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Stock Market & Financial Investment News

News For HON;DD;GM;DDAIF From The Last 14 Days
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August 5, 2015
06:11 EDTGMTesla exec: GM, others unable to make "compelling" electric car, WSJ says
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August 4, 2015
10:05 EDTGMGM invests $877M for Flint assembly upgrades
General Motors announced plans to invest $877M to build a new body shop for the Flint assembly plant, locating it closer to the Flint Metal Center, which supplies sheet metal and other parts used in the Chevrolet and GMC full-size pickups produced in the assembly plant. The investment will also cover improvements to the general assembly area inside Flint Assembly, as well as retooling and the installation of new equipment at the plant. Today’s announcement completes the $5.4B in investments GM and the UAW announced at the end of April, GM noted.
August 3, 2015
18:19 EDTGMGM compensation fund reports 398 ignition switch injuries, deaths
The fund established by GM to compensate victims of faulty ignition switches reported that the total number of claims has reached 398. Eligible death claims stand unchanged at 124, while total injury claims reached 274, according to the fund. Reference Link
16:45 EDTGMOn The Fly: Top stock stories for Monday
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12:30 EDTGMOn The Fly: Top stock stories at midday
Stocks on Wall Street were mixed at midday following a busy morning of economic data that included manufacturing readings from around the globe. Also making headlines was the resumption of stock trading in Greece's, whose key index plunged more than 20% upon its opening after being closed throughout July as the country brokered a new financial assistance deal with its creditors. ECONOMIC EVENTS: In the U.S., a news service broke the Institute for Supply Management's embargo early and the group's manufacturing report was released before the opening bell instead of after it, as expected. ISM's manufacturing index for July came in at 52.7, below the consensus forecast for a reading of 53.5. Markit's manufacturing index for July came in at 53.8, matching expectations. Personal income rose 0.4% in June, versus expectations for a gain of 0.3%, while consumer spending rose 0.2%, matching expectations. Construction spending edged up 0.1% in June, missing expectations for spending to have grown 0.6%. In China, the official purchasing managers' index released by the statistics bureau fell to a five month low of 50, compared with the previous month's 50.2 reading, where economists polled by Reuters forecast it to hold. The Caixin China PMI, which focuses more on small and medium sized firms, fell to a two year low of 47.8, which was lower than the preliminary reading of 48.2 for July. In Europe, Markit's final Eurozone manufacturing PMI of 52.4 beat a preliminary estimate of 52.2, but ticked down a hair from June's 52.5 reading. Greece's Athens Stock Exchange reopened for the first time since being closed on June 29 and the Athex composite plunged more than 20% in early trading upon the resumption of trading. COMPANY NEWS: General Motors (GM) reported its U.S. sales jumped 6.4% in July compared to the same month of last year, topping expectations. FCA US, the parent of the Chrysler and Jeep brands, reported U.S. sales increased 6.2% in July and Ford's (F) sales growth of 5% last month compared to last year also beat the consensus forecast. Of note, GM said the month indicates annual light vehicle sales of 17.6M, above the company's 2015 estimate for U.S. industry sales of 16.5M-17M, while FCA US projected U.S. industry sales figures for July at an estimated 17.8M units Seasonally Adjusted Annual Rate, or SAAR. MAJOR MOVERS: Among the notable gainers was Lexicon Pharmaceuticals (LXRX), which jumped 59% after the company reported that a Phase 3 study evaluating the efficacy and safety of telotristat etiprate for carcinoid syndrome patients with metastatic neuroendocrine tumor met its primary endpoint. Wedbush analyst Liana Moussatos raised her price target for Lexicon to $19 from $17 after the report, saying the trial results were "impressive and transforming." Also higher was Frontier Communications (FTR), which gained 9.7% after reporting its second quarter results and raising its FY15 free cash flow view to $825M-$865M from $785M-$825M. Among the noteworthy losers was Tyson Foods (TSN), which fell 9% after the meat producer reported weaker than expected third quarter results and cut its full-year guidance, citing ongoing headwinds facing its beef business. INDEXES: Near midday, the Dow was down 78.84, or 0.45%, to 17,611.02, the Nasdaq was up 1.73, or 0.03%, to 5,130.01, and the S&P 500 was down 2.82, or 0.13%, to 2,101.02.
11:33 EDTGMTesla U.S. Model S sales estimated to fall to 1,600 in July, InsideEVs says
Tesla does not give out exact monthly sales figures, but InsideEVs estimates the company sold 1,600 Model S sedans in the U.S. in July, which would be down from the 2,800 estimated for June. In other EV sales, the report noted that GM's (GM) current generation Volt sold 1,313 units in July and Nissan's (NSANY) LEAF sales fell 61.1% from the same month of last year to 1,174 units. Reference Link
10:17 EDTDDAIFTomTom exploring options that could lead to sale, Bloomberg reports
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09:52 EDTGMGM U.S. sales rise 6.4% in July to 272,512 units
General Motor said its Chevrolet, Buick, GMC and Cadillac brands sold 272,512 vehicles in the United States in July, a 6.4% increase compared to last year. The month indicates annual light vehicle sales of 17.6M, above GM's 2015 estimate of 16.5M-17.0M. All Vehicles inventory at month-end stood at 665,663 units, equaling 64 days of supply. GM ended last month with 70 days of supply, or 722,653 units.
09:52 EDTHONJPMorgan analysts hold an analyst/industry conference call
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09:49 EDTGMGeneral Motors reports July U.S. sales up 6.4% to 272,512 units
08:25 EDTHONMobileye, Delphi named Volkswagen supplier partners for ADAS
On Friday, Volkswagen Group (VLKAY) announced it has nominated the first 44 suppliers who will be collaborating with the Group on a new common strategic level under the joint "Future Automotive Supply Tracks," or "FAST," initiative. "These suppliers were chosen for their outstanding performance in their respective field of competence based on a systematic selection process," Volkswagen stated. Mobileye (MBLY) and Delphi (DLPH) were each named as partners for ADAS, or advanced driver assistance systems. Other supplier partners named by the German automaker included NVIDIA (NVDA), Vodafone (VOD), IBM (IBM), Avis Budget (CAR), Corning (GLW), Honeywell (HON), BP (BP) and Exxon Mobil (XOM).
05:38 EDTDDAIFNokia to sell HERE to automotive industry consortium for EUR 2.8B
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August 2, 2015
19:11 EDTDDAIFGerman auto group to buy Nokia mapping unit for $3.2B, Reuters says
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July 31, 2015
11:22 EDTDDAIFGerman luxury auto group close to $3B deal for Nokia's HERE, Bloomberg says
A group of German luxury car makers including BMW (BAMXY), Mercedes-Benz parent Daimler (DDAIF), and Audi (AUDVF) are close to an agreement to purchase Nokia's (NOK) digital-maps business HERE for roughly $3B, Bloomberg reports, citing people familiar with the matter. An official announcement may come as soon as Monday, the report says. Reference Link
08:28 EDTDDDuPont management to meet with Deutsche Bank
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08:14 EDTGMAmerican Axle selected by GM to provide axles, driveshafts
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07:40 EDTHONHoneywell acquisition positive, says Bernstein
After Honeywell bought smart meter maker Elster for about $5.1B, Bernstein says that the business should be an attractive growth driver for Honeywell. The firm estimates that accretion from the deal will rise to 30c-40c per share over five years and generate double digit ROIC for Honeywell. Bernstein keeps a $124 price target and Outperform rating on Honeywell.
July 30, 2015
12:09 EDTGMFiat Chrysler CEO: 'No immediate plans' to divest Magneti Marelli, Reuters says
Fiat Chrysler (FCAU) CEO Sergio Marchionne said that the company has "no immediate plans" to divest Magneti Marelli, though there may be plans to do so in the future, Reuters reports, citing comments from the company's analyst call. Marchionne said that he sees the company breaking even in Brazil by the end of 2015 and that he wants to narrow the gap in labor costs with Ford (F) and GM (GM) in ongoing labor talks, the report says. The CEO added that he sees FY15 Maserati sales being flat or close to the previous year's levels, the report says. Reference Link
06:13 EDTGMGeneral Motors workers in South Korea approve wage deal, Reuters reports
GM workers in South Korea have voted to ratify a tentative wage deal under which GM Korea will raise the basic monthly wage by 83,000 won and pay each worker 10.5M won in bonuses and incentives, Reuters reports. Reference Link
July 29, 2015
09:05 EDTHONHoneywell selected by SunExpress to maximize safety, efficiency of Boeing fleet
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06:15 EDTGMGM's Chevrolet announces $1B investment in India
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06:14 EDTGMGM, Ford sales rise to level of German luxury auto makers, WSJ says
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05:55 EDTGMStocks with implied volatility movement; NCR GM
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July 28, 2015
14:41 EDTGMHigh option volume stocks
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13:47 EDTGMGeneral Motors would fit some Buffett 'take-private' criteria, FT says
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13:18 EDTGMChevrolet to invest $5B to strengthen position in growth markets
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13:18 EDTGMGeneral Motors sees doubling investment through 2018 in Brazil, Reuters reports
Jaime Ardila, the head of GM in South America, said at a press conference that the automaker will double its investment in Brazil to $3.8B through 2018, Reuters reports. The carmaker's investment will be aimed at developing new technologies and products, and GM plans to introduce a new family of vehicles into the country, Ardila says. Reference Link
09:52 EDTDDDuPont trades lower after earnings
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09:18 EDTDDOn The Fly: Pre-market Movers
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08:49 EDTGMGeneral Motors outlook positive, says Argus
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07:01 EDTDDDuPont sees FY15 Agriculture sales down to high-single digits percent
FY15 Agriculture revenue is expected to be high-single digits percent lower; Operating earnings – low-twenty percent range lower; down low-single digits excluding currency.
06:59 EDTDDDuPont sees Q3 Agriculture revenue down mid-teens percent
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06:57 EDTDDDuPont sees FY15 Safety & Protection revenue down low-single-digits percent
FY15 Safety & Protection revenue is expected to be down low-single-digits as volume growth will be more than offset by currency and portfolio; Operating earnings – up low-single-digits on volume growth and productivity.
06:56 EDTDDDuPont sees Q3 Safety & Protection revenue down mid-single-digits percent
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06:55 EDTDDDuPont sees FY15 Industrial Biosciences revenue down mid-single-digits percent
FY15 Industrial Biosciences sales are expected to be down mid-single-digits percent due to currency. Operating earnings down low-single digits percent as higher volumes, prices and improved mix more than offset by currency.
06:54 EDTDDDuPont sees Q3 Industrial Biosciences revenue down low single digit percent
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06:51 EDTDDDuPont sees FY15 Nutrition & Health revenue mid-single digits percent lower
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06:50 EDTDDDuPont sees Q3 Nutrition & Health revenue down mid-single digits percent
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06:48 EDTDDDuPont sees FY15 E&C revenue down high-single digits pecent
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06:47 EDTDDDuPont sees Q3 Electronics & Communications revenue down low-teens percent
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06:41 EDTGMU.S. regulators pledge to continue auto safety crackdown, WSJ reports
Federal regulators have vowed to continue a crackdown on auto makers when discovering "significant" safety lapses, the Wall Street Journal reports. U.S. Transportation Secretary Anthony Foxx said Monday that he was "encouraged" by conversations with car companies about safety problems, the report says. Publicly traded companies in the space include Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). Reference Link
06:31 EDTDDDuPont sees FY15 Performance Materials revenue down about 10%
Sees FY15 Performance Materials sales down about 10% due primarily to currency, portfolio changes, and lower ethylene prices. Operating earnings down mid-single digits percent as volume growth is more than offset by the negative impacts from currency and portfolio.
06:30 EDTDDDuPont sees FY15 revenue mid-to-high single digits
DuPont sees FY15 net sales down mid-to-high single digits due to impact of currency, portfolio changes, and a challenging Agriculture environment. Sees FY15 base tax rate 22%. Sees FY15 CapEx, ex-performance chemicals about $1.5B.
06:30 EDTDDDuPont sees Q3 Performance Materials revenue down about 10%
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06:21 EDTDDDuPont lowers Q3 dividend to 38c per share from 49c per share
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06:13 EDTHONHoneywell to host conference call
Conference call to discuss acquisition of Elster will be held on July 28 at 9 am. Webcast Link
06:12 EDTGMGM to spend $5B in global growth markets, Financial Times reports
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06:04 EDTDDDuPont sees FY15 EPS about $3.10, consensus $3.54
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06:02 EDTDDDuPont reports Q2 EPS $1.18, consensus $1.18
Reports Q2 revenue $8.6B, consensus $8.75B.
05:31 EDTHONHoneywell to acquire Elster Division of Melrose Industries for about $5.1B
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05:29 EDTHONHoneywell to acquire Elster Division of Melrose Industries for about $5.1B
July 27, 2015
15:38 EDTDDTrian's Peltz still looking to replace DuPont CEO, Charles Gasparino says
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15:03 EDTDDNotable companies reporting before tomorrow's open
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12:50 EDTGMEarnings Watch: Ford shares down approximately 9% since Q1 report
Ford Motor Co. (F) is expected to report second quarter earnings on Tuesday, July 28, before the market open with a conference call scheduled for 9:00 am ET. Ford is a manufacturer and distributor of cars and trucks across six continents. EXPECTATIONS: Analysts are looking for earnings per share of 37c on revenue of $35.34B, according to First Call. The consensus range for EPS is 26c-43c on revenue of $33.41B-$37.32B. LAST QUARTER: Ford reported first quarter adjusted EPS of 23c against estimates for 26c, on automotive revenue of $31.8B against estimates for $33.9B. Ford reported Q1 wholesales of 1.568M. It raised its FY15 North American pre-tax operating margin view to 8.5%-9.5% from 8%-9%, and reconfirmed its 2015 pre-tax profit guidance of $8.5B-$9.5B. Ford said it expects North America to have a very strong year in 2015, with substantial top-line growth, higher pre-tax profit, and an improved operating margin. Ford sees 2015 U.S. industry volume of 17M-17.5M vehicles, Europe 20 industry volume of 15.2M-15.7M vehicles, and China industry volume of 24M-26M, compared to the previous view for Europe 20 of 14.8M-15.3M and China of 24.5M-26.5M. On its Q1 conference call, Ford said it sees 2015 as a "breakthrough year" for the company. It sees results growing "progressively stronger" as new products continue to build momentum. It said it saw strong top-line growth in 2015, and expected to improve global market share. Results in the second half of 2015 were expected to be stronger than the first half due to product timing, and capacity launches. During the quarter, Ford reported the following: April U.S. sales up 5% to 222,498 vehicles; May U.S. sales down 1% to 250,813 units; and June U.S. sales up 1.6% to 225,647 units. STREET RESEARCH: Street research has been positive in the weeks leading up to Ford's Q2 earnings report. On June 23, Goldman upgraded Ford to Buy from Neutral. Goldman Sachs analyst Patrick Archambault shifted his preference in automakers, upgrading Ford to Buy from Neutral and downgrading General Motors (GM) to Neutral from Buy in a note to investors. The analyst cited a superior growth outlook at Ford, Ford's improving positioning in China, and rising truck incentives from GM. Archambault viewed Ford as less vulnerable to the slowing growth in the Chinese market. The analyst raised his price target on Ford to $19 from $18, and lowered his price target on GM to $40 from $47, but noted that the new target still has 11% upside. On June 10, UBS said the underperformance in Ford shares has made it an attractive time to buy the stock, as the firm believed the company should have a strong second half of the year. The firm cited the successful F-150 launch, with demand exceeding supply, as well as China sales and the company's restructuring efforts. UBS reiterated its Buy rating and $19 price target on Ford shares. PRICE ACTION: Ford's shares are down approximately 9% since its Q1 report and have lost about 18% year-over-year. In afternoon trading ahead of Tuesday's Q2 report, Ford is up fractionally.
08:41 EDTDDDuPont price target lowered to $67 from $88 at Susquehanna
Susquehanna lowered its price target on DuPont (DD) to $67 from $88 following the separation of Chemours (CC). Susquehanna maintained its Positive rating on DuPont shares.
July 26, 2015
19:22 EDTDDAIFBaidu CEO 'still interested' in Nokia map unit, Re/code says
In a Re/code interview published Friday afternoon, Baidu (BIDU) CEO Robin Li remarked that the company is "still interested" in Nokia's (NOK) HERE mapping unit. When asked about potential partners, Li commented, "I cannot say too much about it because it’s not a done deal." Note that earlier media reports have suggested Nokia is or was leaning towards selling HERE to a group of German luxury car makers including Daimler (DDAIF), BMW (BAMXY), and Volkswagen's (VLKAY) Audi (AUDVF). Reference Link
19:14 EDTDDAIFDaimler to test self-driving trucks 'within weeks,' Reuters says
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14:57 EDTGMGeneral Motors shares look 'very cheap,' Barron's says
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July 24, 2015
16:30 EDTGMStocks end week lower as Apple headlines busy week of earnings
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13:55 EDTGMGeneral Motors falls, levels to watch
Shares were last down at $30.90. At that price next support is at $30.30 and then at $28.82 which is the 52-week low. Resistance is at $31.75.
13:19 EDTGMDOJ unlikely to charge General Motors with bankruptcy fraud, WSJ reports
According to sources, The Wall Street Journal reports that it is "unlikely" that General Motors will be charged with bankruptcy fraud by the DOJ. However, the sources say that prosecutors in the U.S. attorney's office in Manhattan are still considering charging GM with criminal wire-fraud and would hope to bring a case and reach a settlement with the automaker as early as September. Reference Link
13:16 EDTGMU.S. Attorney's office considering wire-fraud charges against GM, DJ reports
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10:00 EDTGMOn The Fly: Analyst Upgrade Summary
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07:32 EDTGMCiti sees 'plenty of reasons' to buy General Motors
Citi analyst Itay Michaeli sees "plenty of reasons" to buy shares of General Motors (GM) ahead the Q2 results and reiterates a Buy rating on the name. Strong results e could serve as a turning point for investor sentiment, Michaeli tells investors in a research note. He continues to expect GM shares will trade at a premium to Ford (F) by the end of 2015. The analyst reiterates a Buy rating on the stock with a $50 price target.
07:15 EDTGMGeneral Motors record margins increase confidence in 2016, says UBS
UBS said General Motors record North American margins increases the firm's confidence in 2016. The firm views GM's Q2 results as solid, citing stability in the China market, close to breakeven results in Europe and management guidance for improved performance in the second half of 2015. UBS reiterated its Buy rating and raised its price target to $49 from $46 on General Motors shares.
06:56 EDTGMGeneral Motors upgraded to Neutral from Underperform at Credit Suisse
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July 23, 2015
18:21 EDTGMOn The Fly: Top stock stories for Thursday
Stocks began the session mixed on the heels of weak earnings reports from both Caterpillar (CAT) and 3M (MMM). The Nasdaq managed to spend most of the day in positive territory but joined the other averages in negative territory by mid-afternoon. Selling picked up momentum towards late afternoon, and by day’s end each of the averages were lower by more than 0.4%, with the Dow losing nearly 0.7%. ECONOMIC EVENTS: In the U.S., initial jobless claims fell to 255,000 in the week ended July 18, below the 278,000 first-time claims that were expected. The Leading Economic Indicators advanced 0.6% in June, exceeding expectations for a 0.3% increase. In Asia, the Shanghai Composite index advanced for a sixth straight session, adding another 2.4%. In Europe, the Greek Parliament voted to accept creditor terms for a new bailout, though a decision on when to reopen Greek financial markets was deferred to next week. COMPANY NEWS: Shares of General Motors (GM) finished the session up 3.96% to $31.50 after reporting earnings per share above analyst expectations. Other notable names rising following earnings reports include SanDisk (SNDK), Under Armour (UA), Southwest (LUV)... Caterpillar, meanwhile, dropped $2.86, or 3.59%, to $76.90 after cutting its yearly guidance during this morning's earnings report, with the company noting a "relatively stagnant" global economy. Also lower following earnings were Comcast (CMCSA, CMCSK), Bristol-Myers Squibb (BMY), Dunkin Brands (DNKN), and Boston Scientific (BSX). MAJOR MOVERS: Among the notable gainers was Cigna (CI), which rose $3.29, or 2.18%, to $154.36 after the Wall Street Journal reported last night that Anthem (ANTM) is nearing a deal to acquire the company for roughly $187, representing a total transaction value of over $48B. Adding to that report, CNBC's David Faber said on Thursday morning that Anthem will announce an agreement Friday to purchase Cigna for $188 per share, at a 45% equity, 55% cash split. Also higher were shares of numerous IT security companies, with FireEye (FEYE) advancing 4.53% and Palo Alto Networks (PANW) adding 2.33% after earnings reports from security firms Fortinet (FTNT) and F5 Networks (FFIV) beat on both top and bottom lines. Fortinet and F5, meanwhile, finished Thursday's session up 10.71% and 7.75% to $46.83 and $127.68, respectively. Among the noteworthy losers following earnings was McDonald's (MCD), which edged down 0.52% to $97.10 after noting that Q2 global comparable sales fell 0.7% for the quarter, including a 2% decline in U.S. same-store sales. Also lower was Hertz (HTZ), which declined 8.53% to $16.45 following a downgrade to Underweight at Morgan Stanley, with the research firm citing increased competition from Uber and similar mobility services. INDEXES: The Dow fell 119.12, or 0.67%, to 17,731.92, the Nasdaq lost 25.36, or 0.49%, to 5,146.41, and the S&P 500 declined 12.00, or 0.57%, to 2,102.15.
12:32 EDTGMOn The Fly: Top stock stories at midday
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11:37 EDTGMGM says FTC probing if dealers certified vehicles needing recall repairs
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10:33 EDTGMGM sees China auto industry to grow in low single digit range in 2015
10:20 EDTGMGM CEO says just completed car sharing program at Google HQ
General Motors (GM) CEO Mary Barra made the comment on the company's Q2 earnings conference call.
09:13 EDTGMOn The Fly: Pre-market Movers
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09:12 EDTHONIntelligent Highway Solutions completes purchase order from Honeywell
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08:05 EDTGMGM Financial reports Q2 net income $186M
GM Financial announced net income of $186 million for the quarter ended June 30, 2015, compared to $175 million for the quarter ended June 30, 2014. Earnings for the six months ended June 30, 2015 were $336 million, compared to $320 million for the six months ended June 30, 2014. Consumer loan originations were $4.3 billion for the quarter ended June 30, 2015, compared to $4.1 billion for the quarter ended March 31, 2015, and $3.6 billion for the quarter ended June 30, 2014. Consumer loan originations for the six months ended June 30, 2015 were $8.4 billion, compared to $7.0 billion for the six months ended June 30, 2014. The outstanding balance of consumer finance receivables was $27.3 billion at June 30, 2015. Operating lease originations of General Motors Company vehicles were $5.6 billion for the quarter ended June 30, 2015, compared to $3.0 billion for the quarter ended March 31, 2015, and $1.5 billion for the quarter ended June 30, 2014. Operating lease originations for the six months ended June 30, 2015 were $8.6 billion, compared to $2.3 billion for the six months ended June 30, 2014. Leased vehicles, net was $12.9 billion at June 30, 2015. The outstanding balance of commercial finance receivables was $7.8 billion at June 30, 2015 compared to $7.6 billion at March 31, 2015 and $7.1 billion at June 30, 2014. Consumer finance receivables 31-to-60 days delinquent were 3.6% of the portfolio at June 30, 2015, compared to 3.5% at June 30, 2014. Accounts more than 60 days delinquent were 1.6% of the portfolio at June 30, 2015 and June 30, 2014. Annualized net credit losses were 1.6% of average consumer finance receivables for the quarter ended June 30, 2015 and 1.4% for the quarter ended June 30, 2014. For the six months ended June 30, 2015, annualized consumer net credit losses were 1.7%, compared to 1.6% for the six months ended June 30, 2014. The Company had total available liquidity of $12.9 billion at June 30, 2015, consisting of $2.1 billion of unrestricted cash, $9.2 billion of borrowing capacity on unpledged eligible assets, $0.6 billion of borrowing capacity on unsecured lines of credit and $1.0 billion of borrowing capacity on a Junior Subordinated Revolving Credit Facility from GM.
07:56 EDTGMGeneral Motors CFO says expects second half to be better than first half
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07:48 EDTGMGeneral Motors up 6% to $32.10 after Q2 earnings top expectations
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07:47 EDTGMGeneral Motors reports Q2 worldwide market share of 11.1%
Reports Q2 North America market share of 17.1%, including 17.6% in the U.S. Reports Europe market share of 6.3%. Reports APMEA market share of 9.9%. Reports South America market share of 15%.
07:45 EDTGMGeneral Motors reports Q2 worldwide vehicles sales of 2.46M
General Motors reports Q2 North America vehicle sales of 965,000, including 822,000 in the U.S. Reports Q2 Europe vehicles sales of 319,000. Reports Q2 Asia/Pacific, Middle East and Africa vehicle sales of 1.02M. Reports Q2 South America vehicle sales of 156,000.
07:41 EDTGMGeneral Motors reaffirms 2015 outlook for improved EBIT-adjusted
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07:38 EDTGMGeneral Motors attributes lower Q2 revenue to negative currency impact
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07:36 EDTGMGeneral Motors CEO says first two quarters of year were strong
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07:36 EDTGMGeneral Motors reports Q2 adjusted EPS $1.29, consensus $1.08
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06:19 EDTGMUAW concerned over auto production moving to Mexico, NYT says
The greatest concern for the United Automobile Workers, or UAW, union as it enters discussions on new contracts with Detroit auto makers Fiat Chrysler (FCAU), Ford (F), and General Motors (GM) is losing vehicle production to lower-wage countries such as Mexico, the New York Times reports. Union president Dennis Williams was upset over comments last week that suggested that Ford was considering sending work to Mexico in an effort to cut costs, the report says. "I will save my comments on Ford for when we open up negotiations,” Mr. Williams said. “But it is always concerning to me when any company invests outside the United States.” Reference Link
06:09 EDTDDColfax names Matthew Trerotola CEO
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05:57 EDTDDAIFDaimler AG expects FY15 total unit sales to increase significantly in 2015
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05:55 EDTDDAIFDaimler AG sees group revenue up 'significantly' in FY15
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05:55 EDTDDAIFDaimler AG says current moderate growth rate will hardly change
Expects global GDP to expand this year by only 2.7% for FY15. Demand for cars is likely to rise by 2% according to current estimates. Demand in China should grow significantly and make the biggest contribution to global growth. The U.S. should show solid development, with slight growth to up to 17M units expected in 2015. In Germany and France, growth is likely to be moderate in relation to the comparatively weak prior-year level. The picture for the major emerging markets excluding China remains varied in 2015. A recovery of demand for cars is anticipated in India. In Russia, however, a drastic fall in car sales must be expected due to the country’s severe economic crisis. As demand has continued to weaken also for premium automobiles, a substantial decrease in total sales must be expected also in that segment. In the worldwide market for medium- and heavy-duty trucks, another drop in demand is expected in 2015 following last year’s significant decrease. Market prospects are the most promising in the NAFTA region and Europe. In North America, the main economic indicators suggest that demand for trucks will remain favorable despite a slight cooling off, so the market should expand by between 10 and 15%. In Europe, Daimler meanwhile anticipates market growth of between 10 and 15% also in that region. Market conditions in Brazil are extremely unfavorable, however. The Japanese market for light-, medium- and heavy-duty trucks appears to be relatively robust despite the country’s sluggish economy, so a market volume in 2015 in the magnitude of the previous year is expected. The deep recession in Russia will continue to affect the market, so demand is likely to fall sharply once again. But a significant market recovery is anticipated in India, thanks to the slightly improved economic prospects there. Daimler now assumes that the market for mid-sized and large vans in Europe will grow significantly in 2015, as will the market for small vans. Significant growth is anticipated in the US market for large vans, while in China, demand is expected to be at the level of the previous year in the market addressed there. In Latin America, Daimler expects significant contraction in the market for large vans. Daimler anticipates a market volume for buses in Europe in 2015 that is slightly above the very low level of the previous year. In Brazil, demand for buses is likely to decrease by at least 25% this year.
05:51 EDTDDAIFDaimler AG reports Q2 net profit EUR 2.4B vs. EUR 2.2B last year
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July 22, 2015
15:26 EDTGMNotable companies reporting before tomorrow's open
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14:51 EDTDDAIFEarnings Watch: Qualcomm reports after speculations of potential breakup
Qualcomm (QCOM) is expected to report third quarter earnings after the close on July 22, with a conference call scheduled for 4:45 pm ET. Qualcomm is a maker of semiconductors and telecommunications equipment. EXPECTATIONS: Analysts are looking for earnings per share of 95c on revenue of $5.85B. EPS consensus ranges 90c-$1.05 on a revenue range of $5.59B-$6.08B, according to First Call. LAST QUARTER: On April 22, Qualcomm reported Q2 EPS of $1.40 against expectations for $1.33, and revenue of $6.89B versus estimates of $6.83B. The company also cut its FY15 EPS guidance to $4.60-$5.00 from $4.85-$5.05 and lowered projected revenue to $25B-$27B from $26.3B-$28B, saying it expects pressure in its semiconductor business due to customer shifts in the premium segment and a decline in Qualcomm's share at an unnamed large customer. NEWS: On May 8, Reuters reported that EU antitrust regulators asked Qualcomm's competitors how the company's licensing and business practices affect them, and on July 16, the European Commission confirmed two formal antitrust investigations of the company. On May 25, Qualcomm and Daimler (DDAIF) announced a strategic collaboration to develop connected car technology. Coming on the heels of Avago's (AVGO) May 28 agreement to acquire Broadcom (BRCM), Bloomberg quoted a source later that day as saying Qualcomm, Intel (INTC), Altera (ALTR), Analog Devices (ADI), Maxim Integrated (MXIM), Texas Instruments (TXN), and Microchip Technology (MCHP) are all considering their own M&A opportunities. Note that on June 1, Intel announced an agreement to acquire Altera. On June 23, Semiconductor Manufacturing International (SMI), Qualcomm, Huawei, and Imec announced the formation of a joint venture to focus on a type of 14 nanometer technology. More recently, the Wall Street Journal reported on July 20 that Qualcomm is "expected" to begin a comprehensive strategic review which may include the possibility of a breakup following pressure from "activist" shareholder Jana Partners, according to sources, adding that the move could be announced concurrent with Wednesday's earnings release. STREET RESEARCH: Following last quarter's earnings report, Exane BNP Paribas downgraded Qualcomm to Neutral from Outperform, while both Canaccord and Brean Capital lowered price targets for the stock after "disappointing" guidance. Meanwhile, Citi said it expects the company's chip business to recover in 2016 despite this "very bad year." On May 28, CLSA said it sees continued pressure on Qualcomm chipsets, potentially spurring the company to consider making an acquisition, and on June 2, Craig-Hallum noted that Skyworks (SWKS) would be a great fit for Qualcomm. On June 24, Summit Research called Applied Micro Circuits (AMCC) an "affordable" target for Qualcomm, with AMD (AMD) and Cavium (CAVM) also looking like potential takeover candidates. On June 29, Drexel Hamilton downgraded Qualcomm to Sell from Hold, citing expected price cuts. Lastly, following media reports on July 20 that Qualcomm could be weighing a breakup, Bernstein said that such a "dis-synergistic" split would likely destroy value rather than create it. PRICE ACTION: Shares of Qualcomm are down more than 1% to $64.37 in afternoon trading ahead of Wednesday's earnings report.
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