Brian Sponheimer, Auto & Capital Equipment Analyst at Gabelli & Company, discusses General Motors' sharp fall in profit during the first quarter.» Read More
NEW YORK, April 24- Corporate America is letting the sun shine in on second-quarter profit outlooks, raising hope that the first quarter's storms are past.
Ford Motor Co. rose$. 09 or. 6 percent, to $16.32. General Motors Co. fell$. 22 or. 6 percent, to $34.17. Honda Motor Co. fell$. 17 or. 5 percent, to $33.68.
WASHINGTON, April 24- The Florida attorney general's office said on Thursday it was part of a multi-state group forming to look into complaints about General Motors, which has recalled 2.6 million cars for a faulty part blamed for at least 13 deaths.
WASHINGTON, April 24- General Motors is facing five different government probes in connection with its recent recalls, the automaker said in a regulatory filing on Thursday.
GM said it is being investigated by the U.S. Attorney's Office for the Southern District of New York, the Securities and Exchange Commission, the National Highway Traffic Safety Administration, a state attorney general, and Congress.
DETROIT— U.S. securities regulators are looking into General Motors' delayed recall of more than 2 million cars with a deadly ignition switch problem. GM disclosed in a quarterly report Thursday that the Securities and Exchange Commission has made inquiries about the recall.
*Russia launches army drills near Ukraine border. NEW YORK, April 24- Global equity markets rose in choppy trading on Thursday in the wake of strong earnings results from tech heavyweights Apple and Facebook, but worries about rising tensions in Ukraine limited gains and dragged the dollar lower.
Martinrea Riverside LLC held a groundbreaking ceremony Thursday for an automotive parts facility near Interstate 635 in the community of Riverside. They will make engine cradles and automotive assemblies for General Motors' Fairfax assembly plant in nearby Kansas City, Kan..
DETROIT, April 24- General Motors Co's first-quarter profit tumbled 88 percent on Thursday due to the massive recall for defective ignition switches, and shares fell 1.3 percent after the company said expectations for the rest of the year must be trimmed.
GM EARNINGS: General Motors' first-quarter profit fell 86 percent to $125 million, mostly due to a $1.3 billion charge for recalling 7 million vehicles worldwide. BETTER THAN EXPECTED: Excluding one-time items like a $419 million charge for revaluing Venezuelan assets, GM earned 29 cents per share. That was far above Wall Street's estimate of 3 cents per share.
*Russia launches army drills near Ukraine border. NEW YORK, April 24- Global stock markets and the dollar pulled back from strong early gains on Thursday on worries about rising tensions in Ukraine, but U.S. technology shares were higher on upbeat earnings from Apple and Facebook.
SHANGHAI, April 24- Warren Buffett- backed Chinese carmaker BYD Co posted an 89 percent drop in first-quarter earnings on Thursday, hit by falling vehicle sales. BYD and other Chinese carmakers, including Geely Automobile Holdings and Chery Automobile Co, are losing market share to foreign rivals such as Volkswagen, General Motors and Ford.
DETROIT, April 24- Parts supplier Delphi Automotive Plc Chief Executive Officer Rodney O'Neal declined on Thursday to discuss costs related to the General Motors Co ignition switch recall. Delphi produced the ignition switches involved in the recall of 2.6 million GM vehicles that have been linked to at least 13 deaths.
DETROIT, April 24- General Motors Co said on Thursday that first-quarter profit tumbled 88 percent after a massive recall due to defective ignition switches, but results still topped expectations on strong pricing for its redesigned pickup trucks in North America and improvement overseas.
NEW YORK, April 24- U.S. stocks rose at the open on Thursday, led by gains in Apple after its earnings as well as buyback and stock split announcements, while other sector bellwethers including General Motors and Aetna also rose after results.
*Tech results lift Nasdaq futures, Apple and Facebook rally. NEW YORK, April 24- U.S. stock index futures were higher on Thursday, with Nasdaq futures jumping more than 1 percent following a pair of blowout results from technology stalwarts Apple and Facebook.
DETROIT, April 24- General Motors Co said on Thursday that first-quarter profit tumbled 88 percent after a massive recall due to defective ignition switches, but results still topped expectations on strong pricing for its redesigned pickup trucks in North America.
U.S. stock index futures pushed higher on Thursday, as Apple and Facebook's strong earnings boosted early trade in Europe.
Some of the names on the move ahead of the open.
CNBC's Phil LeBeau and Chuck Stevens, CFO of General Motors, dissect the automaker's quarterly numbers. Stevens weighs in on how the recall scandal impacted the company's bottom line. Our recall charge is overshadowing our overall results, says Stevens.