News Feed » Chrysler

Fia SpA & Chrysler Deal Sealed

admin — Thu, 11 Jun 2009 20:20:28 +0000

Fia SpA and Chrysler LLC finally sealed the deal, forming the 6th largest car maker globally. After the U.S. Supreme Court dismissed an appeal against the sale, the two announced that they had finalized a global strategic alliance to “begin operations immediately”. Chrysler’s good assets will be transferred to a new, restructured firm owned by a group headed by Fiat. Fiat’s CEO Sergio Marchionne will run the new company. Fiat shares gained 4.85% to close at EUR 7.79 on the Brsaltaliana Exchange following the announcement.

Overnight Market News – June 10, 2009

admin — Wed, 10 Jun 2009 14:49:52 +0000

Fiat SpA Says Chrysler Deal Will Close “Shortly” After the US Supreme Court Cleared the Way for the Purchase of Most of Chrysler LLC Assets
China’s Consumer Prices Fall for Fourth Consecutive Month, Drops 1.4% in May From a Year Earlier Slowing Slightly from April’s 1.5% Decline
Home Depot Slightly Improves Full-Year Earnings Guidance, Expects Flat Earnings per Share or Fall up to 7%, Compared with Previous Estimate of a 7% Decline
UK Manufacturing Output Up 0.2% in April from March, Second Monthly Rise as a Rebound in Motor Vehicle Production Helped End the Factory Slump
Obama Administration Plans to Unveil Executive Pay Rules for Firms Receiving Government Aid by the End of the Week, Will Name a Pay Czar
Crude Oil Stands at USD 71.44 per Barrel
Ethanol Stands at USD 1.87 per Gallon
Natural Gas Stands at USD 3.85 per British Thermal Unit (Btu)
Dow Jones Industrial Average Falls -1.43 Points (-0/02%)
London FTSE Index Rises 94.27 Points (2.14%)
Japan Nikkei Index Rises 204.67 Points (2.09%)
Hong Kong Hang Seng Index Rises 727.17 Points (4.03%)
Brazil Bovespa Index Falls 473.26 Points (-0.88%)

Overnight Market News – June 9, 2009

admin — Tue, 09 Jun 2009 15:17:17 +0000

US Treasury to Announce Approval for 10 US Banks including JPMorgan Chase & Co, American Express Co to Repay TARP Funds
Bank of America Corp Announces Resignation of Two More Board Members
Fiat SpA Will Not Abandon Efforts to Buy Chrysler LLC after US Supreme Court Delays Deal
Royal Dutch Shell Chief Executive Officer Calls for Compensation Reforms for Top Executives
General Electric Co’s, GE Aviation Unit Expects Orders to Drop 50% in 2009
UK Housing Prices Fall at Slower Pace in 3-Month Period through May to -44.1 versus -58.7 in April
Crude Oil Stands at USD 68.99 per Barrel
Ethanol Stands at USD 1.84 per Gallon
Natural Gas Stands at USD 3.81 per British Thermal Unit (Btu)
Dow Jones Industrial Average Rises 1.36 Points (0.02%)
London FTSE Index Falls 9.30 Points (-0.21%)
Japan Nikkei Index Falls 78.81 Points (-0.80%)
Hong Kong Hang Seng Index Falls 194.90 Points (-1.07%)
Brazil Bovespa Index Rises 289.38 Points (0.54%)

Overnight Market News – June 8, 2009

admin — Mon, 08 Jun 2009 15:13:22 +0000

Ireland Sees Credit Rating Cut for Second Time This Year by Standard & Poor’s to AA from AA+
Three Indiana State Pension Funds Ask US Supreme Court to Block Chrysler LLC’s Sale to Group Let by Fiat SpA
Global Airline Industry Expected to Lose USD 9B This Year, Double the Forecast in March
Tribune Co and its Creditors in Early Talks for Reorganization Plan Likely to Transfer Control of the Conglomerate to Group of Large Banks and Investors
General Mills Expects Fiscal 2009 Earnings to Exceed Previous Forecast of USD 3.87 a Share to USD 3.89 a Share by Several Cents
Japan’s Corporate Bankruptcies Decline for First Time in a Year by 6.7% to 1,203 Cases
Crude Oil Stands at USD 67.53 per Barrel
Ethanol Stands at USD 1.87 per Gallon
Natural Gas Stands at USD 3.80 per British Thermal Unit (Btu)
Dow Jones Industrial Average Rises 12.89 Points (0.15%)
London FTSE Index Falls 54.74 Points (-1.23%)
Japan Nikkei Index Rises 97.62 Points (1.00%)
Hong Kong Hang Seng Index Falls 426.14 Points (-2.28%)
Brazil Bovespa Index Falls 122.89 Points (-0.23%)

Overnight Market News – June 4, 2009

admin — Thu, 04 Jun 2009 11:39:23 +0000

Organization of American States (OAS) Ends Cuba’s Suspension After 47 Years, Outlines Conditions for Re-Entry
Dealers Oppose Chrysler Llc’s Request to Terminate Franchise Agreements, Ruling Likely Today
Wal-Mart Stores Inc to Create 22,000 New Jobs in 2009 as Part of Expansion Plan in the US
Japanese Companies Cut Spending on Plant and Equipment by a Record 25.3% in Q01 2009, Emphasizing the Depth of Contraction During the Period
European Central Bank (ECB) to Leave Key Interest Rates at 1%, Will Announce Bond Purchase Plan Details
UK House Prices Unexpectedly Jump 2.6% in May Over April, Trend Still Uncertain
Crude Oil Stands at USD 66.12 per Barrel
Ethanol Stands at USD 1.84 per Gallon
Natural Gas Stands at USD 3.77 per British Thermal Unit (Btu)
Dow Jones Industrial Averages Falls 65.59 Points (-0.75%)
London FTSE Index Rises 24.17 Points (0.55%)
Japan Nikkei Index Falls 72.71 Points (-0.75%)
Hong Kong Hang Seng Index Falls 73.70 Points (-0.40%)
Brazil Bovespa Index Falls 1,912.89 Points (-3.54%)

Overnight Market News – June 1, 2009

admin — Mon, 01 Jun 2009 17:21:57 +0000

General Motors Corp to File for Bankruptcy Later on This Morning, US Government to Provide USD 30mm of Additional Funds to Restructure the Automaker
Chrysler Wins Court Approval to Sell Most of Its Assets to a Group Led by Italy’s Fiat SpA
China’s Manufacturing Expands For a Third Consecutive Month in May Recording a Monthly Purchasing Manager’s Index Reading of 53.1
Private Equity Firm Kohlberg Kravis Roberts (KKR) Posts Pre-Tax Loss of USD 1.2B in 2008, its First Loss in 5 Years, Amid the Global Credit Crisis
Colombia’s Central Bank Cut its Benchmark Interest Rate by 100bps to a Record 5% in an Effort to Spur Consumer Demand
Crude Oil Stands at USD 67.88 per Barrel
Ethanol Stands at USD 1.84 per Gallon
Natural Gas Stands at USD 4.01 per British Thermal Unit (Btu)
Dow Jones Industrial Average Rises 96.53 Points (1.15%)
London FTSE Index Rises 61.44 Points (1.39%)
Japan Nikkei Index Rises 155.25 Points (1.63%)
Hong Kong Hang Seng Index Rises 717.59 Points (3.95%)
Brazil Bovespa Index Rises 156.99 Points (0.30%)

Overnight Market News – May 27, 2009

admin — Wed, 27 May 2009 11:49:27 +0000

US Government Expected to Buy 70% Stake in General Motors Corp (GM) as Bankruptcy Looms
Chrysler LLC Expected to Exit Ch 11 Bankruptcy Protection as Early as Next Week, Boosting Optimism for a Swift Proceeding for GM
European Union (EU) Reveals Plan to Regulate, Reduce Risk in Financial Markets
McDonald’s Corp Plans to Edge Starbucks Corp as Europe’s Biggest Coffee Chain, Open Several Hundred McCafe Stores this Year
Japan’s Drooping Exports Improved in April, Falling 39.1% vs 45.6% in March Causing Unexpected Trade Surplus
IBM Allocates USD 3B to Finance “Smart Infrastructure” Ventures in Europe and Asia Likely to Gain Government Stimulus Support
Crude Oil Stands at USD 63.18 per Barrel
Ethanol Stands at USD 1.80 per Gallon
Natural Gas Stands at USD 3.55 per British Thermal Unit (Btu)
Dow Jones Industrial Average Rises 196.17 Points (2.37%)
London FTSE Index Falls 1.28 Points (-0.03%)
Japan Nikkei Index Rises 127.96 Points (1.37%)
Hong Kong Hang Seng Index Rises 893.71 Points (5.26%)
Brazil Bovespa Index Rises 1,024.56 Points (2.02%)

General Motors Stock Plummets Over 21%

admin — Wed, 13 May 2009 21:14:56 +0000

It is no surprise that investors of General Motors Corp. are worried. However, shareholders were frantic yesterday as they got hold of news that six executives (including former Vice Chairman and Product Chief – Bob Lutz) at the company had sold almost US$ 315K in stock, as well as liquidated their outstanding direct holdings in GM. GM’s stock plummeted over 21% to US$ 1.09 yesterday, it’s 76 year low. Chrysler LLC meanwhile is gasping for air as well, as it was forced to file Chapter 11 Bankruptcy protection, and GM could possibly be next.

Chrysler Hoping To Turn Things Around

admin — Sat, 02 May 2009 16:49:07 +0000

It will take nothing short of a miracle for Chrysler LLC to make a quick recovery as it began bankruptcy proceedings yesterday. After failing to meet the US Government’s deadline to restructure, Chrysler hopes to turn things around by selling its assets to form a new company to be owned by the Government, FiatSpa, and the United Auto Workers Union.

It’s not certain if this plan will be approved, and even if it is, Chrysler may have a tough time finding buyers for the unpopular European cars that it plans to market after its reorganization.