Dec. 18, 2013, 9:12 AM
- Ford (F) says it lowered its estimate for 2013 full-year profit in part due to higher warranty expenses in the U.S. associated with a large recall of Escape vehicles.
- The automaker also faces some extra adversity in Venezuela as a result of unanticipated government actions. Performance estimates for Asia/Pacific/Africa and Europe are on track with Ford's prior outlook.
- The automaker almost cut in half its pension obligation during 2013 on an aggressive lump sum program.
- Product launches in 2014: North America 23; South America 4; Europe 12; Asia/Pacific/Africa 8.
- Year-end presentation: webcast, slides (.pdf).
- F -4.4% premarket.
Dec. 18, 2013, 8:58 AM
Dec. 18, 2013, 8:42 AM
- Ford (F) CFO Bob Shanks will give a year-end update in front of sell-side analysts and media.
- The talk could be instructive with December trends, inventory, and pricing all important issues but an even sharper focus will be on the CEO job at Ford. Expect some Q&A on if Alan Mulally has promised the board he will stay on at the automaker or if he is still in the mix for the CEO job at Microsoft.
- Ford update webcast
- F +0.2% premarket.
Dec. 17, 2013, 1:29 PM
- The UAW would like to see the two-tier system in which new hires are paid just half of what veteran workers earn reworked.
- Detroit automakers (GM, F, FIATY) prefer having the entry-level wage scale because it allows them to compete with Japanese, South Korean, and German counterparts. Time is on the group's side with the UAW labor contract not set to expire until 2015.
Dec. 17, 2013, 7:15 AM
- European car registrations rose 1.2% Y/Y in November to put together a third consecutive month of gains on the continent.
- By regions, the U.K. and Greece were strong while registrations in Germany slipped 2% during the month.
- Monthly growth by manufacturer: General Motors (GM) -3.8%; Volkswagen (VLKAY) +3.2%; Daimler (DDAIF) -1.6%; BMW (BAMXY) -6.8%; Fiat (FIATY) -5.8%; Renault (RNSDF) +8.9%; Peugeot (PEUGY) -1.2%; Ford (F) -1.8%; Honda (HMC) -4.0%; Hyundai (HYMLF) -7.3%; Toyota (TM) +7.3%; Jaguar Land Rover (TTM) +1.3%; Suzuki (SZKMY) +15.8%; Nissan (NSANY) flat.
Dec. 17, 2013, 6:58 AM
- IHS forecasts the global automobile industry will produce 85M sales in 2014, up 3.7% from this year's level.
- Based on the same trend of strong growth in China and the U.S., Deutsche Bank has an even higher estimate for 2014 sales of 87.4M to rep 4% growth.
- Related stocks: GM, F, VLKAY, NSANY, HMC, TM, FIATY, HYMLF, DDAIF, BAMXY.
Dec. 13, 2013, 5:46 PM
- With reports and speculation about Alan Mulally's career plans refusing to let up, Ford (F +1.2%) has scheduled an analyst meeting that will take place at 9AM ET on Wednesday.
- Director Edsel Ford II stated last week Mulally, widely reported to be a top candidate to succeed Steve Ballmer at Microsoft, will stay at Ford until the end of 2014; not everyone is convinced. Bloomberg reported yesterday Mulally's candidacy has "faded" due to concerns about his lack of an IT background, but added there are still scenarios in which he could be named Microsoft's next CEO.
Dec. 12, 2013, 1:39 PM
- Ford (F -0.4%) plans to add 5K new jobs next year in the U.S. as it plans for an increase in production.
- The automaker says it will open three new manufacturing facilities in 2014 to help it launch a total of 23 new vehicles in global markets.
- In November, Ford increased its market share in the U.S. while keeping a tighter reign on inventory than GM.
Dec. 12, 2013, 4:35 AM
- Ford's (F) board of directors reportedly intends to press CEO Alan Mulally on his future amid intense speculation that he is a leading candidate to replace Steve Ballmer at Microsoft (MSFT).
- The board will discuss the matter at a meeting that is due to take place today. The rumors have caused frustration and a desire for clarity, and an end to what is seen as a distraction, especially with some major product launches due next year.
- "It's drowning out the rest of the story," says a source. "People don't write about Mustang, they don't write about earnings, they write about Mulally."
- Even if Mulally doesn't leave for Microsoft, he is unlikely to stay at Ford until the end of next year despite this being the current oft-repeated plan. The board has confidence in COO Mark Fields, who is the frontrunner to replace Mulally as the carmaker's next CEO.
Dec. 10, 2013, 7:11 AM| 1 Comment
Dec. 6, 2013, 10:24 AM| 16 Comments
Dec. 5, 2013, 12:25 PM
- In response to remarks from Edsel Ford II stating Alan Mulally will remain at Ford (F +0.7%) until the end of 2014, Nomura's Rick Sherlund asserts Mulally will be Microsoft's (MSFT -3.6%) next CEO, and that an announcement could happen before the holidays.
- Sherlund: "If [Mulally] were not in discussions, it would be easy to say 'I am not interested and will not go.'"
- Sherlund has previously declared it "likely" Mulally will be named Steve Ballmer's successor, and has raised the possibility Microsoft's pending CEO change would lead to cost cuts, asset sales, and changes to the company's capital structure.
- Microsoft has bounced a little off its intraday lows following Sherlund's comments, but its market cap is still ~$9B lower than it was before Edsel Ford II's remarks.
Dec. 5, 2013, 11:09 AM
- There's further confirmation that Ford (F +0.5%) CEO Alan Mulally will be staying put.
- The exec told Bloomberg's Matt Miller that he loves serving Ford and there is no change to his plans.
- Detroit insiders don't expect anything more official from Mulally as the exec is still considered by many to be contemplating a possible resignation within a few years. Bloomberg nails that date down as the end of 2014.
Dec. 5, 2013, 10:49 AM
- Ford (F +0.5%) director Edsel Ford II tells Bloomberg Alan Mulally, widely reported to be a top candidate (if not the frontrunner) to replace Steve Ballmer as Microsoft's (MSFT -2.4%) CEO, won't be leaving until the end of 2014.
- Microsoft shares, which have rallied more than once following a report that called Mulally a leading candidate, have spiked lower in response to Ford's comments. Ford shares have risen moderately.
Dec. 5, 2013, 10:23 AM
- Vehicle production in China rose 20.6% in October to register the biggest monthly gain since January.
- Output for both the light and medium/heavy truck segments was strong during the period.
- General Motors (GM +1%), Volkswagen (VLKAY -0.5%), and Ford (F +0.5%) are all catching a significant portion of the sales boom in China through their local joint ventures.
Dec. 5, 2013, 8:18 AM
- Ford (F) officially unveiled the sixth version of its iconic Mustang model at the New York World's Fair. The model's roots trace back to 1964 when it was designed under the supervision of Lee Iacocca.
- The sport car will go on sale globally next year - including an entry into Europe and Asia for the first time.
- Quick look from Motor Trend: "It is lean-looking, longer, lower and wider."
- Previous: Halo effect of Ford Mustang.
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