Electric vehicle buyers are younger and more affluent than drivers who purchase comparable gas-powered models.» Read More
The Dow closed at a 3-month low, due to the continuing weakness in financials. New lows expanded at the NYSE to nearly the highest levels in 3 months.
Stocks declined Wednesday, led by financials, after worrisome results from Morgan Stanley and a dismal outlook from FedEx. The Dow briefly slipped below 12,000 -- the first time that's happened since March 18, when the market was reeling from the collapse of Bear Stearns.
Auto stocks are notably weaker here, with new lows for GM, CarMax, and AutoNation; Ford is down 7 percent but not at a new low.
Over the last two days General Motors has found itself dancing around the potentially delicate question of whether to run an ad this summer that might tick off oil companies. GM execs outlined an ad in Washington that has been described as a "dear john" letter to big oil.
Over the last two weeks I've been inundated with e-mails from readers venting about the latest round of cutbacks Detroit's automakers have announced. What's surprised me the most has been the wide range of reasons why you think the Big 3 are in big trouble.
Today, the dollar index traded at its highest levels since February, certainly above its recent range, and it did not drop commodities. Maybe a sustained rally will, but this theory has got some holes short-term.
Billionaire Kirk Kerkorian's investment company said Tuesday its tender offer for 20 million additional shares of Ford Motor attracted a huge response and will easily enable it to increase its stake in the automaker to about 5.5 percent.
When gas prices spike, the public finally opens its eyes to alternatives. It happened in the mid '70's when compact cars became big sellers. It's happening again today with hybrids flying off of lots.
For the first time in a long time, it looked as if oil was going to stay out of the market headlines. No such luck.
Gushing oil prices could swamp stocks in the week ahead, and even if crude pulls back, expect volatility.
With oil surging to $138.54 and being projected by some to hit $150 by July 4, it's putting immediate pressure on automakers to adjust production and push small cars and crossovers while pulling back on trucks and SUVs. On paper, this shift seems simple enough. In reality, it's not so easy.
For the week ending Friday, June 6, 2008, the markets finished in the red as the CBOE Volatility Index (VIX) again crossed above the 20 threshold and oil surged. Stocks were impacted by continued economic concerns, renewed trouble in the financial sector, and a record spike in crude oil on Friday. Although it was a negative week for the markets, the Dow managed a 200+ point rally on Thursday for the first time since 4/18, after retailers posted better than expected same store sales.
The Dow plunged more than 400 points as the sharpest jump in the unemployment rate in more than 20 years and rocketing oil prices sparked concerns about stagflation. Oil jumped more than $11 a barrel to close at a record $138.54.
J.P. Morgan's strategist Thomas Lee told me this two weeks ago: "I think if oil stays at $130, equities are in big trouble...because there's so much pressure here on corporate America because of this oil price."
General Motors is close to acquiring Cobasys, a struggling joint venture that supplies batteries to some of its hybrid vehicles, trade publication Automotive News reported on Thursday.
It's a major achievement Chrysler should rightfully be proud of. But it also highlights the next challenge for them, as well as GM and Ford: closing the "perception gap." First, here's the good news for the Big 3 on assembly plant efficiency.
The Lightning Round is extended in this CNBC.com exclusive feature.
Stocks finished mixed as investors juggled some encouraging economic news and concerns about the financial sector. Lehman Brothers rebounded, while bond insurers plunged. Oil dropped below $123 a barrel.
This year Porsche is number 1 with an average of 67 problems per 100 made. It's followed by Infiniti (jumping from 9th to 2nd), Lexus, Mercedes and Toyota. The Porsche victory is not surprising given it historically does well in quality surveys. Infiniti's jump is impressive and will help that brand continue on the resurgence it's enjoyed in the last couple of years.
The stock market will have to shake off its renewed fear of the financials if it is to move ahead Wednesday.