Markets in Europe are up modestly at 6.20 AM New York time.
The FTSE rose .4% to 6,458. BP (BP) is up 1.1% to 596.5. Northern Rock is up 7.5% to 199.
The DAXX moved up .3% to 7,755. Daimler (DCX) is up 1.6% to 67.83. Siemens (SI) is up 3.5% to 87.72.
The CAC 40 rose .2% to 5,698. Renault rose 2.4% to 99.13. Societe Generale rose 1% to 122.07.
Data from Reuters
Douglas A. McIntyre
Markets in Europe were mixed at 7.40 AM New York time
The FTSE was up .2% to 6,317. Barclays (BCS) was up 3.3% to 633.5. BP (BP) dropped .6% to 554.
The DAXX was up .1% to 7,648. Daimler (DCX) was up 2.9% to 67.07. Deutsche Bank (DB) as up 1.3% to 91.81.
The CAC 40 was down .4% to 5,648. BNP Paribas.was down .2% to 77.25
Data from Reuters
Douglas A. McIntyre
Markets in Europe were higher at 6.05 AM New York time.
The FTSE rose 1.1% to 6,264. Barclays (BCS) rose 1.5% to 642.5. GlaxoSmithKline (GSK) rose 1.4% to 1305.
The DAXX rose 1.1% to 7,582. Daimler (DCX) rose 2.4% to 64.33. Siemens (SI) rose 2.7% to 93.29.
The FTSE was up France Telecom (FTE) rose 1.4% to 21.8.
Data from Reuters
Douglas A. McIntyre
Market in Europe were up at 7 AM New York time.
The FTSE rose 1.1% to 6,151. BT (BT) was down 3% to 302.75. Invesco was up 4.3% to 607. Vodafone (VOD) was down .8% to 155.1.
The DAXX was up 1% to 7,496. Daimler (DCX) was up 3.7% to 62.85. Siemens (SI) was up 2.1% to 90.88.
The CAC 40 rose 1.5% to 5,499. Alcatel-Lucent (ALU) was up 2.4% to 8.06. Renualt was up 3.7% to 97.77.
Data from Reuters
Douglas A. McIntyre
Markets in Europe were off sharply at 6.25 AM New York time, with some down over 3%.
The FTSE fell 2.6% to 5,951. British Air (BAB) was of 5% to 382.35. Vodafone (VOD) was down 3.6% to 151.9.
The DAXX was off 2.3% to 7,271. Daimler (DCX) was off 3.6% to 60.33. Siemens (SI) was down 3.4% to 86.68.
The CAC 40 fell 2.5% to 5,307. Alcatel-Lucent (ALU) was of 2.3% to 7.82. BNP Paribas was off 3% to 74.72.
Data from Reuters
Douglas A. McIntyre
Markets in Europe were broadly higher at 6.40 AM New York time.
The FTSE rose 8% to 6,349. BHP Billiton (BHP) was up 1.8% to 1388. Vodafone (VOD) rose .3% to 158.8.
The DAXX rose.6% to 7,557. Bayer (BAY) rose 3.8% to 53.19. Daimler (DCX) fell 1.9% to 62.88. Siemens (SI) rose 1.2% to 94.42.
The CAC 40 was up .9% to 5,675. Alcatel-Lucent (ALU) was up 1.5% to 8.29. AXA (AXA) was up 2.7% to 29.82.
Data from Reuters
Douglas A. McIntyre
Markets in Europe were off modestly at 5.50 AM New York time.
The FTSE fell .2% to 6,211. Barclays (BCS) was up 2.4% to 594.5. BHP Billiton (BHP) was off 1.4 to 1355. GSK (GSK) was up 1% to 1279.
The DAXX was off a fraction to 7,433. DaimlerChrysler was down 1.2% to 64.69. Siemens (SI) was up 1.1% to 91.94.
The CAC 40 fell .8% to 5,556. Alcatel-Lucent (ALU) was down 3.5% to 8.37. AXA (AXA) was down 1.7% to 28.25.
Data from Reuters
Douglas A. McIntyre
Sales of Toyota (TM) vehicles fell over 7% to 224,058 in the US during July.
Ford (F) and Chrysler (DCX) had significant drop-offs in unit sales last month.
The Japanese car maket said that weakness in the housing market hurt its results. If so, the company and its US competitors could be in for a long period of declining sales.
Douglas A. McIntyre
Chrysler (DCX) had a sales drop 8% to 137,728. Mercedes sales fell 14%
Maybe Cerberus will ask for a better price.
Douglas A McIntyre
Markets in Europe were up sharply at 6 AM New York time.
The FTSE rose 1.6% to 6,306. Barclays (BCS) was up 2.1% to 695. BHP Billiton (BHP) was up 2.6% to 1439. GlaxoSmithKline (GSK) was up 3% to 1251.
The DAXX rose 1.5% to 7,568. DaimlerChrysler (DCX) was up 2.6% to 66.23. DeutscheBank (DB) was up 3.9% to 100.8.
The CAC 40 was up 1.3% to 5,718. Alcatel-Lucent (ALU) was down 8.1% to 8.81. France Telecom (FTE) was up 1.2% to 19.66. Axa (AXA) was up 2.6% to 28.93.
Data from Reuters
Douglas A. McIntyre
The UAW negotiations with GM (GM), Ford (F), and Chrysler (DCX) has awakened a sleeping dog. Why isn’t Toyota unionized in the US?
The media is filled with data on how much pension and health benefits add to the price of a car made by a US manufacturer. That delta is now about $25 an hour compared to the Japanese according to Forbes.
The argument that Detroit has not made cars as attractive as Toyota or Honda is irrefutbable. The US car companies have shot themselves.
But, it is also true that the cost advantage has helped swell Toyota’s treasury. In other words, as Reuters points out "union supporters argue that the Japanese automaker rode to a $14 billion profit last year on the backs of its nonunion workers."
There is a certain equity in this argument. Labor costs have helped cripple Detroit. That has helped cripple the unions as they have lost membership.
Toyota & Co. has benefitted from having no unions, but that has done nothing for UAW members.
The union may insist that changes. Especially if it has to give up more in this round of talks with the Big Three.
Douglas A. McIntyre can be reached at douglasamcintyre@247wallst.com. He does not own securities in companies that he writes about.
Markets in Europe were off slightly at 6.20 AM New York time.
The FTSE was down .2% to 6,442. Barclays (BCS) was off 1.3% to 705. BT (BT) was down 2.2% to 321. Vodafone (VOD) was down 1.5% to 154.
The DAXX fell .2% to 7,681. DaimlerChrysler (DCX) was up 1.2% to 67.75. Siemens (SI) was down 1.4% to 98.28.
The CAC 40 fell .2% to 5,828. Alcatel-Lucent (ALU) fell 1.2% to 9.76. Vivendi was up 1.6% to 32.78.
Data from Reuters.
Douglas A. McIntyre
Sources from Reuters say that the deal to finance the Cerberus deal to buy 80% of Chrysler from DaimlerChrysler (DCX) has been delayed due to a challenging credit market. It is not clear how long the $12 billion deal will be on hold.
Speculation is that the deal will go through because several banks are committed to fund it. But, if interest rates continue to rise and the credit markets stay choppy, Chrysler’s deal, which involves low-rated debt, could still fall apart.
Douglas A. McIntyre
DaimlerChrysler (DCX) shares are down another 2% in European trading to 64.4 euros. Just over a week ago they were closer to 70.
It appears that banks involved in the deal for hedge fund Cerberus to buy 80% of Chrysler will have to eat half or more of a $10 billion piece of one of the loans. As The Wall Street Journal points out: "The debt to be held by the banks would bear the first losses if Chrysler has problems repaying."
Trading in Daimler shares may be an indication that the market is still worried that the deal may not get done.
Douglas A. McIntyre
Markets in Europe were mixed at 6.20 AM New York time.
The FTSE was up a fraction to 6,501. Barclays (BCS) was down 1.3% to 729. BT (BT) was up 1.3% to 326.75.
The DAXX was off 1% to 7,729. DaimlerChysler (DCX) fell 2.3% to 64.26. DeutscheBank (DB) fell 1.4% to 101.4. Siemens (SI) fell 1.3% to 104.67.
The CAC 40 was off .5% to 5,875. AXA (AXA) fell 1.4% to 30.08. France Telecom (FTE) rose 1.1% to 20.1
Data from Reuters.
Douglas A. McIntyre
It is not enough that the Big Three have to contend with Toyota (TM) gaining market share in the US every month. Honda’s (HMC) earnings and guidance suggested that the company will become a more formidable competitor in the market.
An increase in exports allowed Honda to post a 16% increase in earnings for the quarter that ended in June sending net income to $1.38 billion. Honda also raised its forecast for the balance of the fiscal year which ends on March 30, 2008.
Honda’s success outside it home market now makes it the third most valuable car company in the world behind DaimlerChrysler (DCX) and Toyota. According to Reuters, Honda’s "plants are running near full capacity to fill orders for the Civic, CR-V and Fit models overseas." These cars are aimed at the center of the fuel-efficient vehicle markets in the US and Europe.
Factories running near capacity is not exactly a boast that US car companies can make.
Douglas A. McIntyre
Markets in Europe were off slightly at 5.55 AM New York time.
The FTSE fell .1% to 6,634. BT (BT) was up .2% to 331.25. Vodafone (VOD) was down .5% to 161.1.
The DAXX fell .4% to 7,961. DaimlerChrysler (DCX) was down 1.1% to 66. DeutscheBank (DB) was down 1.2% to 104.8. Siemens (SI) was down 1.4% to 107.16.
The CAC 40 was off .5% to 6,035. Alcatel-Lucent (ALU) was down 1.6% to 10.02. AXA (AXA) was down .5% to 31.81.
Data from Reuters
Douglas A. McIntyre
Markets in Europe were off sharply at 6.05 AM New York time.
The FTSE fell .9% to 6,601. BHP Billiton (BHP) was off 1.7% to 1460. Prudential (PUK) was down 1.4% to 716.5. Vodafone was down .9% to 161.3.
The DAXX fell 1.6% to 7,908. DaimlerChrysler (DCX) was down 2.6% to 66.55. Siemens (SI) was down 2.2% to 105.33.
The CAC 40 was off 1.1% to 6,030. Alcatel-Lucent (ALU) was off 1.2% to 10.14.
Data from Reuters.
Douglas A. McIntyre
Markets in Europe fell sharply at 6.25 AM New York time.
The FTSE was down .9% to 6,637. BHP BIlliton (BHP) was down 2.2% to 1476. Vodafone (VOD) was down .4% to 161.6.
The DAXX fell 1.1% to 8,015. DaimlerChrysler (DCX) was down 1.5% to 68.15. Deutsche Telekom (DT) was down 1.3% to 13.4. Siemens (SI) was down 1.7% to 107.74.
The CAC 40 was off .9% to 6,074. France Telecom (FTE) was down .7% to 20.5.
Data from Reuters.
Douglas A. McIntyre
Ford (F) has Jaguar and Rover on the block, but a late story from Reuters says that the big US car company may consider selling Volvo as well.
Ford may not get much money for any of the brands. A report in early July said that Ford hoped to get $6 billion for Jag and Rover. But, analysts who had seen the numbers pegged the figure at closer to $2 billion. Industry experts have said the DaimlerChrysler (DCX) will actually be out of pocket over time as it sells its Chrysler unit to hedge fund Cerberus. Car company do not seem to fetch much these days.
A better way to look at selling some of Ford’s overseas operations is not what they will do for the balance sheet, but the benefit it might have to focusing Ford management. With its domestic car business under siege, it could use all able hands.
Douglas A. McIntyre
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