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Stock Market & Financial Investment News

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August 11, 2014
04:55 EDTJCI, JCI, JCI, TSLA, TSLA, TSLA, DLPH, DLPH, DLPH, LEA, LEA, LEA, CTB, CTB, CTB, ABG, ABG, ABG, TM, TM, TM, BWA, BWA, BWA, GM, GM, GM, AXL, AXL, AXL, MCO, MCO, MCOJPMorgan to hold a conference
Auto Conference to be held in New York on August 12-13.
News For JCI;AXL;GM;BWA;TM;ABG;CTB;LEA;DLPH;TSLA;MCO From The Last 14 Days
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February 23, 2015
08:04 EDTAXLAmerican Axle reports Q4 non-GAM sales up 13% to $317.2M
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08:04 EDTAXLAmerican Axle reports Q4 net income 17c, not comparable to consensus 54c
Reports Q4 revenue $939.5M, consensus $924.29M. In the fourth quarter, AAM's results reflect the impact of a non-cash charge of $35.5M related to the 2014 Pension Payout Offer. This compares to net income of $29.8M, or 39c per share, in the fourth quarter of 2013.
07:52 EDTAXLAmerican Axle to amend 10-Q for period ended September 30, 2014
American Axle said in a filing that on February 19, the Audit Committee of the Board of Directors of American Axle & Manufacturing Holdings, after discussion with management and the company’s independent registered public accounting firm, Deloitte & Touche LLP, concluded that the financial statements contained in the company’s Quarterly Report on Form 10-Q for the period ended September 30, 2014, as previously filed with the SEC on October 31, 2014, should no longer be relied upon. American Axle says "In connection with the preparation of our consolidated financial statements for the year ended December 31, 2014, we determined that entries recorded in the third quarter of 2014 to reduce certain accrued accounts payable balances by $8.4M were previously recorded as a reduction of cost of goods sold but should have been recorded as an adjustment to opening accumulated deficit because the amounts giving rise to the correction originated in periods prior to January 1, 2012. While management determined that it was necessary to restate the September 30, 2014 interim period and revise management’s conclusion regarding the effectiveness of disclosure controls and procedures as a result of a material weakness in internal controls over financial reporting, the effect of correcting these errors was not material to opening accumulated deficit as of January 1, 2012. The cumulative impact of the error was a decrease of $6.9M in opening accumulated deficit as of January 1, 2012.As a result of the foregoing, AAM will amend our Form 10-Q for the interim period ended September 30, 2014 to restate our previously issued financial statements. The Form 10-Q/A will be filed on February 23, 2015."
07:33 EDTCTBCooper Tire announces new $200M share repurchase authorization
Cooper Tire & Rubber Company announced that its Board of Directors has authorized the repurchase of up to $200M of the company’s outstanding common stock through December 31, 2016. Shares will be repurchased from time to time, based on market conditions and will be executed through open market purchases, privately negotiated purchases or otherwise. All or part of the repurchases may be implemented under Rule 10b5-1 trading plans, which allow repurchases under pre-set terms when the company might otherwise be prevented from doing so. The repurchased shares will be held in Treasury and used for general corporate purposes. The company recently completed a $200M accelerated share repurchase program announced in August 2014.
07:32 EDTCTBCooper Tire sees FY15 CapEx $205M-$215M, effective tax rate 30%-35%
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07:31 EDTCTBCooper Tire reports Q4 EPS 45c ex-gain, consensus 64c
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06:24 EDTGMGeneral Motors to legally challenge worker strike in Brazil, WSJ reports
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February 22, 2015
14:20 EDTGMUAW chief says GM buyback proposal too much, premature, Reuters says
Dennis Williams, the president of the UAW, said that an investor group’s proposal that GM buy back $8B of its stock is premature, and the amount too high for the company’s long-term health, says Reuters. The UAW indirectly controls the largest single block of General Motors shares, added Reuters. Reference Link
February 20, 2015
16:03 EDTTSLAOptions Update; February 20, 2015
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15:31 EDTCTBCooper Tire volatility elevated into Q4 and outlook
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09:38 EDTTSLAActive equity options trading on open
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08:11 EDTGMAlly CEO exploring subprime lending, sees loss of GM business, Detroit News says
Ally (ALLY) CEO Jeffrey Brown stated in a Thursday interview with The Detroit News that the company may return to offering credit cards and home mortgages, and currently plans to expand auto lending to subprime customers. The CEO said he expects to decide within 30-60 days whether Ally will consolidate its five locations to a single headquarters in the Detroit suburbs. Brown added that he expects GM (GM) to shift its $4.1B subsidized leasing program for Chevrolet from Ally to GM Financial, which the Ally CEO wants to offset by increasing subprime lending from 9% of total lending to 12%-15%. Reference Link
07:04 EDTGMAlly CEO assuming company will lose all of GM's leasing business, Reuters says
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06:41 EDTTSLA, GMApple pushing for 2020 production of its electric car, Bloomberg says
Apple (AAPL) is pushing to begin production of its electric vehicle as soon as 2020, reports Bloomberg, citing people with knowledge of the matter. Bloomberg notes that the move could put Apple into direct competition with Tesla (TSLA) and General Motors (GM), both of which are targeting a 2017 release for next-generation electric vehicles. Apple may still cancel the project if it becomes unhappy with progress, the sources said, though its vehicle team is already 200-people strong. Reference Link
06:06 EDTGMGeneral Motors names Craig Glidden as new general counsel
General Motors (GM) announced yesterday that Craig B. Glidden has been appointed executive VP and general counsel, effective March 1. Glidden will lead a team of staff attorneys who are integrated into all of GM’s regional and functional teams in more than 30 countries. Glidden succeeds Michael Millikin, who is retiring in July after a nearly four-decade legal career, including five years as GM’s general counsel. Before joining GM, Glidden was executive VP and chief legal officer for LyondellBasell Industries (LYB).
February 19, 2015
09:44 EDTTSLATesla shares can hit new highs by year end, says Morgan Stanley
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09:35 EDTTSLAOption volume leaders
Option volume leaders: AAPL TSLA TWTR MCD WMT PBR SPWR WFM GILD FB SCTY according to Track Data.
08:13 EDTDLPHDetroit Economic Club to host a luncheon meeting
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07:13 EDTMCOMoody's to hold a teleconference
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05:39 EDTDLPHDelphi Automotive agrees to sell thermal business to MAHLE
Delphi Automotive announced that it has entered into a definitive agreement to sell its wholly-owned thermal business to MAHLE GmbH for cash consideration of approximately $727M, subject to closing adjustments, which represents an implied EV/LTM EBITDA multiple of approximately 9.5x. The transaction is expected to close in the third quarter of 2015, subject to regulatory approvals. Proceeds from the transaction will be used to fund growth initiatives, including acquisitions and share repurchases. Delphi and MAHLE also signed a separate letter of intent to sell Delphi’s stake in Shanghai Delphi Automotive Air-Conditioning System. Proceeds from this transaction will be in addition to the $727M paid for the wholly-owned operations. Delphi’s Thermal division had 2014 revenues of $1.6B, with approximately 6,700 employees and 13 plants globally. The results of operations of the Thermal division business will be reported as discontinued operations beginning in the first quarter of 2015.
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