General Motors (NYSE:GM) CEO Dan Akerson struck an optimistic note on Wednesday, predicting that the American auto market will remain strong for at least another four to five years, Reuters is reporting. Pent-up demand will spread out over that time frame, as drivers move to replace their aging vehicles, and many were unable to do so during the financial flatline. ”There’s this underlying strength that may go for the next four or five years until we get it back to eight, nine (year) range of average age of the car …” in the United States, Akerson said on the CNBC cable news channel. The average age for a vehicle right now is 11 years, an all-time high.
Despite numerous spin-offs recently as the company aims to aim its focus more, Pfizer (NYSE:PFE) has said that it fully intends to keep its consumer health business, because the unit will be critical to selling prescription drugs that become over-the- counter products, Chief Executive Officer Ian Read said. The unit is worth about $3.2 billion annually, and produces ChapStick brand lipbalm, Centrum vitamins, and Advil pain pills.
Deutsche Bank AG has upgraded shares of Alcatel–Lucent (NYSE:ALU), from Buy to Hold, citing that the company has the “key ingredients” for a turnaround: “A new CEO with a solid cost-cutting track record, a likely positive revenue and margin inflection in 2013/14 and a termed out maturity profile.” The price target was raised from 1 euro to 1.80 euro.
Dish Network (NASDAQ:DISH) is attempting to defeat a subpoena from a group of TV broadcasters, who are looking into discussions between Dish and Aereo. The broadcasters are seeking information including ” (1) Aereo’s communications with DISH; (2) any ‘actual, contemplated, considered, or proposed’ business arrangements between Aereo and DISH; and (3) ‘offers or expressions of interest’ by Dish in acquiring Aereo’s assets.” In a court filing, Dish said that TV networks are not entitled to learn whether it has plans to incorporate Aereo technology.
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