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March 12, 2014
12:25 EDTGMGeneral Motors offering allowance to owners of cars involved in recall, WSJ says
General Motors is offering a $500 cash allowance to owners of the 1.6M cars covered in the faulty ignition switch recall if they want to trade in, buy or lease a new product, the Wall Street Journal reports. The allowance, available through April 30, can be used to buy or lease a new 2013, 2014 or 2015 model year Chevrolet, Buick, GMC or Cadillac. Reference Link
News For GM From The Last 14 Days
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December 1, 2015
16:58 EDTGMOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street started the day higher following manufacturing data from China and Europe. The averages briefly stalled and appeared set to lose their momentum when a reading on U.S. manufacturing came in a well below expectations, but the market gathered itself up quickly and spent the rest of the first day of December, a historically strong month for equities, in the green. ECONOMIC EVENTS: In the U.S., Markit's manufacturing purchasing managers index for November came in at 52.8, slightly higher than the 52.6 consensus forecast. ISM's manufacturing index, however, was unexpectedly weak, falling to its worst levels since the summer of 2009 and dropping into contraction territory. The ISM measure for November came in at 48.6, well below expectations for a reading of 50.5. Construction spending in the U.S. grew 1.0% in October, beating the 0.6% growth estimate. In China, the official purchasing managers index fell to its lowest level since the summer of 2012, hitting 49.6 in November. This is down from the prior 49.8 reading, where economists had projected for it to remain. The non-manufacturing PMI rose to 53.6 from 53.1 a month earlier. In Europe, the purchasing managers index for the euro area rose to 52.8 in November from 52.3 the previous month, in-line with expectations. COMPANY NEWS: Vehicle sales kept up their torrid pace last month, with Autodata estimating that November's U.S. Seasonally Adjusted Annual Rate, or SAAR, was 18.19M units, marking the first time that the measure held above 18M for three straight months. The strength in today's sales reports from the automakers wasn't necessarily reflected in their shares, however, as Ford (F) closed the session with a gain of just 1.64% while General Motors (GM) added 0.2%. MAJOR MOVERS: Among the notable gainers was TerraForm Power (TERP), which surged $2.25, or 32.6%, to $9.15 after David Tepper's Appaloosa Management disclosed holdings of TerraForm common equity and senior notes and called on the company to make "substantial further disclosures" regarding its relationship with its "Sponsor", SunEdison (SUNE). SunEdison, which backed out of a deal to purchase a 15.87% stake in Renova and reportedly is arranging financing for a portfolio of solar projects while simultaneously exploring the sale of some assets, rose 9.1% today as well. Also higher was Infoblox (BLOX), which gained 22% to $18.35 after the company reported stronger than expected results and authorized a $100M stock repurchase plan.. Among the noteworthy losers was NQ Mobile (NQ), which fell 17.42%, to $3.48 after reporting earnings and announcing it will temporarily suspend the practice of providing revenue guidance. Also lower were shares of Joy Global (JOY) and Cummins (CMI), which dropped 13.16% and 7.9%, respectively, after Bank of America Merrill Lynch downgraded both stocks to sell-equivalent ratings, citing another expected devaluation of China's Renminbi along with the continued tough commodity environment. INDEXES: The Dow rose 168.43, or 0.95%, to 17,888.35, the Nasdaq gained 47.64, or 0.93%, to 5,156.31, and the S&P 500 advanced 22.22, or 1.07%, to 2,102.63.
12:28 EDTGMOn The Fly: Top stock stories at midday
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09:32 EDTGMGM sees U.S. auto sales continuing to grow in 2016
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09:32 EDTGMGM reports November U.S. sales up 2% to 229,296 vehicles
General Motors' Chevrolet, Buick, GMC and Cadillac brands sold 229,296 vehicles in the United States in November 2015, up 2 percent year over year, with two fewer selling days and sales incentives below the industry average. On a selling-day-adjusted basis, GM's total sales were up 10 percent. Sales of Chevrolet trucks rose 10 percent for the 20th consecutive monthly increase. Chevrolet crossovers were up 35 percent for the 12th consecutive monthly increase. GM's retail sales were up 4 percent year over year. Adjusted for selling days, GM retail sales were up 14 percent. GM gained an estimated 1.0 points of retail market share to reach 16.5 percent during the month for the company's eighth consecutive year-over-year increase. The seasonally adjusted annual selling rate for light vehicles was an estimated 18.2 million units in November. The six-month moving average for the SAAR is now estimated to be 17.9 million units. The industry's best sales year ever was 2000, when 17.8 million light vehicles were delivered. "We believe U.S. auto sales will continue to grow in 2016, based on the underlying strength of the economy, and we expect customers will continue to embrace crossovers and SUVs because they are meeting their fundamental needs for utility, comfort and fuel efficiency," said Mustafa Mohatarem, GM chief economist.
09:31 EDTGMGM reports November U.S. sales up 2% to 229,296 vehicles
09:21 EDTGMGeneral Motors reports November U.S. sales up 2%, DJ says
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November 23, 2015
06:24 EDTGMGM uses KBB to offer targeted incentives, Automotive News reports
General Motors has turned to Kelley Blue Book's website to offer targeted incentives to customers, Automotive News reports. Reference Link
November 22, 2015
18:46 EDTGMUAW union ratifies General Motors agreement
The United Auto Workers announced that its international executive board has formally ratified the national labor agreement with General Motors. The union explained that, after its proposed agreement with GM was blocked by the union's skilled trades members, it held meetings with those members and subsequently presented their concerns to both union leadership and GM itself. Following those discussions, the parties agreed to changes that "protect core trades classifications and seniority rights," according to UAW. Reference Link
November 19, 2015
07:55 EDTGMGM's Reuss: Company 'deeply committed' to EVs, FT says
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November 18, 2015
09:32 EDTGMThe House Oversight & Government Reform Committee to hold a hearing
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07:57 EDTGMBarclays to hold a conference
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