Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Will Bush Listen to Motown? [Business Week]
Summary: The CEOs of Detroit's Big Three automakers, Rick Wagoner of General Motors (NYSE:GM), Alan Mulally of Ford (NYSE:F) and Tom LaSorda of DaimlerChrysler's (DCX) Chrysler Group, will have a long-awaited sit-down with President Bush on November 14. The scheduling of the meeting may be a tip of the hat by the White House to the newly constituted Congress, since many of the issues the CEOs plan to discuss -- pensions, for instance -- are higher on the Democrats' agenda than on the Republicans'. Still, few expect much to result from the meeting. President Bush is no more inclined now than he was two weeks ago to press the Japanese on the yen-dollar exchange rate, for example. The Japanese lobbying effort in Washington is so effective that the Detroit CEOs expect to make progress only in areas where their interests coincide with those of Japanese automakers -- areas like energy, government-subsidized healthcare, and a dropping of steel tariffs.
Related links: Commentary: Jerry Flint Believes Detroit's Luck Has Run Out, Auto Nation: Detroit Needs To Get Real, Is Rick Wagoner Corporate America's Comeback Kid of the Year?, Why Japanese Cars Earn $2400 More Profit Each • Earnings conference call transcripts: General Motors Q3 2006, Ford Q3 2006, DaimlerChrysler Q3 2006
Potentially impacted stocks and ETFs: General Motors (GM), Ford Motor Company (F), DaimlerChrysler AG (DCX) • Competitors: Toyota Motor Corp. (NYSE:TM), Honda Motor Co. Ltd. (NYSE:HMC), Nissan (OTCPK:NSANY) • ETFs: PowerShares FTSE RAFI US 1000 (NYSEARCA:PRF), WisdomTree Dividend Top 100 (NYSEARCA:DTN), Rydex S&P 500 Pure Value (NYSEARCA:RPV), iShares Russell Midcap Value Index (NYSEARCA:IWS)
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