General Motors will begin building a new, top-end Cadillac sedan late next year at its Detroit-Hamtramck assembly plant.» Read More
President-elect Barack Obama nominated Gov. Bill Richardson (D-NM) for commerce secretary Wednesday, the same day that United Auto Workers President Ron Gettelfinger announced the UAW would make huge concessions in order to help the Big 3 automakers nail government bailout funds. CNBC heard from experts who said the drop in gasoline prices bodes well for the first quarter and Ben Bernanke just may save us from a severe recession. (UPDATED)
Yesterday we learned that the windy city wants to lease its parking meters to a private company that would raise daytime hourly parking rates in downtown Chicago from $3 now to $6.50 by 2012. Sound exorbitant?
At his news conference this morning, where he introduced New Mexico Gov. Bill Richardson as Commerce-secretary designate, President-elect Obama refused to play his hand on the Detroit/GM bailout story. That tells me he’s aware that the country is getting fed up with the thought of bailout nation.
The stock market was far off its morning lows, coming close to turning positive, as investors shook off a handful of weak economic reports and snapped up biotech shares and other defensive plays.
ExxonMobil is the largest stock in the S&P 500. Wal-Mart, the nearest competitor, is a little more than half that size. ExxonMobil has been notably outperforming the market recently. Since early September, Exxon has been up about 5 percent, while the S&P 500 has been down 30 percent.
The current problems facing the automotive industry are a result of consumer fear, not the Big Three U.S. automakers, according to John Bergstrom, CEO of Bergstrom Automotive, one of America’s most powerful car dealership groups.
Chrysler's plan may be the most troubling, largely because it shows how much money the company needs right away. Chrysler wants $7 Billion by the end of the year. Chrysler's plan also talks about the "synergies" that would be derived from Chrysler being consolidated with another auto maker.
Stocks were set to give back some of their sharp gains from Tuesday's session but were off their morning lows after data showed a sharp increase in mortgage applications last week.
Take it from the traders who've been in the trenches this year, it's war out there!
Stocks snapped back on Tuesday after global bellwether General Electric lifted investor optimism by pledging to leave its dividend intact.
U.S. light vehicle sales at General Motors and Chrysler plunged more than 40 percent in November, while Ford's sales dropped 31 percent, battered by an economic storm that has sent consumer demand for new vehicles to lows not seen in decades.
Stocks rallied Tuesday as investors scooped up bargains and were encouraged by news that General Electric will keep its dividend intact.
I have noted the weeping and gnashing of teeth that accompanied yesterday's downturn, and the widespread belief that we have not yet put in a convincing bottom.
Stocks rose sharply Tuesday as investors scooped up beaten-down stocks after the prior session's selloff that saw the Dow give back 700 points.
A number of small companies are angling for a piece of a $25 billion auto industry loan program, set up by the Department of Energy to quicken the development of fuel-efficient cars.
The Big Three will become two, Detroit will need more help from the government, SUVs will enjoy a modest rebound and electric cars will fire up the industry.
Stocks opened higher Tuesday, clawing back some of what they lost Monday, when the Dow shed nearly 700 points.
This time, GM Chief Rick Wagoner will drive a company car to Washington instead of flying by corporate jet as he seeks a government bailout, a spokesman says.
The latest job cuts in the banking sector come amid an overall wave of layoffs across the United States as companies move to cut costs in the face of slackening demand and a general economic downturn.
General Electric announced that it will maintain its dividend for 2009, giving it an 8.6% yield, based on yesterday's close. See how this compares to the other 29 companies in the Dow.