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GM

General Motors

$34.76 /

-0.535 (-1.52%)

13:04
02/17/20
02/17
13:04
02/17/20
13:04

General Motors to cease Holden sales, design/engineering operations by 2021

General Motors said it is taking decisive action to transform its international operations, building on the comprehensive strategy it laid out in 2015 to strengthen its core business, drive cost efficiencies and take action in markets that cannot earn an adequate return for its shareholders. GM announced that it would wind down sales, design and engineering operations in Australia and New Zealand and retire the Holden brand by 2021. The company will focus its strategies for the market on the GM specialty vehicle business. The company also announced that it had signed a binding term sheet with Great Wall Motors to purchase GM's Rayong vehicle manufacturing facility in Thailand; and would withdraw Chevrolet from the domestic market in Thailand by the end of 2020. GM President Mark Reuss said the company explored a range of options to continue Holden operations, but none could overcome the challenges of the investments needed for the highly fragmented right-hand-drive market, the economics to support growing the brand, and delivering an appropriate return on investment. GM also undertook a detailed analysis of the business case for future production at the Rayong manufacturing facility in Thailand. Low plant utilization and forecast volumes have made continued GM production at the site unsustainable. Without domestic manufacturing, Chevrolet is unable compete in Thailand's new-vehicle market. GM Senior Vice President and President GM International Steve Kiefer said these decisions built on the announcement in January that GM would sell its Talegaon manufacturing facility in India; significant restructuring actions implemented in Korea; and investment in and continued optimization of South American operations. GM International Operations Senior Vice President Julian Blissett said that as well as implementing plans in international core markets, GM was continuing to optimize partnerships in markets like Uzbekistan, by transferring assets and building strong supply chains to reduce costs in growth markets. As a result of these actions in Australia, New Zealand and Thailand, the company expects to incur net cash charges of approximately $300M. The company expects to record total cash and non-cash charges of $1.1B. These charges will primarily be incurred in the first quarter and continuing through the fourth quarter of 2020. These charges will be considered special for EBIT-adjusted, EPS diluted-adjusted and adjusted automotive free cash flow purposes.

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    Feb

GM General Motors
$34.76 /

-0.535 (-1.52%)

02/10/20 Morgan Stanley
GM's zero emission plan prompts $100 'blue sky' price scenario at Morgan Stanley
02/06/20 Deutsche Bank
General Motors price target lowered to $41 from $43 at Deutsche Bank
02/04/20 Deutsche Bank
Deutsche Bank initiates short-term 'Buy catalyst call' on General Motors
01/09/20
Fly Intel: Top five analyst initiations

TODAY'S FREE FLY STORIES

Downgrade
Plantronics downgraded to Underweight from Neutral at JPMorgan » 14:54
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Hot Stocks
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Options
Restoration Hardware options imply 31.3% move in share price post-earnings » 14:49
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RH

RH

$118.19 /

+6.6 (+5.91%)

Pre-earnings options…

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Periodicals
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LB

L Brands

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The coronavirus has…

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Periodicals
GE workers walk out, demand company manufacture ventilators, Vice reports » 14:41
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GE

General Electric

$7.82 /

+0.19 (+2.49%)

General Electric factory…

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Periodicals
JPMorgan unit seeks $5B-$10B to bolster spending power, Bloomberg says » 14:37
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JPM

JPMorgan

$92.36 /

+1.18 (+1.29%)

JPMorgan's…

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Hot Stocks
Kohl's suspending share repurchases, evaluating dividend program » 14:36
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KSS

Kohl's

$16.84 /

-0.755 (-4.29%)

As part of its COVID-19…

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Initiation
Esco Technologies initiated with a Neutral at Sidoti » 14:35
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ESE

Esco Technologies

$74.90 /

+1.07 (+1.45%)

Sidoti initiated coverage…

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General news
Presidents Trump and Putin » 14:35
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Presidents Trump and…

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Periodicals
Amazon hires former Boeing exec to run Prime Air drone delivery, CNET says » 14:34
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03/30
14:34
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AMZN

Amazon.com

$1,958.67 /

+57.88 (+3.05%)

, BA

Boeing

$145.54 /

-16.465 (-10.16%)

Ben Fox Rubin of CNET…

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Hot Stocks
Kohl's extends temporary store closures nationwide » 14:33
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KSS

Kohl's

$16.87 /

-0.72 (-4.09%)

Kohl's announced…

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Hot Stocks
Oxford Square Capital Corporation (Notes) [6.25% Notes Due 2026] trading resumes  14:29
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Conference/Events
BTIG real estate analysts to hold an analyst/industry conference call » 14:27
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Real Estate Services…

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Options
Petrobras call volume above normal and directionally bullish » 14:25
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PBR

Petrobras

$5.08 /

-0.105 (-2.03%)

Bullish option flow…

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Oxford Square Capital Corporation (Notes) [6.25% Notes Due 2026] trading halted, volatility trading pause  14:24
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Recommendations
Capital One CFTC reporting relief concerns overdone, says Keefe Bruyette » 14:20
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COF

Capital One

$53.01 /

-2.33 (-4.21%)

News reports last week…

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Technical Analysis
NASDAQ market internals summary » 14:17
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$NSD

NASDAQ Market Internals

$0.00 /

+ (+0.00%)

Volume is above average…

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Conference/Events
Needham medical tech analysts to hold an analyst/industry conference call » 14:16
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Axonics

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$92.52 /

+2.65 (+2.95%)

, TFX

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$283.65 /

+0.4 (+0.14%)

Analysts, along with Dr.…

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Technical Analysis
NYSE market internals summary » 14:16
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$NYE

NYSE Market Internals

$0.00 /

+ (+0.00%)

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Conference/Events
Intelligent Systems participates in a conference call with SunTrust » 14:15
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INS

Intelligent Systems

$33.50 /

+0.205 (+0.62%)

Financial Analyst Jeffrey…

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Recommendations
Aggreko price target lowered to 350 GBp from 650 GBp at Berenberg » 14:14
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14:14
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ARGKF

Aggreko

$0.00 /

+ (+0.00%)

Berenberg analyst Thomas…

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Recommendations
DCC plc price target lowered to 6,500 GBp from 7,500 GBp at Berenberg » 14:12
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DCCPF

DCC plc

$0.00 /

+ (+0.00%)

Berenberg analyst Thomas…

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Recommendations
Brenntag price target lowered to EUR 42 from EUR 60 at Berenberg » 14:11
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14:11
BNTGY

Brenntag

$0.00 /

+ (+0.00%)

Berenberg analyst Thomas…

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Recommendations
SGS SA price target lowered to EUR 2,300 from EUR 2,500 at Berenberg » 14:09
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SGSOY

SGS SA

$0.00 /

+ (+0.00%)

Berenberg analyst Thomas…

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