General Motors Co
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Henrik Fisker is working with an investor group to salvage Fisker Automotive, the "green" car company he co-founded nearly six years ago.
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We all know them. The person who swears they'll never drive anything but Mercedes, BMW, or Lexus. When it comes to brand loyalty and the prospect of considering different brand cars and trucks, the foreign guys have enjoyed the type of loyalty American car companies crave.
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Stocks closed moderately lower as traders remained cautious ahead of the most anticipated Federal Reserve meeting in years. "It's been sort of a nervous Monday," said Bob Nunn, chief operating officer at Cohen Specialists. "The market wants to see a 50 basis-point cut and comments that we could see cuts in the future. I suspect we're setting ourselves up for a bit of a disappointment."
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Bargainers for General Motors and the United Auto Workers resumed contract negotiations Monday amid optimism that they are getting closer to reaching a critical contract agreement.
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This afternoon negotiators for GM and the UAW resumed talks to iron out a new contract. Despite the growing sense in Detroit that the two sides are close to deal, it may be while before we see an agreement in principal. Why?
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Credit worries once more haunt world markets, but frankly, the only headlines that matter are the ones that will be released by the Fed tomorrow afternoon. The big story of today though is what former Fed Chairman Alan Greenspan is saying.
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Contract talks between General Motors and the United Auto Workers union resumed late Sunday morning after negotiators talked all day Saturday, a person familiar with the talks said.
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Negotiators from General Motors and the United Auto Workers union were making significant progress on Saturday on a new labor contract, but major issues remained unresolved, a person close to the talks said.
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Stocks ended higher as investors widely expected the Federal Reserve to cut interest rates, but gains were tempered due to uncertainty regarding the magnitude of easing. The Dow Jones Industrial Average posted a weekly gain of 2.6%, the S&P 500 rose 2.1% and the Nasdaq Composite advanced 1.4%.
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Local leaders with the United Auto Workers union on Thursday began preparing to walk picket lines as soon as Friday if contract talks with General Motors break down after the UAW singled out the No. 1 U.S. automaker as its strike target.
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U.S. stock futures are pointing lower this morning as new credit worries in Europe drag down banking shares there and wipe out yesterday's euphoria in the financial sector.
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While the United Auto Workers and General Motors negotiate a new labor contract, it's clear the two sides are on the cusp of a historic agreement. When I talked with one person close to the talks Friday they summed it up best by saying, "I think we'll see something worked out by early next week."
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European car sales zoomed ahead in July and August after slow sales most of the year in major car-buying nations, netting strong results for BMW, DaimlerChrysler, Fiat and General Motors.
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Stocks closed higher as investors were encouraged by solid economic data and positive signals from the credit markets. "The market is getting some encouragement from some calming down on the credit market side," said Todd Clark, head of trading at Nollenberger Capital Partners. "You see that the long bond is down about a point which shows a little less fear."
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This is the first paragraph/short story.
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Shares of General Motors jumped in early trading Thursday, after a Citi Investment Research analyst lifted his rating on the automaker, citing possible outcomes from labor negotiations.
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While the general feeling is that this will be a quiet two days due partly to the Rosh Hashanah holiday, there is a fly in the ointment: next week's quadruple witching expiration (the quarterly expiration of index futures and options, and individual stock futures and options) coupled with the Fed meeting has a lot of traders nervous about expected high levels of volatility...
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Stocks closed sharply higher on expectations the Fed will ease next week, while strong sales from McDonald's helped to boost the Dow."I think what you're seeing is people looking past the Fed's decision," said Doug Altabef, managing director at Matrix Asset Advisors. "They're anticipating some easing and starting to focus on the half-full glass. "
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The Frankfurt Auto Show kicked off today and as expected, the automakers are all talking about cars that are more fuel efficient, more environmentally friendly, and more viable than the first attempts at building electric or low emission cars.
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I attended a meeting of about twenty-five hedge fund traders last night. These informal gatherings are fairly common on the Street; they're often sponsored by sell-side trading houses. Usually, it's a discussion on long and short positions of the various traders.