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News For DDAIF;DD;HON;GM From The Last 14 Days
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October 1, 2015
07:49 EDTHONHoneywell shares attractive after pullback, says Oppenheimer
Oppenheimer says that Honeywell has "resilient end markets" while its business is only moderately cyclical. The firm thinks that the company has already shown that it can overcome macro economic weakness this year, and Oppenheimer notes that the company's organic growth accelerated in Q2 versus Q1. It keeps a $117 price target and Outperform rating on the shares.
05:56 EDTGM, DDAIFTrueCar boosts 2015 U.S. sales forecast to 17.4M from 17.2M
TrueCar (TRUE) raised its 2015 annual forecast by 200,000 units to 17.4 million as sales growth in the remaining months of 2015 is poised to remain vigorous. New auto sales in September, aided by a later-than-usual Labor Day, should expand by 12.6 percent from a year ago, while the Seasonally Adjusted Annual Rate should reach 17.7 million units. That strength underpins TrueCar's revised full-year industry forecast of 17.4 million units, the highest volume since 2000. Retail share of the total industry likely expanded a full point in September versus last year, indicating busier-than-average showrooms. Confident consumers are expected to push new vehicle revenue to a record $45 billion for the month, up 13.2 percent versus the same period last year. Publicly traded companies in the space include Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM), Daimler (DDAIF) and Volkswagen (VLKAY). TrueCar EVP Larry Dominique commented, "Volkswagen's stop sell of diesel vehicles in the U.S. causes a noticeable hit to its September revenue, with a 7.7 percent decline. We expect sales to dip by at least by 5 percent and incentives to increase by $235 per unit, which will be essential to push non-impacted models off the lots."
September 30, 2015
19:27 EDTDDAIFEuropean carmakers use stripped-down vehicles for certification, WSJ says
European car certification tests rely on "golden vehicles," stripped down models with oftentimes sparse resemblance to their real-world counterparts, reports the Wall Street Journal. One anonymous auto executive disclosed that automakers in the region never use random vehicles drawn from assembly lines, remarking, "It's like preparing for a major race. We tune them and pamper them like stud horses." Companies in the space include Volkswagen (VLKAY), BMW (BAMXY), Daimler (DDAIF), Peugeot (PUGOY), and Fiat Chrysler (FCAU). Reference Link
15:45 EDTGMGeneral Motors to hold a conference call
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09:05 EDTGMGeneral Motors and Navistar reach long-term commercial vehicle agreement
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09:02 EDTHONHoneywell awarded $41M by U.S. Army for radar altimeter
Honeywell has been awarded $41M by by the U.S. Army to continue supplying its radar altimeters for use across the Army's full fleet of helicopter platforms.
September 29, 2015
06:17 EDTGMFiat Chrysler labor deal faces resistance, NY Times reports
Fiat Chrysler's (FCAU) tentative deal with the United Auto Workers union has seen resistance in early voting, with several plants rejecting the deal outright, the New York Times says. Voting at some of the largest plants will start Tuesday, and that fate of the proposed four-year deal will be determined by the middle of the week, the report says. Opponents to the deal have said that it does not offer any clear path for lower-tier workers to reach the highest levels of hourly play and fails to limit the number of entry-level workers, the report says. Fiat Chrysler's deal with its auto workers is viewed as a template for labor talks that General Motors (GM) and Ford (F) will have with their workers, the report says. Reference Link
September 28, 2015
18:51 EDTGMGM CEO plans increased focus on connectivity, autonomous driving, Reuters says
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12:39 EDTDDHuntsman plunges after warning of continued headwinds
Shares of chemical maker Huntsman (HUN) are plunging after warning that headwinds would impact its third quarter earnings. WHAT'S NEW: After the close on Friday, Huntsman warned that certain trends are expected to impact Q3 earnings. Trends expected to impact its earnings include lower titanium dioxide selling prices amid continued foreign currency headwinds, the company said. The company also noted continued soft demand in the Asia Pacific region. Huntsman said it also sees lower MTBE, or methyl tertiary butyl ether, margins as a result of lower oil prices and forecast continued lower MDI urethane component product margins in the Asia Pacific region. Peter Huntsman, the company's chief executive officer, said the company is "optimistic about the future" despite seeing headwinds in the short term. "Lower raw material prices impacted demand and margins in Q3, thus the accounting benefits will be delayed into the fourth quarter," added Huntsman. The company is anticipating fourth quarter adjusted EBITDA similar to Q3 at about $300M, similar to last year's level. The company is committed to a separation of the Pigments and Additives business by the end of 2016 or sooner. WHAT'S NOTABLE: On August 17, Goldman Sachs removed Huntsman from its Conviction Buy List and said investors remain skeptical on value proposition and free cash flow generation that could strengthen the balance sheet is likely several quarters away. The firm continued to rate shares a Buy with a $26 price target. PRICE ACTION: In midday trading, shares of Huntsman are down 23.08% to $10.70. OTHERS TO WATCH: Other chemical companies are trading lower, including Chemours (CC), which is down 7.8%, Kronos Worldwide (KRO), down 1.62%, Dow Chemical (DOW), falling 3.94% and DuPont (DD), down 2.06%%.
11:59 EDTDDAIFGroup 1 Automotive acquires Mercedes dealership near Austin
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07:11 EDTHONAuto parts makers defend diesel amid Volkswagen scandal, WSJ reports
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06:57 EDTDDAIFNHTSA mulls Takata air bag recall expansion, Bloomberg reports
The National Highway Traffic Safety Administration, or NHTSA, is mulling an order that would expand that recalls of Takata (TKTDY) air bags and has contacted seven manufacturers who may be affected, including Volkswagen (VLKAY) and Tesla (TSLA), Bloomberg reports. Takata had identified seven companies that it has supplied with air bag inflators that use ammonium nitrate propellant, the report says, citing NHTSA letters dated September 22. The NHTSA also contacted Mercedes-Benz (DDAIF), Jaguar Land Rover (TTM), Suzuki (SZKMF), Volvo Trucks (VOLVY), and Spartan Motors (SPAR), the report says. Reference Link
September 25, 2015
09:05 EDTGMGeneral Motors volatility elevated
General Motors October weekly call option implied volatility is at 34, October and November is at 33; compared to its 52-week range of 14 to 36, suggesting large near term price movement.
08:55 EDTDDAIFDaimler AG announces it denies 'any and all; allegations of manipulation
In response to the assertions from the Deutsche Umwelthilfe, Daimler AG announced the following statement: "We categorically deny the accusation of manipulating emission tests regarding our vehicles. A defeat device, a function which illegitimately reduces emissions during testing, has never been and will never be used at Daimler. This holds true for both diesel and petrol engines. Our engines meet and adhere to every legal requirement. In light of the written request by the DUH, which was sent to us this morning with a deadline to respond by 3:00 pm, and the seven questions they posed, we can confirm that none of the allegations apply to our vehicles. The technical programming of our engines adheres to all legal requirements. We have no knowledge of measurements that indicate our vehicles did not meet legally required standards. We actively support the work being done within Europe and Germany in order to develop new testing methods which measure emissions based on real driving conditions. We work closely and constructively with the responsible authorities in Germany, Europe and the United States and will willingly provide any vehicle for testing."
06:34 EDTGMGM CEO again rejects idea of merger with Fiat Chrysler, WSJ reports
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06:07 EDTGMGM CEO says pursuing profit margins, not market share, WSJ reports
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September 24, 2015
09:04 EDTHONPennTex starts second Honeywell UOP Russell Modular Gas processing plant
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09:03 EDTGMAlcoa completes expansion of Tennessee facility
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07:55 EDTGMVW scandal strengthens Marchionne's quest for consolidation, Bloomberg says
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07:41 EDTDDAIFBMW X3 said to exceed EU emission limit, Bloomberg reports
According to German-language magazine Autobild, BMW's (BAMXY) X3 xDrive 20d sport utility vehicle was found to emit as much as 11 times the European limit for emissions in a road test, reported Bloomberg. "There is no function to recognize emissions testing cycles at BMW. All emissions systems remain active outside the testing cycles," BMW said in a statement in response to the report. Shares of BMW trading in Germany fell over 9% following the report, while peers Daimler (DDAIF) and Volkswagen (VLKAY) declined as well, as investors fear that VW's emissions scandal in the U.S. may spread to Europe. Reference Link
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