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News For TM;GM;VLKAY From The Last 14 Days
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September 24, 2015
15:02 EDTVLKAYVolkswagen attempted 'cover up' when probe started, Telegraph says
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13:54 EDTVLKAYVolkswagen to fire U.S. CEO, other executives, Reuters says
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13:35 EDTVLKAYVirginia Attorney General opens probe into Volkswagen
Virginia Attorney General William Sorrell has opened an investigation into the disclosure by Volkswagen that some of its diesel vehicles carried software designed to produce false emissions test results. Sorrell said that "Volkswagen should be held accountable for any evasion of environmental laws and emissions standards, deception of consumers, and violation of the public trust." His office is working with the Vermont Agency of Natural Resources and also collaborating with other Attorneys General in the investigation.
11:46 EDTVLKAYVolkswagen to name Porsche head as next CEO, WSJ reports
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11:36 EDTVLKAYCitron cuts near-term Mobileye target to $20 after Volkswagen scandal
Volkswagen's (VLKAY) decision to cheat emissions standards "was simply a reflection of the brutal competitive realities of the auto industry," Citron Research argues in a new blog post. "Does this seem like an industry that will EVER tolerate Mobileye (MBLY) maintaining EBIDTA margins of 60% until 2025," the short selling blog asks. It lowered its near-term price target on the software developer to $20. Shares of Mobileye are down $1.22 to $45.90 in late morning trading. Reference Link
11:12 EDTVLKAYAnalyst says Delphi pushed to 'attractive' level by Volkswagen scandal
The shares of auto equipment maker Delphi (DLPH) are falling nearly 4% this morning and have tumbled over 8% week-to-date in the wake of the Volkswagen (VLKAY) emissions scandal. In a note to investors today, RBC Capital recommended that investors buy Delphi shares at current levels, saying that the impact of the Volkswagen news on Delphi "appears limited." WHAT'S NEW: After meeting with Delphi's CEO and treasurer, RBC Capital analyst Joseph Spak says that Delphi parts are not incorporated into any light vehicles with diesel engines in the U.S., while Volkswagen accounts for only about 1% of Delphi's overall powertrain business. Delphi could be hurt if European consumers stop buying diesel powered vehicles, according to Spak, who noted that Delphi generates double the revenue from diesel vehicles than it gets from gasoline vehicles. Such a scenario, however, is unlikely to play out and the company would see higher revenue from gasoline engines if it does occur, according to Spak. Addressing the company's outlook in China, Spak lowered his third quarter and full-year operating income estimates for the auto maker "towards the low end" of its guidance. However, he noted that Delphi "does seem to be confident" that it can meet its earnings per share guidance even if its production in China is flat in the second half of this year, the analyst stated. Moreover, Delphi suggested that its China business appears to be stabilizing, while some automakers are increasing their fourth quarter orders from previous levels, he wrote. Spak cut his price target on the stock to $91 from $93 but kept an Outperform rating on the shares. WHAT'S NOTABLE: Yesterday, Spak wrote that the decline of auto suppliers with exposure to Volkswagen's powertrain could be overdone. In addition to Delphi, he identified Magna (MGA) as having exposure to Volkswagen's powertrains. BorgWarner (BWA) would only lose 7c of EPS if all sales of cars with 1.5M Volkswagen engines disappear, the analyst added. PRICE ACTION: In morning trading, Delphi dropped 3.7% to $71.36, while Magna fell 5.7% to $43.64 and BorgWarner declined 3.7% to $37.54.
09:42 EDTVLKAYVW to make special U.S. management position, Reuters reports
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09:31 EDTVLKAYPorsche CEO Mueller frontrunner for VW CEO role, Bloomberg reports
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09:22 EDTVLKAYFord exec says company does not use emissions 'defeat devices,' CNBC reports
Ford President of the Americas Joe Hinrichs said, while appearing on CNBC's Squawk Box, that Ford does not use "defeat devices and we clearly understand what it means from an integrity standpoint to make sure our vehicles perform on the road like they do in the lab." Hinrichs' comments come after Volkswagen (VLKAY) was accused by the EPA of installing a device in its diesel vehicles to mask their true emissions and after a German report said that a discrepancy with on-road emissions performance was found with an SUV made by BMW (BAMXY). Reference Link
09:16 EDTVLKAYUBS European autos analysts hold an analyst/industry conference call
European Autos Analyst Houchois discusses the Volkswagen emissions investigation, what the broader implications are for the industry, as well as for Volkswagen shareholders, on an Analyst/Industry conference call to be held on September 24 at 1pm.
09:03 EDTGMAlcoa completes expansion of Tennessee facility
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09:00 EDTVLKAYTwo high-ranking VW engineers to quit amid scandal, Reuters reports
Two of Volkswagen's (VLKAY) highest ranking engineers will quit as the car maker is making steps to clear the air amid the diesel emissions scandal, Reuters reports, citing a report from Bild. Audi (AUDVF) R&D boss Ulrich Hackenberg and Porsche's (POAHY) engine chief Wolfgang Hatz will be terminated at a supervisory board on Friday, the report says. Reference Link
08:08 EDTVLKAYClean Diesel CEO: Volkswagen scandal emphasizes importance of regulation
Clean Diesel Technologies (CDTI) released the following statement in response to numerous questions from industry analysts and investors regarding recent emissions compliance issues within the automotive industry, particularly with Volkswagen (VLKAY): "Recent news surrounding non-compliance with automotive emission laws emphasizes the priority government regulators and the public place on improving air quality and safeguarding human health around the world. The strong reaction to the negative aspects of non-compliance makes it crystal clear that governments intend to strictly enforce stringent emission regulations as they urgently and aggressively tackle the enormous environmental, social and economic costs stemming from harmful vehicular pollutants. Globally, there will soon be 100 million new passenger cars produced annually as the world's population grows and rising living standards spur demand for cars and commercial vehicles. Simultaneously, governments are moving quickly to safeguard human health and the environment. While more stringent emission regulations take effect worldwide, and car designers leverage turbo, direct gas injection and hybrid engine technologies for fuel efficiency, conventional catalytic converter technology is stretched. Clearly now is the time for the rapid and broad-scale adoption of breakthrough innovations that enable cost-effective compliance. With its long track history supplying emission solutions for passenger cars and heavy duty vehicles, CDTi's next-generation technologies promise cost-effective compliance with increasingly strict emission standards around the world. We believe our proprietary technologies that include MPC, Spinel, BMARS and SPGM, offer vehicle manufacturers superior emission reduction performance at substantially lower cost. We intend to accelerate commercialization of our breakthrough compliance-enabling technologies."
07:55 EDTGM, VLKAYVW scandal strengthens Marchionne's quest for consolidation, Bloomberg says
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07:41 EDTVLKAYBMW 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
06:41 EDTVLKAYVW sent letters in April informing owners of emissions glitch, Reuters says
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06:39 EDTVLKAYBorgWarner volatility elevated on exposure to Volkswagen
BorgWarner (BWA) October call option implied volatility is at 40, January is at 37; compared to its 52-week range of 19 to 43, suggesting large near term price movement on the auto suppliers exposure to Volkswagen (VLKAY).
06:23 EDTVLKAYVolkswagen admits manipulation in Europe, Sky News reports
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06:20 EDTVLKAYVW car buyers worry how emissions scandal will affect resale value, WSJ says
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05:57 EDTVLKAYVolkswagen to name people responsible for emissions manipulations, Reuters says
Volkswagen will begin revealing the names of the people responsible for the company's emissions scandal at a meeting on Friday, Reuters reports, citing two sources familiar with the situation. The automaker's supervisory board is also expected to announce the successor to Martin Winterkorn, who stepped down as CEO yesterday, at the meeting. Reference Link
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