Stock Market & Financial Investment News

News Breaks October 23, 2012 08:15 EDT RY, GM Royal Bank of Canada to acquire Ally's Canadian auto finance business Royal Bank of Canada (RY) announced a definitive agreement to acquire the Canadian auto finance and deposit business of Ally Financial Inc. for a $1.4B investment net of excess capital. Subject to certain closing adjustments and including the excess capital, this results in total consideration of $3.1B-$3.8B, depending on the size of the dividend taken out by the seller prior to closing. The acquisition aligns with RBC's key strategic priority to be the leading provider of financial services in Canada. RBC expects the Ally Canada business to generate approximately $120M in net income on a standalone basis in the first 12 months after closing, based on estimated average receivables of approximately $9B. RBC also announced it has entered into an agreement with General Motors of Canada (GM) to become a provider for its subvented business upon close of the transaction. Subvented loans are low rate consumer auto loans subsidized by the manufacturer. The transaction is subject to customary closing conditions, including regulatory and other approvals, and is expected to close in the first quarter of calendar 2013. News For RY;GM From The Last 14 Days Check below for free stories on RY;GM the last two weeks. Sign up for a free trial to see the rest of the stories you've been missing. 1 | 2 | all recent news | >> May 22, 2013 12:17 EDT GM GM to bring apps to some autos, Cnet reports Subscribe for More Information 11:06 EDT GM Auto industry rallies after Ford, Chrysler curtail summer breaks Shares of Ford (F), Fiat (FIATY) and GM (GM) are climbing after Ford and Fiat's Chrysler subsidiary announced that they would curtail their factories' traditional two week summer hiatus. Shares of a number of auto parts makers are also advancing following the news. WHAT'S NEW: Ford said it would idle some of its plants for only one week this summer, down from the usual two weeks. Chrysler reported that it would keep three of its assembly plants open all summer, while four of its plants will close for just one week and almost all of its engine, transmission and stamping plants will not take any breaks, according to Automotive News. GM did not disclose its specific plans, the website added. TODAY'S PRICE ACTION: In mid-morning trading, Ford climbed 1.7% to $15.20, Fiat added 0.9% to $7.05, and GM rose 0.8% to $33.65. Among auto parts makers, American Axle (AXL) advanced 1.6% to $17, Johnson Controls (JCI) climbed 0.8% to $37.85, and Dana Holding (DAN) rose 1.2% to $18.80. May 21, 2013 07:32 EDT GM CTIA–The Wireless Association to host a conference Subscribe for More Information 06:17 EDT GM Detroit automakers rebound as style sells, Bloomberg reports Subscribe for More Information May 20, 2013 15:11 EDT GM GM marketing push set for new pickups, Reuters says Subscribe for More Information 08:59 EDT GM General Motors price target raised to $43 from $34 at Argus Subscribe for More Information 06:01 EDT GM Imported car prices in China decline, Bloomberg reports Subscribe for More Information May 17, 2013 10:17 EDT GM GM jumps above IPO level after CLSA boosts rating Shares of GM (GM) are advancing after CLSA analyst Emmanuel Rosner upgraded the stock to Buy from Underperform in a note to investors earlier today. WHAT'S NEW: GM should benefit from improved profitability in North America in the second half of 2013 and 2014, reduced losses in Europe, and stabilized profit margins in China, Rosner wrote. In North America, the automaker's profitability should be boosted by higher prices in the second half of this year, and by the full rollout of its K2XX trucks in 2014, the analyst believes. GM's first quarter results in Europe indicated that it is "making encouraging progress in reducing losses" there, the analyst wrote. As a result, he has increased confidence that GM Europe's loss will drop to about $1B this year from $1.9B last year. In China, GM's emphasis on the Cadillac should enable the company to keep its margins, which had been in a downward trend, from falling this year, the analyst contended. Rosner has a $48 price target on GM's stock. TODAY'S PRICE ACTION: In early trading, GM rose 60c, or 1.9%, to $33. WHAT'S NOTABLE: GM's IPO price was $33, and the stock has reached that level again today. 10:07 EDT GM On The Fly: Analyst Upgrade Summary Subscribe for More Information 05:39 EDT GM General Motors upgraded to Buy from Underperform at CLSA Subscribe for More Information May 16, 2013 12:32 EDT RY EU bank stress test delayed until 2014 by regulator The EBA agreed on recommendations to supervisors to conduct asset quality reviews on major EU banks. While banks’ capital positions were significantly strengthened under the EBA’s recapitalisation exercise, the objective of the asset quality exercises will be to review banks’ classifications and valuations of their assets so to help dispel concerns over the deterioration of asset quality due to macroeconomic conditions in Europe. Since appropriately reviewed balance sheets are a key input to an effective stress test, the EBA has also adjusted the timeline of the next EU-wide stress test so to conduct the exercise in 2014 once the asset quality reviews are completed. However, to ensure transparency and comparability over the years, the EBA will provide, in 2H, appropriate disclosure on the actual exposures of the EU banking sector. Reference Link 05:55 EDT GM Pickup truck sales are booming, WSJ reports Pickup truck buyers are no longer on the sidelines as they return to dealer showrooms, offering millions of dollars in profit and potentially lifelong brand loyalty to Ford (F), GM (GM) or Chrysler Group (FIATY) and rivals, reports the Wall Street Journal. Sales of large pickups are up 20% for the first four months of this year compared with a year ago, bigger gains than in small cars or midsize cars, according to Autodata CorpReference Link May 14, 2013 13:38 EDT GM Ford, GM get high marks in consumer survey, Automotive News says Subscribe for More Information 10:32 EDT GM GM to source small cargo vehicle from Nissan for U.S., Canada markets Subscribe for More Information 07:00 EDT GM GM to spend $258M on new proving ground data center, Detroit News says Subscribe for More Information 06:19 EDT RY Royal Bank of Canada upgraded to Equal Weight from Underweight at Morgan Stanley 06:12 EDT GM Audi sales growth surges in China, Bloomberg reports Subscribe for More Information May 13, 2013 06:54 EDT GM NHTSA opens preliminary investigation into over 100K Corvettes, Detroit News says A reports from early Saturday morning explained that the National Highway Traffic Safety Administration, or NHTSA, has opened a preliminary investigation regarding faulty headlights on about 103K 2005-2007 Chevrolet Corvettes, reports Detroit News. Reference Link 06:49 EDT RY ECB member says negative deposit rates would help economy, Reuters says Subscribe for More Information 06:40 EDT GM General Motors invests $200M to update NY, NJ, CA dealerships, Detroit News says Subscribe for More Information 1 | 2 | all recent news | >> Sign up for a free trial to see the rest of the stories you've been missing.