So there I am driving to the Northwestern/Iowa football game last Saturday when my friend Bruce says, "Hey, what do you think of the Buick Enclave? I think it's pretty sharp." Well Bruce, you are not alone. The latest stats from J.D. Power's Power Information Network shows the Buick Enclave was the fastest selling vehicle in the U.S. last month.
The financial sector continues to get pounded. General Motors reported a significant third-quarter loss, but there is a glimmer of hope in the pharmaceutical industry.
Stocks closed sharply lower as a probe of the home loan industry by New York's attorney general drew in the country's biggest mortgage finance companies and Washington Mutual warned the housing downturn would extend well into next year.
General Motor's surprise $39 billion loss drove fear right back into a stock market but the collapsing dollar is what's worrying Wall Street. Oil is rising on inventory data but its move has been tempered by reports of a smaller than expected decline in crude supplies.
GM's record loss of $39 billion is a stunner that has investors once again questioning whether the country's largest automaker is any closer to consistently turning a profit. For what it's worth, I think GM will get there, and I'll explain why in a bit.
The takeaway from the GM numbers is that expectations for auto sales, particularly in North America, appear too high and is exacerbating concerns about a softer U.S. consumer. Forget about the somewhat confusing $39 billion non-cash charge.
The shrinking U.S. dollar, record oil prices and some major earnings reports will dominate Wednesday trading. Oil edged past $98 moving deeper into record territory in overnight trade. Traders are betting crude has the legs to run through $100 in the next couple of days.
General Motors CEO Rick Wagoner sees "tough circumstances" in the marketplace, but expects "no cash impact" from a massive charge that left his company with a record $39 billion third-quarter loss.
Toyota Motor, the world's biggest and most profitable automaker, posted a 2.7 percent rise in quarterly operating profit thanks to a weaker yen, cost cuts and stronger sales, and it raised its full-year forecasts.
Several factors weighing on futures prior to the open: 1) GM posting its biggest quarterly loss ever; $39 billion amounts to $68.85 a share loss, a mind-boggling number considering the stock is $36. Down 5% pre-open. Declining to provide guidance is the key here. However, this news came out last night and is not the primary reason the market is down.
General Motors said it would book a $39 billion non-cash charge in the third quarter, reflecting the risk of a slower turnaround that could keep it from claiming expected future tax credits in key markets. GM will report third-quarter results on Wednesday.
General Motors, which reports earnings Wednesday before the bell, fell in after hours trading after it said it would take a huge non-cash charge because of an accounting adjustment.
The trade as U.S. automakers prepare to report earnings.
Automakers are all for sustainability, but they need regulations and policies to make green vehicles popular enough to ensure profitability, says Booz Allen Hamilton's William Jackson.
Two years after it successfully fought off the efforts of Carl Icahn and the plan authored by Lazard Frères to break apart Time Warner, the company seems ready to embrace it, CNBC's David Faber reports.
Ford's U.S. sales fell 9.3 percent in October, leaving it slightly behind rival Toyota, which reported a 4.5 percent sales increase for last month.
U.S. auto sales are expected to have dipped slightly in October, as stepped-up incentive spending by automakers could not totally offset the drag from continued turmoil in the U.S. housing market, analysts said.
If you go to as many auto shows as I do, you quickly realize that there are only a few times you see a car, truck or SUV that is truly cool. Once again, spending a couple days in Las Vegas convinced me that the WOW factor is at the SEMA (Specialty Equipment Manufacturing Association) convention.
Ford Motor and the United Auto Workers union Tuesday intensified the pace of negotiations for a new labor contract, a person familiar with the talks said.
OK, at first blush Jay Leno and rapper 50 cent might seem like a strange combination. But for General Motors this odd couple is the star power the automaker needs to draw attention to specialty auto parts. Last night here in Las Vegas, Leno unveiled a Corvette Z06 modified for racing performance even when running on E85 ethanol.