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Stock Market & Financial Investment News

News For GM From The Last 14 Days
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<< 1 | 2 | 3 | all recent GM news | >>
July 30, 2014
13:58 EDTGMGM recalls 2013-2014 Chevrolet Caprices, 2014 Chevrolet SSs
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06:49 EDTGMGM faces ignition switch suit on behalf of 658 victims, Reuters says
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July 28, 2014
14:21 EDTGMGM moves up launch of more fuel efficient full-size pickups, Reuters says
Aiming to narrow Ford Motor's (F) sizable lead in meeting U.S. fuel-economy targets, General Motors (GM) is accelerating its planned launch of new full-size pickups by about nine months to fall 2018, according to Reuters, citing supplier sources. GM's redesigned full-size SUVs are seen to follow about a year later, the report added, citing two of the sources. Reference Link
06:36 EDTGMGM Korea avoids strike with preliminary wage agreement, Reuters says
GM's South Korean division avoided a possible strike at one of its core Asian product bases by arriving at a preliminary wage agreement with its labor union, according to Reuters, citing comments from union spokesman Jang Kyung-dae. Under the agreement, GM Korea said it will pay a combined $10,200 in bonuses and incentives to each employee and increase the basic wage by won 63K. Reference Link
06:07 EDTGMNHTSA closes GM defect petition review
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July 27, 2014
20:31 EDTGMNHTSA investigating air bag software on older Chevrolet Impalas, Reuters says
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July 25, 2014
16:49 EDTGMS&P ends week little changed amid earnings deluge
The S&P 500 finished little changed this week as mixed U.S. economic data and continued geopolitical uncertainty offset strong earnings from a number of major companies and upbeat overseas economic data. MACRO NEWS: U.S. economic data was mixed, as fewer than expected jobless claims were reported and durable goods orders for June were slightly higher than expected, but new home sales for June and a preliminary purchasing managers' index for July came in below expectations... Investors received some positive economic news from overseas, as HSBC's preliminary China purchasing managers' index for July reached an 18-month high. Meanwhile, a preliminary PMI for the euro zone for July came in at 54, versus 52.8 in June... Ongoing conflicts between Israel and Hamas and Russia and Ukraine kept investors on edge, with Friday reports indicating that no truce accord had been reached in Israel and that Russia was building up its troop presence along the Ukrainian border. COMPANY NEWS: Among the notable companies whose stocks rose after they reported quarterly results were Facebook (FB), Apple (AAPL), Allergan (AGN) and Chipotle Mexican Grill (CMG). Notable companies whose stocks sold off following their results included Netflix (NFLX), Harley-Davidson (HOG), General Motors (GM), Boeing (BA), McDonald's (MCD) and Pandora (P)... McDonald's was also hit this week by revelations that its restaurants in China had sold expired meat that was allegedly intentionally supplied by a China-based company. Yum! Brands (YUM) and a provider of products to Starbucks (SBUX) are also believed to have bought and sold expired meat from the supplier... In M&A news, Bloomberg reported that real estate website operator Zillow (Z) held talks about buying its rival, Trulia (TRLA). Both stocks surged. Shares of SodaStream (SODA) also rallied after Bloomberg reported that the company is in talks about selling itself to an investment firm that would take the beverage system maker private... On Monday, hedge fund manager Bill Ackman promised on CNBC that his presentation about Herbalife (HLF) would show why the company "is going to collapse." But the shares actually surged higher during and immediately after Ackman's presentation. Ackman has a large short position in the stock and notably alleged it is a pyramid scheme... BlackBerry's (BBRY) CEO told the Financial Times that his company was in early talks about partnering with companies to target the enterprise markets, in order to counter a recently announced partnership between Apple and IBM (IBM). INDEXES: For the week, the Dow fell 0.83% to 16,960.57, the Nasdaq rose 0.4% to 4,449.56, and the S&P was flat at 1,978.34.
14:10 EDTGMGM mulls $37M investment in Lansing plant expansion, Detroit News says
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14:04 EDTGMGeneral Motors large SUV sales help improve bottom line, NY Times says
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10:53 EDTGMGeneral Motors falls on state AG investigations, downgrades
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10:02 EDTGMOn The Fly: Analyst Downgrade Summary
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08:35 EDTGMGeneral Motors downgraded at CLSA
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07:46 EDTGM, GMGeneral Motors downgraded to Outperform from Buy at CLSA
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07:43 EDTGMGeneral Motors sell-off an overreaction to messy Q2 results, says UBS
UBS believes the sell-off in General Motors following its messy Q2 results is an overreaction. The firm said the company posted in-line EU profits and better than expected profits in both South America and Asia while North America missed. UBS, which notes that GM management was confident in the second half of the year and expect favorable pricing to return to North America, keeps its Buy rating and $54 price target on the stock.
07:17 EDTGMGM, Ford optimistic on EU recovery amid Russia, Ukraine issues, Reuters says
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06:39 EDTGMUnion says GM might give some Brazil employees paid leave, Reuters says
An auto workers union said that GM is looking to put 1K of 5.2K employees at a Brazil plant on paid leave amid decreasing output in Latin America's biggest economy, according to Reuters, citing comments from a union leader. Reference Link
06:24 EDTGMGeneral Motors downgraded to Hold from Buy at Deutsche Bank
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06:02 EDTGMGM says 45 state AGs investigating ignition recalls
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July 24, 2014
17:05 EDTGMOn The Fly: Closing Wrap
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12:32 EDTGMOn The Fly: Midday Wrap
Stocks on Wall Street were slightly higher at midday amid another wave of earnings reports, headlined by Facebook (FB), Caterpillar (CAT), General Motors (GM) and Ford (F). The market has moved in a narrow range as investors try to digest the bevy of earnings reports that were released last night and this morning. The market has also had to battle a negative economic report on new home sales, which not only disappointed in June but saw the prior month revised lower as well. ECONOMIC EVENTS: In the U.S., initial jobless claims dropped 19K to 284K in the week ended July 19. While the BLS said there were no special factors in the claims data, they also reminded that the numbers can be very volatile at this time of year due in part to auto shutdowns. Markit's flash U.S. PMI for July dipped 1 point to 56.3 from 57.3 in June. June new home sales fell 8.1% to a 406K rate, which was worse than expected, and May's data was downwardly revised. In China, HSBC's flash manufacturing Purchasing Managers' Index rose to 52 in July from 50.7 a month earlier. COMPANY NEWS: Facebook achieved a new all-time high and its share price eclipsed $76, a level that was more than double the price of its initial public offering, after its revenue and profits beat expectations. After the report a number of Wall Street analysts hiked their price targets on the stock, with Jefferies and Topeka both raising their targets on the social network operator's stock to $100... Shares of General Motors declined more than 3% after its earnings per share, excluding special items, missed consensus expectations and its revenue also fell short of the analysts' forecast. The company took a $400M special charge related to its ignition switch compensation program, but cautioned that there is no cap on this program and it is possible the total cost could increase by another $200M. Also, GM recorded a non-cash pre-tax special charge of about $900M in the second quarter for the estimated costs of future possible recalls for "up to the next 10 years on 30M GM vehicles on the road today." In contrast, Ford reported earnings per share, excluding special items, and revenue that beat expectations and its stock rose 1%... Caterpillar dropped over 3% after its quarterly revenue missed expectations and it narrowed its outlook for full-year revenue. However, the heavy machine maker's earnings did beat the consensus forecast and it raised it fiscal year profit outlook. MAJOR MOVERS: Among the notable gainers was Sodastream (SODA), which jumped nearly 20% after Bloomberg said the home beverage system maker is in talks with an investment firm on deal that would make it a private company and value it at about $828M, or $40 per share. Also higher following their earnings reports were Under Armour (UA), which rose 15%, and Dr. Pepper Snapple (DPS), which gained 5%. Among the noteworthy losers following their earnings reports were homebuilder DR Horton (DHI), which fell 10%, online travel company TripAdvisor (TRIP), which dropped 9%, and semiconductor chip maker Qualcomm (QCOM), which slid 6%. Also lower was review service operator Angie's List (ANGI), which plunged 19% after reporting second quarter losses per share and revenue that were worse than expected, prompting a number of downgrades of its stock by Wall Street analysts. INDEXES: Near midday, the Dow was up 8.25, or 0.05%, to 17,094.88, the Nasdaq was up 6.10, or 0.14%, to 4,479.80, and the S&P 500 was up 2.98, or 0.15%, to 1,989.99.
10:41 EDTGMGeneral Motors sees 2H better than 1H excluding recalls
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10:28 EDTGMGeneral Motors continues to expect China business to remain strong
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10:26 EDTGMGeneral Motors says global market share fell to 11.3% in Q2
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10:21 EDTGMGeneral Motors sees recall frequency up, cost per event down under new model
GM says it has "substantially completed" its efforts to address outstanding recall issues and announced earlier that it has implemented a new process for recalls. GM will now prospectively accrue estimated recall expense at time of sale, which it says is similar to policy and warranty and in-line with other manufacturers. The company expects to identify issues sooner and expects recall frequency up, but the number of vehicles and cost per event to be down under new process. The $874M non-cash special charge GM took is its "best estimate of remaining recall expense for the next 10 years for 30M GM vehicles on the road today," the company stated.
10:16 EDTGMGeneral Motors says reviewed vehicles back to 1990s in recall review
CEO Barra says two thirds of recalled vehicles no longer offered. GM says about 22M vehicles were recalled in Q2 and about 29M recalled year-to-date. Ignition switch replacement part availability continues to improve, with about 1M repair kits shipped and about 560k vehicles repaired. GM says rental car demand related to recalls "falling steadily." Comments from CEO Mary Barra speaking on the company's Q2 earnings conference call and from associated slides.
09:16 EDTGMOn The Fly: Pre-market Movers
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08:11 EDTGMGM Financial reports earnings of $175M for June quarter
Consumer loan originations were $3.6B for the quarter ended June 30. Consumer loan originations for the six months ended June 30, 2014 were $7B. Consumer finance receivables 31-to-60 days delinquent were 3.5% of the portfolio at June 30, 2014, compared to 3.4% at June 30, 2013. Accounts more than 60 days delinquent were 1.6% of the portfolio at June 30, 2014, compared to 1.4% a year ago. Annualized net credit losses were 1.4% of average consumer finance receivables for the quarters ended June 30, 2014 and 2013. For the six months ended June 30, 2014, annualized consumer net credit losses were 1.6%, compared to 1.8% for the six months ended June 30, 2013.
07:52 EDTGMGeneral Motors says on track to be profitable in Europe by mid-decade
GM CFO Chuck Stevens said, “With successful new vehicle launches, we continue to generate strong results in the U.S. and China and remain on track to be profitable in Europe by mid-decade. We are confident we are currently on or ahead of plan to deliver the results we promised earlier this year, excluding the effects of recalls.” For Q2, GM North America reported EBIT-adjusted of $1.4B which included the impact of $1.0B in recall-related costs in the quarter, compared with EBIT-adjusted of $2.0B in the second quarter of 2013. GM Europe reported an EBIT-adjusted of ($0.3B) billion, which includes $0.2B for restructuring costs, which compares with ($0.1B) billion of EBIT-adjusted in the second quarter of 2013. GM International Operations reported EBIT-adjusted of $0.3B, compared to $0.2B in the second quarter of 2013. GM South America reported EBIT-adjusted of ($0.1B), compared with EBIT-adjusted of $0.1B in the second quarter of 2013. GM Financial earnings before tax was $0.3B for the quarter, compared to $0.3B in the second quarter of 2013.
07:48 EDTGMGeneral Motors takes $0.9B non-cash special charge for future possible recalls
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07:47 EDTGMGeneral Motors takes $0.4B special charge for ignition switch compensation
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07:46 EDTGMGeneral Motors reports Q2 adjusted EBIT $1.4B
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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
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