- BusinessThe Street•8 hours ago
GM to Consider Axing Six Models to Combat Slumping Sales, Avoid Plant Layoffs
United Auto Workers President Dennis Williams said the union is working with General Motors (GM) to avoid layoffs as U.S. auto sales slump, AutoBlog reported. GM is considering producing more trucks and SUVs while killing off six slow-selling models produced at underused car plants such as Hamtramck in Michigan and Lordstown in Ohio. It's unclear if the plants will start producing newer, more popular models. Watch: Are you driving one of GM's most popular crossovers? GM has cut shifts at several of its U.S. plants as inventories of small and midsized cars grow. If GM stopped producing the six models under consideration, it wouldn't happen until 2020. The models at risk are the Chevrolet Volt,
BusinessThe Street•8 hours agoAdvanced Micro Devices Could Gain Another 17% Within Hours: Chart
It's time to check out the charts... The rally in Nvidia (NVDA) began in April last year and the stock has gone on to a 386% gain since then, but there's another stock in the graphics and artificial intelligence semiconductor space that has done even better. Advanced Micro Devices (AMD) is up 408% in the last 16 months and is retesting its all-time highs as the company is set to report earnings after the close of trading Tuesday. The price action on the daily chart and the technical indications suggest a potential 17% move higher from its current level. Looking to make a move on Nvidia? Jim Cramer shares when the stock is a buy: The $15.00 area has supplied resistance for the last six months
- BusinessSilicon Valley Business Journal•2 hours ago
Seagate Technology CEO Stephen Luzco steps down amid dismal earnings, job cuts
Seagate CEO Stephen Luczo said he’s stepping down, after the Cupertino-based data storage company reported earnings that sharply missed Wall Street’s expectations. The company said it would also cut 600 jobs globally. Shares plunged 16 percent on Tuesday following the news. It's been a challenging year for Seagate. The company’s stock had been trading at roughly $50 per share in late April, ahead of its previous earnings report, which also disappointed Wall Street. The stock opened Tuesday around $33 per share, representing a loss of 33 percent since April alone. In its most recent quarter, Seagate said it pulled in $2.41 billion in sales, short of a Thomson Reuters consensus estimate of $2.56
