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Stocks open lower as investors refocus on economy
By JOE BEL BRUNO and SARA LEPRO
AP Business Writer
(AP:NEW YORK) Investors digested more downbeat economic news Friday and cashed in some of their gains from the previous session’s big rally. Hints from Federal Reserve Chairman Ben Bernanke that another interest rate cut might be possible appeared to have little effect on trading.
Some retrenchment was to be expected after such a big advance, in which the Dow Jones industrials rallied more than 550 points. But there was also plenty of discouraging news for investors to focus on, including comments from Bernanke that the markets remain under "severe strain" and a sobering report…
14Nov2008 | INO | Comments Off | ContinuedGM and Ford Choose Different Routes to Return to Profitability
Shares of Ford Motor Co. (F) and General Motors Corp. (GM) posted gains yesterday (Tuesday) on speculation that consolidation in the U.S. domestic auto industry could be the struggling sector’s saving grace.
Over the last three trading sessions, Ford shares are up almost 18%, while GM shares are up over 37% on reports of possible merger talks and asset sales.
Both stocks have been hammered year-to-date, with Ford shares having plunged over 63% and GM shares down a staggering 74%. Declining sales have seen the automakers’ stocks touch lows not seen in decades.
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Chrysler Considers Sale of Gas-Guzzling Viper
With the U.S. auto market increasingly focused on practicality and fuel-efficiency, Chrysler LLC announced yesterday (Wednesday) it was entertaining offers for its Dodge Viper sports car.
“We have been approached by third parties who are interested in exploring future possibilities for Viper,” Chief Executive Bob Nardelli said in a memo to employees, Reuters reported.
“As [Chrysler] evaluates strategic options to maximize core operations and leverage its assets, we have agreed to listen to these parties,” he added.
The Dodge Viper, one of Chrysler’s flashiest models, is a 600-horse power sports car with a starting price of around $90,000. Its V10 engine gets a dismal…
28Aug2008 | Money Morning | Comments Off | Continued
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