SubscribeAll Posts Tagged With: "General Motors (GM)"
Market Update: AT&T (T), General Motors (GM), Eddie Bauer (EBHI), Wells Fargo (WFC)
GM Names Post-Bankruptcy Chairman; Eddie Bauer Going Bust?; Consumer Confidence Climbs; U.S. Bankruptcy Filings Soar; Wells Fargo Lags On Applying for TARP Repayment; Crude Oil Tops $70
- Edward E. Whitacre Jr., who built AT&T Inc. (NYSE: T) into the largest U.S. provider of telephone services, will become chairman of General Motors Corp. (NYSE: GM) when the company leaves bankruptcy, the nation’s biggest automaker announced yesterday (Tuesday). Whitacre will lead a 13-member board that includes interim Chairman Kent Kresa, and Chief Executive Officer Fritz Henderson. Whitacre was chairman and CEO at Dallas-based AT&T and predecessor SBC Communications Inc. from 1990 until 2007. The appointment moves GM closer…
GM’s Saturn Unit Sold to Penske
General Motors Corp. (NYSE: GM), racing to jettison unwanted assets as part of its bankruptcy filing, sold its Saturn unit on Friday to retailer Penske Automotive Group Inc. (NYSE: PAG).
GM earlier this week announced that it plans to sell Hummer to China’s Sichuan Tengzhong Heavy Industrial Machinery Co., is offloading its European Opel operations to Magna International Inc. (NYSE: MGA), and is discontinuing its Pontiac unit.
GM spent billions to open the Saturn unit in 1990 after gearing up with 5 years of design work and factory retooling. The brand reached its high-point in 1994 when it sold 286,003 cars Bloomberg…
9Jun2009 | Money Morning | 0 comments | ContinuedMarket Update: General Motors (GM), Microsoft (MSFT), Yahoo (YHOO)
U.S. Companies Axe 532,000 Jobs in May; Bernanke: U.S. Must Plan Now to Control Debt; Microsoft Threatens Outsourcing if Tax Bill Passes; U.S. Business Bankruptcies Surge By 40%; Microsoft-Yahoo Still Unglued; Bob Evans Beats Forecasts;
- U.S companies cut roughly 532,000 workers from payrolls in May, more than economists forecast, according to a report from Automatic Data Processing Inc. April’s data was also revised to reflect companies a loss 545,000 jobs, up from the previous reading of 491,000. The unemployment rolls are expected to increase as General Motors Corp. (NYSE: GM) and Chrysler LLC trim payrolls as they deal with bankruptcy. The labor market…
Market Updates: Microsoft Corp (MSFT), Toyota Motor (TM), Honda (HMC), General Motors (GM), Ford Motor (F), Pepsi Bottling (PBG)
Reports Point to Housing Market Bottom; Big Three Automakers Beat Estimates; Microsoft Will Unveil New Operating System in Time for XMAS; Dallas Fed President: Economy ‘Getting Less Worse’; European Jobless Rate Climbs; Pepsi Bottling Chief Could Cash In
- The housing market showed further signs of bottoming in April, as pending sales of previously owned U.S. homes saw their biggest monthly gain in seven and a half years, the National Association of Realtors reported. The number of Americans signing contracts to buy previously owned homes climbed 6.7% in April, more than forecast and the fourth increase in five months. The report supports…
Market Update: Citigroup Inc. (NYSE: C), General Motors Corp. (NYSE: GM)
Economic Reports Indicate U.S. Recovery; Treasury Yields Soar Most in Eight Months; Citi and GM Dropped From Dow 30; Crude Prices Continue to Climb; Deere Announces New CEO; Delphi to Emerge From Bankruptcy
- Three economic reports released yesterday (Monday) indicate the U.S. economy is recovering from the worst slowdown since the Great Depression, Reuters reported. The Institute for Supply Management’s closely monitored index of manufacturing activity rose to 42.8 last month from 40.1 in April, the highest reading since September and the fifth straight monthly rise. Meanwhile, April consumer spending fell by just 0.1%, after falling 0.3% in March. Spending on construction projects…
Q1 GDP Revised Upward?
The U.S. economic slump continued in the first quarter, but showed signs of moderating as gross domestic product (GDP) figures were revised upward from previous estimates by the Commerce Department on Friday.
Still, U.S. GDP, which measures the value of total goods and services produced, shrank at a 5.7% annual pace, the worst performance in 50 years, as the consumer, inventory and business investment sectors all turned in lackluster results.
The revised figure was less than the 6.1% the government estimated last month, and slightly better than the fourth quarter, when GDP contracted at a 6.3% annual rate.
Even though the numbers…
1Jun2009 | Money Morning | 0 comments | ContinuedBankrutpcy Gives General Motors (GM) a Second Life
By the time investors read this today (Monday), embattled U.S. automaker General Motors Corp. (NYSE: GM) Motors Corp. could be operating under the protection of the U.S. bankruptcy code, a strategic move made in an effort to transform the once-dominant firm into a leaner and more competitive player.
GM has lost an aggregate $82 billion in the past four years even as it slashed production capacity, nameplate brands – and more than 100,000 U.S. jobs. It needs to cut another 19,000 workers by 2012 to bring its domestic employment down to 72,500 jobs.
GM on Saturday passed a major milestone ahead of a bankruptcy…
1Jun2009 | Money Morning | 0 comments | ContinuedGeneral Motors (GM) Bond Deal Fails, Bankruptcy Looming
The next chapter in the history of General Motors Corp. (NYSE: GM) is likely to be about bankruptcy. And that would leave the U.S. and Canadian governments as company’s majority owners.
The largest of the U.S. Big Three automakers yesterday (Wednesday) announced that it failed to persuade the required 90% of its bondholders to swap $27 billion in debt for stock, pushing the venerable GM several steps closer to a bankruptcy filing.
The rejection by bondholders is the latest chapter in the ongoing saga of GM’s desperate attempts to reorganize as it faces a government-imposed Monday (June 1) deadline to restructure or…
29May2009 | Money Morning | 0 comments | ContinuedMarket News: General Motors (GM), Sonia Sotomayor and Consumer Confidence Data
Consumer Confidence Leaps; Hong Kong Injects More Stimulus; Virgin Atlantic Sees Cloudy Skies; South Africa Enters Recession; Experts: Supreme Court Nominee Neutral on Business; Hedge Funds Bet Big on Commodities; GM Gets Labor Concessions in Canada; Russian Firm Takes $200 Million Stake in Facebook
- The Conference Board’s index of consumer confidence jumped to 54.9 in May, up from a revised 40.8 in April. The leap marks the biggest one-month gain since April 2003, and was set in motion by tighter credit and oversupply of homes pushing down prices, Reuters reported.
- Hong Kong’s government will inject another HK$16.8 billion ($2.2 billion) into…
Market Update: Bank of America (BAC) and General Motors (GM)
BofA Fast Tracks TARP Payback; Brazil Unemployment Reverses in April; Taiwan GDP Falls 10.24%; Emirates Airline Posts 80% Profit Nosedive; Dollar Swoons Against Euro, Yen; GM and UAW Reach Tentative Accord; Leading Indicators Surge to 4-Year High; Copper Slumps on Poor Sentiment
- Bank of America Corp. (NYSE: BAC) intends to pay back $45 billion in loans it borrowed from the U.S. government through the Trouble Assets Relief Program (TARP) by the end of the year, The Financial Times reported. And it intends to do so by accelerating its program to raise capital. Sources told the FT that BofA is on track to raise more…
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