General Motors

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Dow Off 400+ Again, Below 9K
 Dow Off 400+ Again, Below 9K 
MARKETS
Nov 6, 2008 3:30 PM CST

Dow Off 400+ Again, Below 9K

Worrisome news on retail, jobs sink stocks

(Newser) - Stocks added to yesterday’s deep declines with the major indices registering falls of 4%-5% today, MarketWatch reports. A string of poor retail reports soured confidence ahead of tomorrow’s October unemployment report, expected to be grim. The Dow fell 443.48, dropping below the 9,000 mark to 8,...

Auto Bosses to Press Pelosi for Another $25B

Latest reports sound alarm on industry crisis

(Newser) - The CEOs of Detroit's troubled Big Three automakers and the head of the UAW are set to meet today with House Speaker Nancy Pelosi to ask for another $25 billion in government loans, the Detroit Free Press reports. Detroit had its worst sales month in 25 years in October, and...

GM Sales Off 45% as US Auto Sales Hit 25-Year Low

Asian brands add market share amid sales freefall

(Newser) - US auto sales dived in October to levels not seen since 1983, Bloomberg reports.  GM, Ford, and Chrysler saw sales drop 45%, 30%, and 36% respectively as credit dried up and consumer confidence plummeted. Toyota, Honda, and Nissan all saw sales fall over 20%, but managed to gain market...

Stocks Flat; Oil Falls $3.90
 Stocks Flat; Oil Falls $3.90 
MARKETS
Nov 3, 2008 3:37 PM CST

Stocks Flat; Oil Falls $3.90

Energy concerns take a hit as crude plunges

(Newser) - Stocks held steady today, with the indices ending the session only a few points removed from their opening marks, MarketWatch reports, with General Motors and Ford reporting mammoth October sales drops, and crude plunging $3.90 to $64.25. The Dow fell 5.18 to 9,319.83. The Nasdaq...

US to GM on Merger Aid: Hit the Road

Chrysler merger uncertain after $10B request is nixed

(Newser) - A possible merger between GM and Chrysler is now up in the air since the Treasury Department refused late last week to grant GM’s plea for $10 billion to help finance the deal. Treasury officials are trying instead to fast-track a $25 billion loan program to help automakers get...

6 Governors Push Feds for Quicker Auto Industry Relief

Tight credit hurts car sales: Granholm

(Newser) - Michigan’s Jennifer Granholm and five other US governors urged federal officials today to act quickly in delivering financial aid to the auto industry, the Detroit Free Press reports. In a letter, the governors of Delaware, Kentucky, New York, Ohio and South Dakota stress that the credit crisis has hurt...

Dow Down 74 After Volatile Day
 Dow Down 74 After Volatile Day 
MARKETS
Oct 29, 2008 3:19 PM CDT

Dow Down 74 After Volatile Day

Late rally evaporates after Fed confirms cut, but most of Tuesday's gains are preserved

(Newser) - Volatility ruled Wall Street today as investors waffled in their response to the expected Fed rate cut, MarketWatch reports. Though the session’s final hour saw the Dow rocket to a 250-point gain in light trading, that evaporated and the Dow closed down 74.16 at 8,990.96. The...

GM-Chrysler Inch Closer to Deal
 GM-Chrysler Inch Closer to Deal 
Oct 29, 2008 1:57 PM CDT

GM-Chrysler Inch Closer to Deal

Merger would create world's largest automaker

(Newser) - General Motors and Chrysler have ironed out the major issues in their proposed merger, bringing the troubled giants a step closer to becoming the world's largest automaker. The deal's final form will depend on financing and government support—of which GM is requesting $10 billion—but both companies agree GM...

Auto Bailout Is a Lemon for Taxpayers
Auto Bailout
Is a Lemon for Taxpayers
OPINION
Oct 29, 2008 11:35 AM CDT

Auto Bailout Is a Lemon for Taxpayers

Bankruptcy is just what Detroit needs to straighten itself out

(Newser) - Automakers just got a $25 billion loan from Uncle Sam, but now here GM and Chrysler are again, hat in hand, asking for another $10 billion to facilitate their merger. But the “deal is a lemon,” writes Steven Pearlstein in the Washington Post. Yes, the economy would suffer...

Car Dealers Write Off Domestic Franchises

Groups writeoff value of franchises as economy shifts into low gear

(Newser) - Two of the largest chains of car dealers report that their domestic auto franchises have become virtually worthless, the Wall Street Journal writes. The companies took a  a combined $51 million in writedowns for the third quarter, reflecting disappearing "franchise value"—the measure of potential profit—for dealerships...

Dow Jumps 889, Cracks 9,000
 Dow Jumps 889, Cracks 9,000 
MARKETS
Oct 28, 2008 3:35 PM CDT

Dow Jumps 889, Cracks 9,000

Bargain hunters spur big gains as markets jump late

(Newser) - Stocks zoomed past the 9,000 mark late in today's session as investors ignored a rock-bottom consumer-confidence rating, focusing on blue-chip gains and the likelihood of another rate cut by the Federal Reserve, the Wall Street Journal reports. The Dow shot up 889.35 to close at 9,065.12....

Feds May Loan GM $5B for Chrysler Deal

(Newser) - Federal aid may be on the way to facilitate a GM-Chrysler merger, the Wall Street Journal reports. The Department of Energy aims to loan General Motors $5 billion so the merged company can afford layoffs, plant closings, and other integration costs. It could also help GM drum up more investment...

Bankruptcy Looms if GM, Chrysler Don't Get Cash

Lack of progress on merger fuels worries of possible bankruptcies

(Newser) - GM and Chrysler are both on track to run out of cash before the end of 2009 if a merger or major government intervention doesn’t occur, analysts tell the Wall Street Journal. With credit markets choked and rapidly diminishing reserves, experts say bankruptcy, which would carry massive consequences for...

Crisis May Cost World 20M Jobs
 Crisis May Cost World 20M Jobs 
ANALYSIS
Oct 21, 2008 3:22 PM CDT

Crisis May Cost World 20M Jobs

Analysts see 'equal-opportunity recession'

(Newser) - The financial sector is slashing workers, and Silicon Valley employees are dropping like prices on last year's iPod. What industry is next? All of them, Moira Herbst writes in BusinessWeek. Every company relies on credit and consumer purchasing power, making this an “equal-opportunity recession,” a staffing agent says....

Chrysler Flirts With Nissan- Renault as GM Seeks Credit

Alliance would keep Detroit automaker intact, but expose Cerberus to more risk

(Newser) - Chrysler is considering joining Nissan-Renault, adding a North American arm to the Japanese-French auto alliance that could rescue Chrysler’s operations, the Wall Street Journal reports. Cerberus, Chrysler’s majority owner, prefers a merger with General Motors, but overlap with a Detroit competitor would likely eliminate half of Chrysler’s...

Stocks Rally, Clearing 9,000
 Stocks Rally, Clearing 9,000 
MARKETS
Oct 20, 2008 3:33 PM CDT

Stocks Rally, Clearing 9,000

Bernanke urges more fiscal stimulus

(Newser) - Stocks extended earlier gains with a late-session rally today as Ben Bernanke voiced support for a new fiscal stimulus package and a key indicator showed a loosening in the flow of credit, MarketWatch reports. The Dow rose 413.21 to 9,265.43, the first time it has closed over...

Credit Woes Stall GM's Effort to Buy Chrysler

A tight credit market is making it tougher for GM to scrape cash together for offer

(Newser) - A tight credit market and wary investors are slowing GM’s attempts to buy rival Chrysler, and experts say the companies may turn to the US government, arguing that a deal between the two is needed to save the US auto industry, reports the Wall Street Journal. But sources told...

GM-Chrysler Talks Pick Up Speed as Auto Sales Stall

GM, burning through $1B monthly, seeks a cash infusion, cost savings

(Newser) - Talks of a General Motors-Chrysler merger are on the fast-track, the Wall Street Journal reports, with lenders pushing for a deal to be completed as soon as the end of the month. Amid a historically dismal month for US auto sales, GM is scrambling to shore up a bleeding balance...

GM Calls for Help
 GM Calls for Help 
Oct 14, 2008 12:07 PM CDT

GM Calls for Help

Firm reiterates urge for government assistance

(Newser) - General Motors is not thinking of filing for bankruptcy, Reuters reports. Instead, an exec said, "There is a strong need for coordinated federal action" to weather the economic crisis as US auto sales slide. Filing for bankruptcy "would not benefit our customers, our dealers, or our employees,"...

Ford Put Brakes on GM Merger Talks
Ford Put Brakes on GM Merger Talks
Oct 11, 2008 5:34 PM CDT

Ford Put Brakes on GM Merger Talks

Company vows to survive, may sell Mazda stake for cash

(Newser) - Ford rejected merger overtures from GM earlier this year and decided to ride out its financial issues alone, the Wall Street Journal reports. The GM-Ford talks were “very loose and preliminary, more exploratory in nature than anything else,” a source said. Both companies have denied bankruptcy rumors, but...

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