As a sign of how difficult the markets are, a number of large companies hit 52-week lows, with a number of stocks down between 5% and 10% and bank shares off more…
According to Reuters, the House will vote on the bailout bill today. Reuters reports that JP Morgan (JPM) will not keep the CEO of WaMu. Reuters reports that John Thain of Merrill…
General Motors (GM) delivered 284,300 vehicles in September. Sales were down 16% from the same month last year. Car sales fell 10% to just over 118,000. Light trucks were off 19%. Cadillac did…
Ford (F) has an atrocious September. The car company reported total sales of 116,734, down 34 percent versus a year ago. Volvo sales were off over 50%. Overall Ford brand SUV sales…
Douglas A. McIntyre Detroit is getting its $25 billion in loan guarantees from the federal government. Ford (F), GM (GM), and Chrysler did not have access to enough capital to upgrade their plants without outside…
The financial system is looking for a form of what theologians call "universal salvation". What began as a simple piece of legislation to get $700 billion into the banking industry by the…
According to Reuters, Wilbur Ross say the bailout package does not address the core of problem which is mortgage payments. Reuters writes that the National Retail Federation says that this will be…
General Motors (GM) said on Friday that it will draw down $3.5 billion on the $4.5 billion line of credit it put in place with JPMorgan Chase (JPM) and Citigroup (C) back…
If you look at the auto stocks today, you might deduce that they are next in line for the government corporate bread lines and farm camp jobs. Ford Motor Co. (NYSE:…
After years of speculation, Porsche has become the controlling shareholder in VW. The news seems counterintuitive because VW is by far the larger company, but Porsche’s ownership dates back years to when…
According to Reuters, the federal government bailed out AIG (AIG) The Fed will loan the insurance company $85 billion for two years in exchange for a 79.9% stake. Reuters says that Barclays…
The market staged an improbable rally. After selling off over 500 points yesterday and opening down over 100 points today, the Dow is about even. Wall St. may see a small ember…
The premise for Detroit going to Washington for $50 billion in loan guarantees is that the auto industry needs cheap money to retool factories that can build more fuel-efficient cars. US buyers…
According to Reuters, debt of Washington Mutual (WM) was cut to junk on a forecast of a $4.5 billion loss reserve. Reuters says that concerns about Lehman (LEH) spread to Merrill Lynch…
Since almost no one in the US or Europe is buying cars, auto companies have been looking to China for salvation. That does not put them in a different class from other…
