When the July auto sales come out later today, the most interesting numbers to watch may be those for Chevrolet and Toyota. Halfway through this year the two were neck and neck in the battle to be America's top selling brand. I know some of you will read this and think, "who cares?". Well, the long list of people who care stretches from Detroit to Tokyo, and for good reason.
When I sat down to talk with GM CEO Rick Wagoner this morning on "Squawk Box," I was expecting to see a man, beaming over the better than expected second quarter earnings. Instead, I saw the Chairman of a company who looked cautious. Why? Well, maybe it's because General Motors' glass is half full, and filling it up even more will be a challenge. Certainly the second half of this year will be tougher than the first half.
What do you do when you play golf, you talk business. CNBC's Bill Griffeth will be talking to hedge fund managers, investment bankers and corporate CEOs about today's roaring markets, the M&A landscape and the state of U.S. business. This all takes place on Rockefeller Plaza, which has been transformed into a quarter-scale version of the most infamous hole in pro golf, the signature 17th hole of the TPC Sawgrass golf course, home to this year's THE PLAYERS Championship Tournament.
Despite all the concern about the credit crunch, a big private equity deal seems to be moving forward. On Monday, John Malone, Chairman of Liberty Media tells the Financial Times he's considering enterting the auction for Richard Branson's Virgin Media. This could be a huge deal--the largest cable transaction outside the U.S.
Edward C. Johnson III, the 77-year old chief executive of Fidelity Investments parent company FMR, may not name his daughter Abigail as chief executive of the company, Johnson told The New York Times in an interview.
A federal judge on Friday sentenced former Qwest Communications chief executive Joe Nacchio to six years in prison for his insider trading conviction.
There's a new sheriff at Dodge, and for that matter Chrysler as well. But the new boss is actually one of the old bosses. Either way you look at it, the return of Wolfgang Bernhard to be chairman of Chrysler is important for a few reasons. First, he brings the kind of urgency Chrysler needs.
Gap named Glenn Murphy of Shoppers Drug Mart, the largest drug store chain in Canada, as its new chief executive.
No, your eyes aren't deceiving you--Ford DID post a profit of $750 million. That's right, the automaker that was sucking fumes earlier this year is now back in the black. Which brings up the question: Is this real? The answer is yes, but don't take this to mean Ford is out of the woods.
The U.S. Securities and Exchange Commission said on Wednesday that it has charged the former chief executive of KLA-Tencor with fraud for his involvement in a stock options backdating scheme.
The "Mouse" is fighting Joe Camel and coming out against the tobacco industry. Just moments ago Disney CEO Bob Iger announced the company's new commitment to remove cigarette smoking from future Disney branded films. Disney made this news public not in Hollywood, but on the national stage of Congress. Iger declaring his company's new commitment in a letter to House Rep. Ed Markey (D-Mass), who last month held a hearing on smoking in the media, asking media companies to join the anti-smoking effort.
Gideon Yu, 36, became chief financial officer of video-sharing sensation YouTube in September of last year, shortly before the company was acquired by Google in a $1.65 billion deal.
XM Satellite Radio said Tuesday that Hugh Panero, its chief executive and a company founder, will step down in August.
Sam Zell fought for and won the Tribune acquisition with a whopping $8.2 billion dollar deal. But now, a day ahead of Tribune's quarterly earnings report it looks like Zell might have gotten a bad deal--less than he bargained for, if we're talking revenue. Now he has about a month in which he can still back out of the deal, which would send this buyout target back into bidding chaos. And then there's the issue of whether shareholders will approve the takeover at the upcoming August 21 shareholder meeting.
Producing a morning show on a Monday is always a tricky bit of business, but what’s often saved the day for the “Squawk Box” staff is a plethora of merger and acquisition deals struck over the weekend... At precisely 6am, private equity struck again: Cerberus announced a deal to buy United Rentals for $4 billion, excluding debt. ... Also: landing Sirius' CEO Mel Karmazin on CNBC.
Today, the Bancroft family is meeting in Boston to discuss Rupert Murdoch's Dow Jones bid, which the DJ board recently signed off on. The family is gathering at the Hilton Hotel in downtown Boston--starting with a lunch at one pm, and then meetings scheduled until 8p, ET. They're getting briefed by the family lawyer Michael Elefante about the details of the takeover bid, then they'll have time to raise concerns and ask questions.
In an interview on CNBC, Sirius Satellite Radio President and Chief Executive Mel Karmazin said the proposed merger with XM Satellite Radio is not anti-competitive -- and serves the public interest.
Day one of the UAW contract talks kicked off with union leaders shaking hands with Chrysler executives at company headquarters in Auburn Hills, Michigan. Already I'm tiring of the news reports, talk shows, commentators and general public portraying these talks inaccurately. If I had a nickel for every time a talk show host blamed the rank and file guy at GM for all of that automakers problems, I'd be rich. So with that in mind, let's play fact or fiction.
Whole Foods Market said Tuesday the U.S. Securities and Exchange Commission is conducting an inquiry into Web postings involving the company, whose chief executive apologized to shareholders for his anonymous posts on financial message boards.
The parent company of troubled planemaker Airbus abandoned its twin-chief executive structure held jointly by Germany and France, with France's Louis Gallois taking control, the company said Monday.