Stocks ended mixed on Monday as the latest batch of merger news failed to spark excitement among investors ahead of the release of key economic data. "The market has somewhat become like Pavlov's dog, waiting for some blockbuster merger deals to be announced," said Robert Pavlik, chief investment officer at Oaktree Asset Management.
Private equity firm Cerberus Capital Management will buy the majority of DaimlerChrysler's struggling Chrysler Group for $7.4 billion, a fraction of the $36 billion deal that created the transatlantic car union nine years ago.
Bradley Rubin, an auto trading specialist at BNP Paribas, told CNBC’s “Morning Call” that he’s surprised the United Auto Workers Union supports Cerberus Capital Management’s deal for Chrysler.
Cerberus Capital Management, which agreed to buy a majority stake in Chrysler for $7.4 billion, has been loading up on auto assets and industry experts recently but still faces major challenges in turning the struggling auto maker around, CNBC's Melissa Lee reports.
Stocks are looking for direction amid a flurry of takeover headlines this morning. Asian stocks were higher overnight on the back of Wall Street's Friday gains, but European markets are mostly weaker.
Private equity firm Cerberus Capital Management may be the top contender to buy control of DaimlerChrysler's struggling Chrysler Group, though other bidders remained in the mix, according to newspaper reports.
Magna International is open to DaimlerChrysler keeping a stake in struggling automaker Chrysler. Separately, Magna secured a $1.54 billion investment from Russian billionaire and automotive entrepreneur Oleg Deripaska .
Canadian automotive parts supplier Magna International is the only remaining interested bidder for struggling U.S. carmaker Chrysler, Germany's Automobilwoche reported on Saturday.
There's plenty of talk today about the possibility of $4 gas this summer. If that happens, this could be one long hot summer for the Big Three. Thursday, when I talked with him, General Motors CEO Rick Wagoner indicated the country's largest automakers are already noticing a repeat of last year, when buyers moved from big rigs (trucks and SUVs) and more towards smaller cars.
General Motors said its first-quarter earnings slumped and revenue fell from the same quarter last year. The $305 million overall loss at finance arm GMAC "pretty much accounts for any difference in (earnings expectations)," GM Chairman and CEO Rick Wagoner told CNBC's Phil LeBeau.
Chrysler's famous Hemi V-8 engine, known more for power than fuel economy, will become more fuel efficient when the company rolls out a hybrid version early next year. Chrysler Group announced Monday that it will offer a hybrid Hemi in its Dodge Durango and Chrysler Aspen sport utility vehicles that will improve their fuel economy by nearly 40% in the city and about 25% on the highway.
General Motors, Ford Motor and DaimlerChrysler's Chrysler Group all reported April sales that beat expectations, defying predictions that the poor housing market and high gas prices would drag automobile sales sharply lower.
Chrysler Group announced Monday that it will offer a hybrid Hemi in its Dodge Durango and Chrysler Aspen sport utility vehicles that will improve their fuel economy by nearly 40% in the city and about 25% on the highway.
U.S. auto industry sales have dropped far below expectations for April, a Ford Motor executive said on Friday, as rival General Motors rolled out an incentive program intended to boost crucial month-end sales.
Steven Landry, who was named on Friday to take over Chrysler's sales efforts in North America, said the automaker plans to reduce fleet sales to 21% of its total sales volume by end 2009.
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.