Wed, Feb. 18, 2:09 PM
- JPMorgan sees a bounce in retail sales over the next two quarters as stronger employment rates and lower gas prices underpin demand.
- A screen by JP dug out the 12 stocks which show the largest correlation with headline retail sales growth.
- A dozen to watch in retail: GM, F, COH, SBUX, BWA, DLPH, VFC, IPG, LB, OMC, TSCO, HOG
Wed, Feb. 18, 2:24 AM
- Bankruptcy Judge Robert Gerber said yesterday he would consider narrowing the bankruptcy shield awarded to GM (NYSE:GM) in 2009, should the company be found to have violated car owners' constitutional rights by hiding ignition-switch defects during its bankruptcy.
- Plaintiffs have argued that they should be able to seek compensation from GM itself, rather than its compensation trust, because the company concealed the defects when the bankruptcy sale was approved.
- Meanwhile, Warren Buffett's Berkshire Hathaway (BRK.A, BRK.B) increased its GM holdings during Q4 by 1M shares to 41M, while George Soros boosted his stake in the company by about 729K shares to 4.9M.
- Previously: GM fights to maintain bankruptcy shield (Feb. 17 2015)
Tue, Feb. 17, 10:06 AM
- Opel (NYSE:GM) car registrations -3.6% to 63,966 units in January, according to the European Automobile Manufacturers Association.
- Overall EU registrations +6.7% Y/Y, led by strong growth in Spain and Italy.
- Opel market share: 6.2% vs. 6.9% a year ago.
- Results include the Opel, Vauxhall, Chevrolet (minor contribution), and other GM brands.
- EAMA release (.pdf)
Tue, Feb. 17, 4:46 AM
- General Motors (NYSE:GM) will find itself back in the courtroom today in a fight to preserve its bankruptcy shield against legal claims.
- Judge Gerber, who presided over GM’s government-backed restructuring, is revisiting details of the case to decide whether plaintiffs can sue for vehicle recalls that have dented the value of their GM models and injuries from a defective ignition switch that occurred before the company's bailout.
- The faulty ignition switch has been tied to at least 56 deaths.
- GM asked Judge Robert Gerber last April to bar claims related to vehicles made before 2009 based on the so-called "New GM." Liabilities related to older vehicles were largely retained at the company’s bankruptcy estate, often called "Old GM."
Mon, Feb. 16, 10:48 AM
- General Motors (NYSE:GM) received 75 more claims for compensation for ignition switch defects in its cars last week, bringing the total amount of compensation claims to 4,312.
- The deadline for filing was Jan. 31, but any claims postmarked by that date are still eligible for review.
- GM's compensation program has so far determined that 56 deaths, nine severe injuries and 78 other injuries are eligible for payment.
Sat, Feb. 14, 3:58 PM| 14 Comments
Sat, Feb. 14, 10:53 AM
- The automobile industry was jolted yesterday by reports on Apple developing its own electric vehicle.
- Though the development has the potential to be disruptive for EV automakers, the impact could be even larger for companies betting on fuel cells if the $740B Cupertino giant takes a strong position in the EV vs. hydrogen debate through a partnership or vehicle introduction.
- Shares of Tesla Motors only showed a mild reaction to the Apple reports yesterday during the regular session and AH trading.
- Toyota is the company out in front on FCV development with the Mirai debuting in many markets this year. The automaker audaciously calls the model the "turning point" in automotive history.
- In regard to Apple, by most appearances, Toyota has been slow-playing the integration of Apple's CarPlay into future platforms.
- Related: The electric vs. hydrogen debate just got interesting (Jan. 15 2015)
- Related: Fuel cell development in Japan to gear up before 2020 Olympics (Jan. 20 2015)
- Related: Millennials have the steering wheel now (Jan. 31 2015)
- Related: Apple car project is for real, and it's a minivan (Feb. 13 2015)
- Automobile industy stocks: GM, F, TM, HMC, OTCPK:NSANY, TSLA, OTCQX:VLKAY, OTCPK:DDAIF, OTC:HYMLF, OTCPK:BAMXY, OTCPK:MMTOF, TTM, OTCPK:SZKMY, OTCPK:FUJHY, OTCPK:GELYF, FCAU, BLDP, KNDI.
Fri, Feb. 13, 3:09 PM| 8 Comments
Fri, Feb. 13, 2:22 PM
- Apple (NASDAQ:AAPL) is actively recruiting automobile industry experts to work at a secret lab, sources tell Financial Times.
- The hires are reported to include vehicle design experts.
- Earlier this week, CEO Tim Cook called CarPlay (auto OS) a key technology platform for the company in the future.
- CarPlay is expected to be included in some future Ferrari, Daimler, Volvo, and Volkswagen models.
- Though this week's events have rekindled some rumors of an iCar, there's nothing solid yet from Apple indicating it's heading in that direction.
- The plans of Apple in auto has some bearing on Tesla Motors (NASDAQ:TSLA), BMW (OTCPK:BAMXY), and even General Motors (NYSE:GM) with its OnStar asset.
- Apple isn't the only tech giant dabbling in the auto sector, Google has ambitious self-driving car and Android integration projects of its own.
- Related: Talent showdown between Tesla Motors and Apple.
Fri, Feb. 13, 2:26 AM
- As activist investor Harry Wilson and four hedge funds press GM (NYSE:GM) for an $8B share repurchase by mid-2016, the company is weighing the potential impact of the buyback, which may dent its balance sheet and jeopardize its credit ratings.
- Two ratings firms indicated this week that the proposed buyback could hurt GM’s current credit rating, which is one notch above junk status.
- Wilson, however, says GM needs to better manage its $25B in cash, and is looking to nominate himself for the company's board.
Thu, Feb. 12, 11:44 AM
- General Motors (GM +0.7%) confirms it will build its Bolt EV model at a plant in Michigan.
- Industry analysts expect the Bolt to go into production in late 2016 and go on sale in 2017 - potentially ahead of Tesla's mass-market Model 3.
- The annual production run rate is anticipated to be 25K-30K initially.
Wed, Feb. 11, 9:59 AM
Tue, Feb. 10, 9:02 AM
- General Motors (NYSE:GM) confirms Harry Wilson will nominate himself for the company's board.
- Wilson is expected to propose an accelerated buyback plan for the automaker with the backing of GM investors Taconic Parties, Appaloosa Parties, HG Vora Parties. and the Hayman Parties.
- GM +3.58% premarket to $37.27.
Fri, Feb. 6, 8:20 AM
- General Motors (NYSE:GM) plans to begin building the Chevrolet Bolt, its all-new $30K electric car, in October 2016 at an underused small-car plant north of Detroit, Reuters reports quoting two supplier sources.
- GM's production target for the Bolt is relatively modest, at about 25K-30K cars a year, they added,
- The Bolt is expected to go on sale in early 2017 and will have a driving range of more than 200 miles.
- Previously: An electric Bolt from GM (Jan. 10 2015)
Thu, Feb. 5, 3:53 PM
- Sterne Agee backs its Buy rating on General Motors (GM +1.1%) after digesting the automaker's Q4 report.
- "Auto operations in North America continue to show improvement, operations in China set another record, the company is taking actions to minimize the impact from some of the weaker regions," read the bullish note from Sterne.
- The investment firm's price target of $50 implies considerable upside for investors.
- Previously: General Motors 4% higher on positive results (Feb. 4)
- Previously: GM +3.2% after solid profit read and dividend boost (Feb. 4)
Thu, Feb. 5, 2:35 AM
- Ontario has sold its remaining shares in General Motors (NYSE:GM) for approximately C$1.1B ($874.89M) after announcing its plans last April to sell the stake over the next year or so.
- The stock was acquired when the Canadian and Ontario governments contributed more than C$10B in 2009 toward a bailout to keep GM afloat.
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