The program to compensate victims of crashes linked to a faulty ignition switch in GM vehicles has received claims for 107 deaths and more than 200 other claims, according to the office of the lawyer overseeing the program.
The number of death claims submitted already far exceeds the 13 deaths GM has officially attributed to the switch, which prompted the recall of 2.6M vehicles earlier this year.
The program began accepting claims on Aug. 1 and will remain open until Dec. 31; Ken Feinberg, the lawyer overseeing the program, has said he expects the highest volume of claims within the first few months of the program as well as its last.
Cooper Tire (NYSE:CTB) says its joint venture with Chengshan Group has been valued at ~$440M by an independent firm responsible for determining a fair market value for the venture on a stand-alone basis.
Chengshan now has 45 days to decide to purchase CTB's 65% interest or opt to sell its own 35% interest to CTB; in any event, CTB says the JV still would produce Cooper Tire-brand products for a minimum of three years.
Southwest Airlines (LUV -0.8%) says it's "shocked and disappointed" by a request from the International Association of Machinists and Aerospace Workers for mediation over a new contract. Talks between the two parties have become heated.
American Airlines Group (AAL -0.7%) pulled its listing from Orbitz in a development that could create a divide in the online travel industry. Several other carriers have hinted about a similar move.
Delta Air Lines (DAL -1.1%) says it will add 1,800 flights attendants in order to keep up with its expanded flight schedule. A few cracks on a tightened capacity stance in the sector have started to emerge on top of Delta's aggressive plans.
Execs with Best Buy (BBY -4.9%) focused heavily on the cost saving initiatives in place at the company during their conference call talk with analysts this morning.
Though demand is expected to be weak in the consumer electronics and mobile phone categories, home theaters could see a boost with increased demand for 4K TVs, especially next year when prices come down.
The high penetration of mobile phones in the U.S. is a bit of drag on demand, notes Hubert Joly.
Look for a more refined and targeted marketing message from Best Buy as it uses more data.
The back-to-school season is "in-line" with expectations so far.