S&P 500
7,401.00
+0.91%
Dow Jones
49,665.70
+0.19%
Nasdaq 100
29,241.00
+2.43%
Russell 2000
2,860.88
+0.82%
FTSE 100
10,263.70
+0.48%
Nikkei 225
63,767.70
+2.68%

Cars and Drivers

GM Idling Plants In Cost Cuts (GM)

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

General Motors (NYSE: GM) is finally taking a step in the obvious direction.  The company is now apparently cutting about 250,000 units of production in the first quarter.  This will be accomplished via temporary shut downs of its manufacturing and assembly plants for about 30% of the first quarter in 2009.  Some of the cuts include numbers previously given, but some do not. 

UPDATE TO STORY (12:31):  The Detroit Free Press first broke this data and a press release has now confirmed the data.

This is a scenario where almost everyone is at fault. It is not just aunion problem, it is not just an economic problem, and it is not just amanagement problem.

We now believe Rick Wagoner’s chances of staying on as Chairman & CEO are growing more and more slim.  We named him as a CEO TO GO FOR 2009 and the chances of his departure (willingly or forced) are rising each day.

Like it or not, major changes are coming to this U.S. automakingindustry.  Management is going to be under a microscope.  The UAW isgoing to have to accept that its ranks are going to earn less money.More dealerships are likely to shrink or go under.  And these companiesare going to have to continue shrinking. The list goes on.

Jon C. Ogg
December 12, 2008

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Continue Reading

Douglas A. McIntyre |

What Is Important in the Financial World (4/22/1013)

Thinkstock The Boeing Battery Fix Boeing Co. (NYSE: BA) may have received approval from the FAA for a fix to…

Douglas A. McIntyre |

S&P Cuts GM (GM): Too Late As Bush Talks Chapter 11

Credit rating agencies and stock analysts have the habit of stating the obvious after the obvious is obvious to everyone…

GE Enters 2020 With Big Gains, but Many Questions Still Lingering
Jon C. Ogg |

GE Enters 2020 With Big Gains, but Many Questions Still Lingering

The General Electric Co. (NYSE: GE | GE Price Prediction) of 2020 and beyond is likely to look quite different…

GE Looks to Refinance Its Debt as It Faces Potential S&P Credit Rating Downgrade
Jon C. Ogg |

GE Looks to Refinance Its Debt as It Faces Potential S&P Credit Rating Downgrade

GE is taking actions that will look like a refinancing of some debt to solidify the conglomerate's financial position.

Douglas A. McIntyre |

A Depressing Assessment From The World Bank: The Truth About Global Economic Disparity

Economists and public officials need to be optimistic about the economy. It they are too dour, they just encourage the…

Douglas A. McIntyre |

What Is Important in the Financial World (4/10/2013)

ThinkstockSoros on Europe’s Troubles Why is Europe in such a difficult financial situation? Billionaire George Soros believes he knows. If…

Jon C. Ogg |

The Mr. Dumas Accounting Award: Fuqi International (FUQI, MOV, JADE, ZLC)

Fuqi International Inc. (NASDAQ: FUQI) got killed last night and things are not looking bright this morning.  The Chinese jewelry…

Douglas A. McIntyre |

Does Reg. FD Exist Anymore? (BAC)

There is an interesting question that we would like to pose after hearing about an 800 million share or 825…

Douglas A. McIntyre |

10 CEOs To Go In 2009: Mike Zafirovski of Nortel (NT)

Kicking management and practices at Nortel Networks Corp. (NYSE: NT) is nothing new for us.  We have discussed the company’s…

Top Gaining Stocks

Akamai
AKAM • Vol: 21,556,944
Micron Technology
MU • Vol: 65,135,624
Intel
INTC • Vol: 227,504,426
Monster Beverage
MNST • Vol: 15,284,847
Dell Technologies
DELL • Vol: 12,167,525

Top Losing Stocks

Mettler Toledo International
MTD • Vol: 539,266
Motorola Solutions
MSI • Vol: 3,101,643
Expedia
EXPE • Vol: 4,189,786
Coterra Energy
CTRA • Vol: 73,319,495
Fidelity National Information Services
FIS • Vol: 11,468,820