|Bid||31.50 x 100000|
|Ask||31.75 x 100000|
|Day's Range||31.65 - 31.65|
|52 Week Range||28.04 - 39.90|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||1.23 (3.95%)|
|1y Target Est||N/A|
to offer $750m as part of a $4.35bn cash lifeline to GM’s struggling unit in South Korea. GM, which owns 77 per cent of the Korean operations, will invest $3.6bn and convert a $2.8bn loan to the Korean unit into equity.
GM’s first-quarter net income sank 60% amid hefty restructuring costs in South Korea and lost production in the U.S. from planned factory downtime.
The plants will also feature a component they say is the secret ingredient to flexible manufacturing: humans. SAIC-GM's factory in Shanghai, which opened in 2016, is one of the world's most advanced auto plants, assembling Buick minivans and Cadillac sedans and SUVs, including the CT-6 plug-in hybrid for U.S. consumers.
U.S. stocks advanced on Thursday with each of Wall Street's major indexes ending the session up 1 percent or higher, boosted by solid earnings results and a rebound in technology stocks as U.S. bond yields pulled back. The tech-heavy Nasdaq snapped a five-day losing streak while the S&P technology index booked its first up day in six sessions.
GM affirmed a role for passenger cars in its lineup at home and abroad following a first-quarter earnings beat Thursday, a day after rival Ford topped views and outlined plans to largely exit that segment domestically.
Plaintiffs suing GM for declining vehicle values related to the faulty switches—recalled in 2014—told a bankruptcy judge in a letter Wednesday that they’ve reached an agreement with the trust that oversees compensation for creditors of “old GM,” or assets left behind in the wake of GM’s 2009 bankruptcy. The agreement between the plaintiffs and the trust could force GM to pay hundreds of claims and potentially trigger a requirement that it pay 30 million shares to the trust to help pay claimants, under terms of its bankruptcy sale. The agreement must be approved by a bankruptcy judge.
U.S. stocks rallied on Thursday, buoyed by strong earnings results and a resurgence in technology stocks as U.S. bond yields eased, with each of Wall Street's major indexes up more than 1 percent. The tech-heavy Nasdaq was on track to snap a five-day losing streak while the S&P technology index appeared poised to post its first up day in six sessions.
The Toyota Camry could extend its lead in passenger cars with less competition from domestic players. Ford Motor announced Wednesday that it's cutting traditional sedans from its U.S. lineup, except for the venerable Mustang, saying goodbye to the Fusion, Focus, Fiesta and Taurus so it can double down on trucks and sport utilities. "Ford realized it can't be everything to everyone, and in today's market that could be okay," said Jessica Caldwell, executive director of industry analysis for Edmunds.
General Motors Co on Thursday reported better-than-expected first-quarter earnings despite a drop in production of high-margin pickup trucks as it gears up for new models, but investors disappointed by the automaker's lower pre-tax profit sent its shares down more than 2 percent. Like rivals Ford Motor Co and Fiat Chrysler Automobiles NV, GM is banking on highly profitable pickup trucks to boost margins, as U.S. consumers abandon traditional passenger cars in favor of larger, more comfortable trucks, SUVs and crossovers. "We believe the stock will be under pressure today given," GM's lower pre-tax profit and a "significant cash burn" during the first quarter," Buckingham Research Group analyst Joseph Amaturo wrote in a client note.
South Korea isn’t joining that list even though it is a tough place for the Detroit auto maker to do business. GM on Thursday outlined a new labor deal in South Korea that is expected to reverse persistent losses while salvaging the auto maker’s presence in a market that has served as a key export hub and vehicle-engineering center. The auto maker’s labor union in Korea ratified an agreement to trim as much as $500 million a year in costs and deliver black ink in 2019.
Big news out of the big three automakers. Yahoo Finance’s Alexis Christoforous, Editor-in-Chief Andy Serwer, and Julia La Roche discuss.
General Motors reported a higher-than-expected quarterly profit despite a drop in production of high-margin pickup trucks, as it gears up for new models that are expected to boost profits next year. Aleksandra Michalska reports.