Federal prosecutors have identified criminal wrongdoing in G.M.'s failure to disclose a switch defect, the NYT reports.» Read More
The new fed facility to buy commercial paper is a HUGE move in increasing liquidity in the marketplace. Also important: they are buying 3-month paper, a longer term than most commercial paper, so less rollover pressure.
Governments and central banks around the world are reacting to the expanding financial crisis as their countries' markets melt down. See how the global indices stack up against one another.
These are gut check times for Ford & GM investors. Shares of the two automakers slid to lows not seen since the early 80's for Ford and mid 50's for GM. As one Wall Street veteran told me, "These are dire times for Ford & GM."
Governments around the world tried to contain the fast-spreading credit crisis, but stock, bond and commodity markets saw investors bet on a sharp downturn.
With the VIX at record levels and the Dow now down another 5%, investors are running for cover. However, there are now enough data points to begin to look at patterns on what has been happening after these big drops.
Could this finally be the big breakthrough diesel fans have been clamoring for? Could this be the start of Americans getting over their lack of interest for diesel cars? Audi certainly hopes so. Audi is on a cross country publicity push spreading the word about clean diesel.
Stocks declined Wednesday as disappointing economic data added to the weight on investors shoulders over the strained credit market and haggling on Capitol Hill.
This is for all of you who e-mail and call me "Toyota Phil" and for those of you who think I favor the Japanese automaker and never write anything critical.
Over the last two weeks I've done several reports on TV and written in this blog about tighter credit hurting auto sales. For the industry, September sales dropped 27% and nearly everyone in the industry admits that a big reason for the plunge has been the deteriorating credit markets.
Stocks ended lower Wednesday amid concerns about strained credit markets and the economic slowdown. Banks rallied as investors were encouraged by progress on bailout talks on Capitol Hill. GE got a vote of confidence -- to the tune of $3 billion -- from Warren Buffett.
How bad is the auto business right now? Every automaker is feeling the pain, not just the Detroit 3. In the last week, showroom traffic (people simply visiting a dealership) is down 50% compared to the same time last year.
Stocks rebounded Tuesday amid hope that Congress will regroup and pass a bailout bill this week. Financials rallied and Apple, one of the hardest hit techs on Monday, gained 8 percent. Still,
All major U.S. Indices end the third quarter on a historic note. The Dow and S&P 500 had their fourth consecutive quarterly drop, tumbling 4.40% and 9.01% respectively. The NASDAQ Composite fell the most among the major Indices for the quarter, down 9.19%.
Whether or not you agree with Congress voting down the $700 billion bailout, one thing is clear, this is bad news for automakers and auto dealers.
With volatility continuing to soar, the Dow and S&P are on track for their biggest point losses ever.
It's been a rough twelve months. The Dow and S&P are looking to have their 4th straight quarter of declines, something not seen in years. Here is a preview of the quarter end stats and the winners and losers to date.
In a mood reminiscent of WaMu-JP Morgan, the FDIC says Citi is buying Wachovia's banking operations, and assume the senior and subordinated debt.
Call it the Prius Principle. Toyota's Prius was not the first hybrid, nor, you could argue, was it the best gas-electric car in terms of performance. Still, ask 90% of America about hybrids and Prius is the first thing they mention.
I want to keep you all up with the latest action in Washington regarding protecting your savings. I taped a recent appearance on the Oprah Winfrey Show on the morning of Thursday Sept. 18, right in the midst of much market turmoil. On the show I told you all that money market funds you buy through brokerages and mutual fund companies are not insured the same as money market accounts that you buy at an FDIC-insured bank.
General Motors Chief Executive Rick Wagoner on Thursday said September U.S. auto sales were running about flat from August as tight credit markets crimp demand.