Railroad company Norfolk Southern reported a lower quarterly profit citing softness in the U.S. economy, in particular the housing and automotive sectors, but beat analysts' forecasts.
Representatives of billionaire investor Kirk Kerkorian, met with United Auto Workers members Sunday, the Wall Street Journal reports.
Chrysler CEO Tom LaSorda is finally ready to talk. I'd say free to talk, but he's limited with what he can say about negotiations to sell Chrysler, so it's not total freedom. Still LaSorda is done staying completely out of the public eye. His message: Chrysler is not standing still.
Chrysler CEO Tom LaSorda spoke with CNBC’s Phil Lebeau in an exclusive "Power Lunch" interview. LaSorda said that his priority is to focus on the recovery and transformation plan that is currently in place. Chrysler has eight new launches this year and 20 over the next three years. “When you’re running a company like this, you have to look to the future and the future’s about product,” said LaSorda...
Chrysler Group Chief Executive Tom LaSorda on Wednesday said talks regarding a sale of the automaker were continuing and that "all options" remained open regarding the division's future with German parent Daimler.
An investor group's plans to buy bankrupt auto parts maker Delphi has hit a snag, with the union not agreeing to cut future wages and benefits for new hires, the Wall Street Journal reported on its Web site on Tuesday.
Tracinda's offer to buy the Chrysler unit of DaimlerChrysler could collapse unless the investment vehicle controlled by billionaire Kirk Kerkorian can find a way to enter into negotiations with the German parent of the U.S. automaker, the Financial Times reports.
A top DaimlerChrysler executive is scheduled to meet in New York this week with bidders for the German auto maker's Chrysler unit but it appears that billionaire Kirk Kerkorian's Tracinda isn't among those on the invitation list, The Wall Street Journal reported.
Today in New York, the man leading the Chrysler auction is beginning meetings with those firms pursuing the American automaker. Two private equity companies, Blackstone Group and Cerberus Capital, as well as Canadian auto parts maker Magna corp. will all meet with Daimler executives to discuss round two of the Chrysler auction.
Stocks look set to move higher at the opening, with the Dow catching some strength from Citigroup's restructuring moves and Alcoa's better-than-expected earnings report. European stocks are riding higher for a sixth day, and Tokyo was flat but other Asian markets were higher overnight.
The head of the Canadian Auto Workers says he will try to thwart billionaire investor Kirk Kerkorian's bid for Chrysler, fearing Kerkorian will cost thousands of workers their jobs.
"The devil you know": Familiarity may breed more trust than contempt in Detroit, as the United Auto Workers union decides which Chrysler suitor to cozy up with -- or whether to spurn them all in favor of sticking with current ownership. Two industry analysts told "Morning Call" viewers that for all the griping, the UAW may prefer to keep things as they are.
These are interesting times for Ron Gettlefinger and the United Auto Workers. What at first blush appears to be a golden opportunity for the union, is a double edged sword. Last Thursday, Kirk Kerkorian's Tracinda Corp made a public bid to buy Chrysler that includes an offer to have the UAW take an equity stake in the company. Once the word got out, people in the industry at the New York Auto Show started speculating the UAW will jump at the chance to own part of the big 3.
Kerkorian's bid, about one-fifth of what he offered in 1995, reflects the falling fortunes of Chrysler Group, which lost $1.5 billion last year and has announced 13,000 job cuts in North America and reduced production.
Auto industry watchers Jean Jennings of Automotive Magazine and Dave Sedgwick of Automotive News tell Sue Herera what each of the Big Three U.S. automakers are doing wrong and right.
General Motors is showing off three Chevrolet minicar concept vehicles at the New York International Auto Show, which runs through April 15. But don’t run to your local dealership just yet. It’s likely the cars are still four to five years away, which makes all the buzz around them key to the automaker's development strategy, analysts say.
Billionaire Kirk Kerkorian is looking to buy Chrysler--again. Kerkorian’s investment firm Tracinda is offering $4.5 billion for DaimlerChrysler's loss-making Chrysler Group unit. But striking a deal may prove difficult considering Kerkorian’s contentious history with the U.S. automaker.
General Motors, Ford and DaimlerChrysler reported declines in March U.S. sales, fulfilling analysts' expectations that the Big Three U.S. automakers would all see a drop from the same month last year. Meanwhile, sales at Toyota rose, though less than expected.
Tom Libby, an auto analyst for J.D. Power and Associates, told CNBC’s “Squawk Box” that Jeep may be diluting its image with too many “cross-over”models, or SUVs based on cars.“I think long-term there is an issue about whether they’re helping or hurting the brand,” Libby said Thursday. “These new products are car-based. Frankly, the Compass does not look a ‘Jeepish’ – it does not have the masculine, assertive, aggressive look of traditional Jeeps. Long-term, I think there’s the possibility they’ll dilute the image of being a tough, off-road SUV.”
Stocks are barely changed ahead of the opening and are likely to trade with some trepidation ahead of a three day holiday weekend. Tomorrow's jobs report is a big point of interest, but stock traders will be home watching their bond market brethren trade the number on a special jobs Friday edition of Squawk Box.