Asian shares opened higher on Friday but trading was quiet with many markets shut for the Easter holidays.» Read More
Talk about a tough week. On Monday Chrysler announced it would be shutting an assembly plant outside St. Louis and stripping out the shift of another one in Missouri. Then yesterday, the company reported June sales that put the company's market share for the month at 9.9%.
Stocks coasted to a positive finish, fueled by better-than-expected sales from General Motors, short covering and a pop in a manufacturing gauge, in what was a rollercoaster start to the first half.
General Motors surprised investors with a sales decline that was much less steep than expected, and the company's shares skyrocketed higher.
It was a rocky start to the second half for Wall Street as the market digested a mixed bag of auto sales, a $2 jump in oil prices and an encouraging reading on manufacturing.
Talk about throwing a curve to the experts. June auto sales shows that some people have been too quick to jump the gun and assume certain automakers would sell, or not sell.
Fortune Brands is down 6 percent after lowering their earnings guidance for Q2 and the full year--yes that Fortune Brands that owns liquor (Jim Beam, Maker's Mark, Canadian Club, Sauza, Courvoisier), golf equipment (Titleist, Cobra), and home products (Moen, MasterBrand cabinets).
Here's to a better second half. We could use it. You've heard the superlatives. The market has had its worst first half since 1970. Think men on the moon and bell bottoms, and GM shares trading higher than they are now. Ouch.
With Shares of GM stock trading at 54 year lows, there's renewed talk about GM being in a slide it can't stop. I won't go that far. But this week could go down as one of the toughest in the company's 100 years.
Jon Hilsenrath, money and investing news editor at The Wall Street Journal, offered CNBC his "4 for 4": the four stocks he says investors must watch on this shortened business week.
As I watched my White Sox finish a sweet sweep of the Cubs last night, I talked to my friend Mike from Detroit. He's a great guy, despite his love of the Tigers. But he said one thing that could summarize how many in motown may feel by tomorrow night. "It's not like we didn't see this coming," said Detroit Mike about Toyota closing in on #1.
After a couple of weeks of being on the road in New York for the "Today Show," Detroit for auto stories, and other places around the country, I've finally had a chance to take in the e-mails you've been sending me about the increasingly dicey auto business. While I have, and will continue to directly answer your e-mails, there are a few I'd like to share.
Toyota Motor said on Friday it may need to consider raising the prices of its passenger vehicles in the future due to surging raw materials costs, though fierce global competition would make such a move difficult.
Let me be clear about what a mis-guided and bad idea this would be. As a friend of mine said when I brought this up, "Two wrongs do not make a right." Right now, these guys are going in the wrong direction for similar reasons and there's little reason to believe a marriage would make things right.
Over the last three weeks, I have heard the same thing over and over, often from those who think I'm partial to Toyota. It goes something like this: "You never say when things go wrong for Toyota." Well, for all of you, Toyota Phil has a news flash: Toyota says it will be falling short of its sales goal for the U.S.
1) Reliance Steel just jumped 5 percent as they updated guidance, raising it 30 percent from previous guidance, due to much higher increases in carbon steel prices.
One of this sector's last lines of defense in the market is falling through.
What was shaping up to be a tough summer for GM has rapidly worsened and become a major gut-check for GM, its investors, and fans of the American automaker. Which brings up the most frequently asked question I get from readers and viewers: can GM successfully shift gears from trucks to cars?
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.
If you've read this blog for long, you know how I feel about hydrogen fuel cell cars. Great potential. Limited real world possibilities right now. That said, this morning Honda gave us a glimpse into hydrogen's promise.