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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.
DaimlerChrysler shares gained sharply on Friday on speculation that the German automaker could be nearing a deal to sell struggling U.S. unit Chrysler.
After a stellar week for Wall Street, investors this week face a barrage of economic data, testimony from Fed Chairman Ben Bernanke and a worrisome war of words with Iran.
Toyota Motor is creating U.S. jobs, making friends in Washington and leading in fuel-saving technology, yet will not be at the table when President George W. Bush meets major automakers to talk energy policy on Monday
Stocks closed slightly higher Friday, finishing a week with gains of more than 3% in major market indices. "I like to see this pretty tight trading range; the fact that we've been able to hold on to these gains is healthy," Craig Columbus, chief market strategist at Advanced Equities Asset Management, told CNBC.com.
Stocks are edging higher ahead of the opening. Existing home sales data at 10 am New York time could influence direction but for now investors face a flurry of Friday morning corporate news headlines.
For the first time since 2003, General Motors is giving bonuses in the form of stock to Chairman and Chief Executive Rick Wagoner and other top executives.
Chrysler CEO Tom LaSorda told a small group of auto dealers that the sale of the money-losing automaker could be resolved soon, The Wall Street Journal reported Thursday.
President George W. Bush will meet next week with the chief executives from Detroit's largest automakers, the White House said on Wednesday.
The report over the weekend that former Chrysler COO Wolfgang Bernhard has joined Cerberus Capital as an advisor as that firm pursues buying Chrysler shows the value of the beleaguered American automaker. For all it's problems- and there are numerous ones including a reported $18 Billion in legacy costs- Chrysler is still an attractive asset. It's the 4th largest automaker in the world's largest market.
Employee members of DaimlerChrysler's supervisory board plan to oppose a sale of Chrysler Group to a private equity firm that would lead to a breakup of the automaker, according to published reports.
Confronted with congressional concerns about global warming, the leaders of the U.S. auto industry are highlighting their work to develop alternative vehicles and asserting that the burdens of climate change cannot fall to one industry alone.
Cerberus Capital Management's potential bid for DaimlerChrysler's Chrysler unit gained a boost as Wolfgang Bernhard, the restructuring expert who helped to turn around Chrysler five years ago, signed an advisory contract with the group, according to a report in the Financial Times.