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Stocks closed higher as diminished tension in the Middle East set a positive tone for the major market indexes, which remained resilient despite lukewarm economic data. "The resolution between Iran and Britain took a dark cloud away, it's the best of all worlds," said Dan McMahon, head of listed trading at CIBC World Markets.
Li from MA wants to know how oil and natural gas prices might change given that Iran’s leaders visited Saudi Arabia last month?
It’s official: DaimlerChrysler confirms that its Chrysler division is up for sale. The announcement was made today by Chairman Dieter Zetsche at his company’s shareholder meeting in Berlin. Although he did not name potential buyers, private-equity firms Blackstone and Cerberus, and Canadian car group Magna International have reportedly made formal bids on Chrysler. Brad Rubin, auto trading sector specialist at BNP Paribas, and Michelle Krebs, senior editor at Edmunds’ Auto Observer.com appeared on "Morning Call" to debate whether a sale to private equity would be the best thing for Chrysler’s future.
Stocks were mixed in early trading after Iran's president said the British sailors would be freed. Oil moved lower, under $64 a barrel. Oil inventory data is due at 10:30 a.m. EDT.
Stocks closed higher across the board Tuesday as investors were encouraged by better-than-expected housing data and a steep pullback in crude oil prices. "The market was pleasantly surprised by the housing numbers," John Massey, portfolio manager at AIG SunAmerica, told CNBC.com. "That took out a significant amount of resistance and hesitation in the market, and tensions cooling in Iran led to a pullback in energy. It was a confluence of those two events."
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.
General Motors, Ford Motor and the Chrysler unit of DaimlerChrysler continue to lose market share to non-U.S. rivals.
Stocks are geared up to open higher this morning after yesterday's sluggish activity. Auto sales and pending home sales data are features today.
DaimlerChrysler is expected to receive bids from three potential buyers for its U.S.-based Chrysler division, the Detroit News reported on Friday.
This weekend, while most of us are reluctantly admitting that our NCAA brackets have gone bust (unless you pick only favorites) the auto industry will be watching the Chrysler sweepstakes. Unfortunately, unlike the college hoops championship, by Monday night it's unlikely we will see a clear winner in the battle for Chrysler.
The unions of the United Auto Workers and the Canadian Auto Workers have agreed to work together to present a united front with regards to the upcoming sale of the Chrysler Group, the Wall Street Journal reports.
Sirius Satellite Radio is teaming up with Chrysler to bring digital TV to the back seat of your car. CNBC’s Trish Regan reported live in New York City's Times Square Thursday morning for the first unveiling of the product.
Stocks closed sharply lower after being down all day on Fed Chairman Ben Bernanke's remarks that "economic uncertainty" has increased. "The market has these little flips up and down but it's been quiet and down all day long," said Mike Driscoll, head of listed trading at Bear Stearns
General Motors will not make a first-round bid for DaimlerChrysler's Chrysler unit, leaving just private equity firms and an auto parts supplier in the running, the Times reported on Wednesday.
Stocks closed lower after a new warning from the housing industry kept buyers out of the market. "Even though we may test the lows just because some short-term investors may get out of the way, this market has been really good shape," said Richard Steinberg, president and chief investment officer at Steinberg Global Asset Management. "If we pull back, investors should be reassessing their portfolios and looking to pick up bargains."
DaimlerChrysler shares were trading higher Tuesday following several media reports that said private-equity bids for Chrysler could come in as early as this Thursday.
Automaker DaimlerChrysler, which is considering how to handle its struggling U.S. unit, said Tuesday it will delay the announcement of its first-quarter results because of its changeover to international accounting standards.
Stocks show signs of weakness ahead of the open today after yesterday's disappointing real-estate data snuffed out the Dow's five-day winning streak. Asian markets were lower overnight, and Europe's major markets are mostly higher.
The chief executives of the Big Three auto makers told President Bush they will work with the administration to cut oil consumption by 20% over the next ten years, CNBC's Scott Cohn reported.
Chief Execs of the Big Three automakers headed to the White House today to discuss the latest advances in alternative fuel technology with President Bush. Their focus: Bush’s support for alternative fuel vehicles and his plan to cut gas consumption by 20% in ten years.