An ongoing workers’ strike at General Motors Co could cost the automaker about $1.5 billion, brokerage Credit Suisse said on Friday, throwing the U.S. automaker’s cost reduction plans off the track and forcing key suppliers to cut their 2019 outlook.
The brokerage has assumed the strike by the United Auto Workers (UAW) union, currently in its 26-day, to last until Oct. 21. GM, which likely lost production of about 100,000 vehicles in the third quarter, is at the risk of losing another 170,000 vehicles in the current quarter, the brokerage said, with the impact spreading to some of GM’s facilities in Mexico and Canada that receive parts from its U.S. factories. “While investors may look through the one-time impacts…the strike reminds us of the challenge of investing in OEMs at this point in the cycle,” analyst Dan Levy …read more […]
Oil prices rose as high as $60.65 a barrel on Friday after Iranian media said a state-owned oil tanker had been struck by missiles in the Red Sea near Saudi Arabia, but bearish oil demand forecasts soon pulled crude off session highs.
World shares on Friday basked in optimism over signs of a detente in the U.S.-China trade war and hopes that Britain was moving closer to a smooth exit from the European Union.
Renault’s board voted on Friday to oust chief executive Thierry Bollore, as the French carmaker and Japanese partner Nissan seek a fresh start following the scandal-hit tenure of former alliance supremo Carlos Ghosn.
The biggest U.S. banks are expected to kick off the earnings season on a sour note next week due to falling interest rates, which may have pressured net interest margins enough to cause the sector’s first year-over-year earnings per share decline in three years.
Global ride-hailing firm Uber Technologies Inc [UBER.UL] on Friday launched a pilot test of a boat service in Nigeria’s commercial capital Lagos to attract commuters seeking to avoid the megacity’s notoriously congested roads.
Phillip Chan has been the CEO of Cytosorbents Corporation (NASDAQ:CTSO) since 2009. First, this article will compare… …read more […]
Uber Technologies Inc says the UK is seeking to classify the company as a transportation provider, potentially opening it up to new tax charges that could hamper its business, according to UK accounts filings in recent days.
Q3 2019 Domino’s Pizza Inc Earnings Call …read more […]
BP will take charges of $2 to $3 billion in the third quarter, the British energy firm said on Friday, as it looks to reach divestments worth $10 billion by the end of 2019, a year ahead of schedule.
Burning trash dumped by a garbage truck caused a fire that by early Friday had destroyed dozens of homes in California’s Riverside County, fire officials said, as wildfires across the state led to power cuts for hundreds of thousands of people. Meanwhile, a wildfire that started late Thursday in the San Fernando Valley, grew early Friday to cover 1,600 acres, threatening northern Los Angeles communities and prompting the order for more than 1,900 homes to be evacuated, local media including the Los Angeles Times reported. LA fire officials were not immediately available to comment on that fire, called …read more […]
Top news and what to watch in the markets on Friday, October 11, 2019. …read more […]
The big shareholder groups in Applied Materials, Inc. (NASDAQ:AMAT) have power over the company. Large companies… …read more […]
(Bloomberg) — Jeff Wlodarczak has been one of Netflix Inc.’s biggest advocates on Wall Street since he took over coverage of the company at Pivotal Research Group in 2015. Over four years, he never wavered from recommending the stock, and this summer the analyst predicted the streaming giant would eventually be worth more than $200 billion.But in September, Wlodarczak slashed his price target by a third to $350 — the largest cut since he began coverage. While he still recommends the stock, Wlodarczak is part of a growing chorus of analysts who now worry Netflix is headed for a slowdown. …read more […]
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