General Motors has stalled. Should you keep shorting GM? With CNBC's Melissa Lee and the Options Action traders.» Read More
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.
The latest reports in Automotive News about strong sales in Eastern Europe helping Ford and Toyota meet sales goals, confirms something I've been hearing for some time from Big 3 execs. Don't focus so much on the U.S. and lose sight of the real battle over global sales.
The United Auto Workers union already has seen two strikes and significant dissent in this year's round of contract talks, but the fight could be just beginning as the union turns to its last bargaining partner, Ford Motor.
First let me say that I rarely cover other media since it gets a little tricky, but I'm going to make an exception here. I like Joe Buck and Tim McCarver. I think that for the most part they do a great job. But the Fox sales team is getting a little too aggressive for my World Series taste.
Wow. A car company signs up Bob Dylan to pitch cars, I blog about it, and it's clear some of you do not like the idea of Dylan and Caddy riding together. In Tuesday's blog I talked about Cadillac signing a deal with Bob Dylan that includes the rock and folk legend pitching Cadillac's.
Three Chrysler plants in the Detroit area on Wednesday voted to approve a proposed four-year contract for workers represented by the United Auto Workers union, boosting the chance that the contested labor pact will be ratified this week.