in a note to investors, saying that the company's earnings are poised to increase significantly in 2015-2016. WHAT'S NEW: Ford can increase the price of its pickup trucks, Deutsche Bank analyst Rod Lache wrote. The company's pickups now cost just an average of about $150 per vehicle more than GM's offerings, versus the average gap of $3,000 over the last five years, Lache explained. Ford's new F150 truck will be less expensive than previously expected, as the truck's aluminum body will be cheaper than anticipated and the company has been able to find other ways to cut production costs, the analyst stated. Additionally, Ford's prospects in Europe and China are "favorable," according to the analyst, who upgraded the stock to Buy from Hold. He raised his price target on the shares to $19 from $18.50. WHAT'S NOTABLE: Lache was somewhat upbeat on General Motors (GM), saying that the company can keep it profits at "decent" levels by cutting its costs. However, he added that the automaker's products have not met expectations. Lache now expects GM's share of the pickup truck market share to drop to 17% in 2015 from 17.5% this year. He lowered his 2014 EPS estimate for GM to $2.58 from $3.38 and reduced his 2015 EPS estimate for the company to $4.20 from $4.80. Lache reduced his price target on the shares to $41 from $48, but kept a Buy rating on the stock. PRICE ACTION: In mid-afternoon trading, Ford added 0.6% to $15.72, while GM fell 2.9% to $32.33.
07:31 EDTGMChina auto sales growth slowed in March, WSJ reports
The China Association of Automobile Manufacturers said 1.71M passenger vehicles were sold there in March, which was up 7.9% from a year earlier but a slower growth rate than the 11% year-over-year increase seen in the January-to-February period, reported The Wall Street Journal. The association cited weak sales of minivans, which fell 23% in the month, as a large factor, the report noted. Publicly traded automakers include Ford (F), General Motors (GM), Fiat (FIATY), Honda (HMC), Toyota (TM), Nissan (NSANY) and Volkswagen (VLKAY). Reference Link
06:40 EDTGMGM surpasses VW in Q1 China sales, Bloomberg says
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06:36 EDTGMSafety advocates unnerved by accidents in recalled GM cars, Reuters says
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06:15 EDTGMFord upgraded to Buy from Hold at Deutsche Bank
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April 10, 2014
16:39 EDTGMOn The Fly: Closing Wrap
Stocks on Wall Street were sharply lower as selling pressure took hold early in the session and did not relent. The averages closed near their worst levels, with the tech-heavy Nasdaq down more than 3%. With today's close, each of the major indexes is now lower for the year. ECONOMIC EVENTS: In the U.S., initial claims for unemployment benefits fell to 300K last week, hitting their lowest weekly level since May 2007. The the timing of Easter and Passover, as well as other seasonal factors, however, may have lead many to discount the figure. Export prices rose 0.8% in March, while import prices grew 0.6%, both of which were greater than expected advances. In China, exports fell 6.6% from a year earlier in March, while imports plunged 11.3%. Economists had predicted year-over-year gains for both. COMPANY NEWS: eBay (EBAY) and activist investor Carl Icahn settled their proxy contest, with Icahn withdrawing both his two board nominees and his proposal for eBay to spin off its PayPal unit. As part of its agreement with Icahn, eBay will expand the number of independent directors on its board to 10 and add David Dorman to serve in that capacity. The online retail marketplace was among the many tech names suffering losses, closing the session down $1.81, or 3.24%, at $54.08... Ally Financial (ALLY), formerly the auto finance and financial services arm of General Motors (GM), lost $1.02, or 4.08%, to close at $23.98 in its first day of trade following its return to the public markets after having price its return offering at $25.00 per share... General Motors made news again as well by confirming that two of its engineers have been placed on paid leave as part of the company's ongoing ignition switch recall probe. The company also added ignition lock cylinders to its safety recall of 2.2 million vehicles in the U.S. and said it expects to take a $1.3B charge in the first quarter due to recall-related repairs... MAJOR MOVERS: Among the notable gainers was drugstore operator Rite Aid (RAD), which rose 54c, or 8.44%, to $6.94 after reporting earnings and revenue and that beat expectations and giving a revenue outlook for its fiscal 2015 that came in above estimates. Also higher following a better than expected earnings report was casual restaurant owner Ruby Tuesday (RT), which advanced 72c, or 12.08%, to $6.68. Among the noteworthy losers was data security solutions provider Imperva (IMPV), down $21.73, or 43.7%, to $28.00 which plunged 41% after the company slashed its first quarter profit and sales outlook. Another name in computer security, FireEye (FEYE), was among a a number of so-called "momentum" stocks that fell during the session, sliding $6.64, or 11.77%, to $49.75. Other momentum stocks that fell included 3D Systems (DDD), down $5.90, or 10.79%, to $48.78, and Yelp (YELP), down $7.78, or 10.92%, to $63.47. INDEXES: The Dow was down 266.96, or 1.62%, to 16,170.22, the Nasdaq was down 129.79, or 3.1%, to 4,054.11, and the S&P 500 was down 39.10, or 2.09%, to 1,833.08.
14:07 EDTGMGeneral Motors up more than 1% after announcing $1.3B recall-related charge
14:02 EDTGMGeneral Motors to take $1.3B charge in Q1 on recall-related repairs
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12:25 EDTGMOn The Fly: Midday Wrap
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08:08 EDTGMGM confirms two engineers placed on paid leave as part of ignition switch probe
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07:20 EDTGMGM fights against judge's request for 'park-it' order, Bloomberg says
U.S. District Judge Nelva Gonzales Ramos asked GM to explain why she shouldn’t order the automaker to recommend that drivers of the recalled cars should cease driving them, according to Bloomberg, citing a statement from the automotive company. GM feels it shouldn’t be obligated to tell vehicle owners to park the recalled models until they are fixed, because they’re safe to use if government-approved recall instructions are followed. Reference Link
06:32 EDTGMAutomakers have recalled nearly 15M vehicles since start of year, WSJ reports
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06:10 EDTGMGeneral Motors requests NASA review in recalled vehicles, Detroit News says
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