UBS Raises Price Target on General Motors (GM) Following a $0.31 EPS Beat in Q3

Hands-free technologies pose unexpected dangers for drivers: AAA

October 22, 2015 11:51 AM EDT

(Reuters) - Drivers can be distracted for as long as 27 seconds after performing activities such as changing music or dialing a phone number, even when using hands-free technologies, according to a study by the AAA Foundation for Traffic Safety.

The results raise "new and unexpected concerns" about the use of phones and vehicle information systems while driving, the non-profit group, part of the AAA motoring... More

UAW picks GM for autoworker talks after Fiat Chrysler deal

October 22, 2015 11:09 AM EDT

By Bernie Woodall

DETROIT (Reuters) - The United Auto Workers said on Thursday it will negotiate its next deal with General Motors Co (NYSE: GM), after the union's workers at Fiat Chrysler Automobiles NV (NYSE: FCAU) ratified a new pact.

The contract reached with Fiat Chrysler will be used as a basic pattern for deals the union will attempt to reach first with GM and later with Ford Motor Co (NYSE: F). The UAW announced earlier Thursday the Fiat... More

GM's Vauxhall may need to recall Zafira cars after fires reported

October 22, 2015 10:23 AM EDT

By Costas Pitas

LONDON (Reuters) - Vauxhall may need to recall tens of thousands of its Zafira mid-sized cars after reports of fires in some heating and ventilation systems, the General Motors-owned (NYSE: GM) British carmaker said on Thursday.

The company, which between 2005 and 2014 built 280,000 of the Zafira B models which customers have reported problems with, said a previous A range and the new Zafira Tourer lineup were unaffected.

The fault is occurring within a system which only has three components: a resistor, fan... More

GM plans to add 1,200 workers at its remaining Detroit plant

October 22, 2015 9:05 AM EDT

By Bernie Woodall

DETROIT (Reuters) - General Motors Co (NYSE: GM) plans to add a second shift at its Detroit-Hamtramck plant, responding to forecast demand for the four models the plant makes and anticipating production of Cadillac's new flagship sedan, the company said on Thursday.

News the company is expanding work at its last remaining Detroit plant came just as the United Auto Workers union is set to decide whether to enter its next round of focused labor talks with GM or Ford Motor Co (NYSE: F).

... More

U.S. union voting shows support for Fiat Chrysler pact

October 21, 2015 8:55 PM EDT

By Bernie Woodall

DETROIT (Reuters) - United Auto Workers union members showed overwhelming support in early voting returns on Wednesday night for a proposed four-year labor contract with Fiat Chrysler Automobiles NV (NYSE: FCAU) , according to local union hall websites.

The UAW is expected to issue on Thursday the final results of the ratification vote on the deal, which will set the tone for upcoming negotiations with General Motors Co (NYSE: GM) and Ford Motor Co (NYSE: F).

... More

Market Wrap: Citron Slams Valeant; Biden Pulls Out of Presidential Race; Twitter Clipps on Downgrade

October 21, 2015 5:28 PM EDT

Market wrap for October 21st

End of the Day: S&P 500 down 11.8 to 2,018.94; Dow Jones down 48.5 to 17,168.61; Nasdaq down 40.9 to 4,840.12

Market Brief: Markets were largely mixed most of Wednesday's trading session, but ended lower as the slump in Valeant shares weighed on the pharmaceutical segment.

Joe Biden said he wouldn't be running for U.S. president.

Western Digital affirmed recent speculation and announced a deal to acquire SanDisk.

CIT CEO John Thain announced his retirement.

Several key earnings announcements... More

GM's CEO says no change in diesel demand expectations due VW

October 21, 2015 11:26 AM EDT

DETROIT (Reuters) - General Motors Co (NYSE: GM) Chief Executive Officer Mary Barra said on Wednesday the company has not adjusted its expectations for diesel vehicle demand because of the Volkswagen AG emissions scandal.

"Our outlook for diesel... More

Ferrari shares race ahead 15 percent on Wall Street debut

October 21, 2015 9:53 AM EDT

By Lauren Hirsch and Agnieszka Flak

NEW YORK/MILAN (Reuters) - Ferrari (NYSE: RACE) shares jumped 15 percent to $60 on its Wall Street debut on Wednesday after the Italian supercar maker priced its share offering at the top of the range amid heavy investor demand.

Limiting the offering to a 10 percent stake helped parent Fiat Chrysler Automobiles (FCA) to leverage the scarcity factor to squeeze out value, defying a choppy U.S. market on which several big initial public offerings (IPOs) have been discounted or delayed this year.

FCA, which... More

Pre-Open Stock Movers 10/21: (KLAC) (ISRG) (SNDK) Higher; (SNTA) (VMW) (TWTR) Lower (more...)

October 21, 2015 9:27 AM EDT

Synta Pharmaceuticals Corp. (NASDAQ: SNTA) 66.7% LOWER; announced that the Company has decided to terminate the Phase 3 GALAXY-2 trial of ganetespib and docetaxel in the second-line treatment of patients with advanced non-small cell lung adenocarcinoma. Based on the review of a pre-planned interim analysis, the studys Independent Data Monitoring Committee (IDMC) concluded that the addition of ganetespib to docetaxel is unlikely to demonstrate a statistically significant improvement in the primary endpoint... More

General Motors CFO says no end soon to challenges in Brazil

October 21, 2015 8:06 AM EDT

DETROIT (Reuters) - General Motors Co (NYSE: GM) Chief Financial Officer Chuck Stevens said on Wednesday the macroeconomic challenges in Brazil will remain in the near term but the company has "huge upside leverage once the macro situation changes" in South America's largest... More

GM profit tops estimates on strong truck demand, improved China

October 21, 2015 7:37 AM EDT

By Joseph White and Bernie Woodall

DETROIT (Reuters) - General Motors Co (NYSE: GM) reported record quarterly earnings for the third quarter, as strong demand for trucks in North America and improved profit margins in China overcame declining revenues.

GM shares rose 5.3 percent to $35.26 a share and have risen more than $5 since the start of the month.

GM posted profit of $1.50 a share in the quarter, well ahead of the $1.18 per share consensus among Wall Street analysts polled by Thomson Reuters I/B/E/S.

GM's robust quarter, which the... More

General Motors (GM) Tops Q3 EPS by 31c

October 21, 2015 7:33 AM EDT

General Motors (NYSE: GM) reported Q3 EPS of $1.50, $0.31 better than the analyst estimate of $1.19. Revenue for the quarter came in at $38.8 billion versus the consensus estimate of $38.78 billion.

Segment EBIT-Adjusted Results

GM North America reported record levels for EBIT-adjusted of $3.3... More

Wall St. declines; Valeant, healthcare weigh

October 21, 2015 7:08 AM EDT

By Caroline Valetkevitch

(Reuters) - U.S. stocks fell on Wednesday as a sharp drop in Valeant Pharmaceuticals hit the healthcare space, while the energy sector dropped along with oil prices.

Valeant Pharmaceuticals' (NYSE: VRX) U.S.-listed shares plunged to an intraday low of $88.50 on record volume after a short-seller accused the company of using specialty pharmacies to inflate its revenue.

The company denied the allegation, and later investor Bill Ackman said he increased his Valeant stake by about 2 million shares. The stock pared losses to end down 19.2 percent at $118.61,... More

Trading Radar for 10/21: Coca Cola (KO), GM (GM), AmEx (AXP), Boeing (BA), Kimberly-Clark (KMB) Report

October 20, 2015 2:40 PM EDT

The Trading Radar highlights key earnings and economic announcements for the next trading session:

Before Markets Open:
Economics:
7:00am EDT

MBA Mortgage Index - no Street consensus

Earnings:

A.O. Smith (NYSE: AOS) - consensus EPS $0.79
ABB Ltd. (NYSE: ABB) - consensus EPS $0.28
ARM Holdings plc (NYSE: ARMH) - consensus EPS $0.36
Abbott (NYSE: ABT) - consensus EPS $0.54
Amphenol (NYSE: APH)... More

Consumer Reports criticizes reliability of Tesla Model S

October 20, 2015 1:23 PM EDT

By Joseph White

DETROIT (Reuters) - Consumer Reports said it would no longer recommend Tesla's Model S sedan due to reliability concerns, in a blow to the luxury electric-powered car initially awarded the highest-ever score in the U.S. magazine's performance ratings.

The decision, based on the influential publication's annual survey of vehicle reliability, sent shares of Tesla Motors Inc (NASDAQ: TSLA) reeling and underscored the risk of introducing cutting-edge fuel-saving technology and digital multimedia systems in vehicles.

Consumer Reports found "an emerging trend of increased troubles" with a broad... More