GM Shuffles International Executives, US Cellular’s Quarterly Report, and 3 More Hot Stocks
General Motors Corp. (NYSE:GM): GM has brought on former Volvo executive Stefan Jacoby to be the executive vice president of consolidated operations. Jacoby will be responsible for regions which include Africa, Europe, and the Middle East, as the company works to find out what works in its international management strategy. Tim Lee has been made chairman of GM China, to better focus on the automaker’s 12 joint ventures there.
United States Cellular (NYSE:USM): U.S. Cellular has reported earnings of $1.69 per share, with service revenues of $911 million, down from the $1.02 billion for the comparable period a year ago. The company deconsolidated the St. Lawrence Seaway RSA Cellular Partnership, and closed the Chicago, St. Louis, central Illinois, and three other markets transactions during the quarter, netting $480 million in cash, and recognizing a pre-tax gain of $266.4 million in the process.
Cheniere Energy, Inc (AMEX:LNG): Cheniere shares are more or less flat, after reporting EPS of -$0.71, missing by $0.39, and revenue of $67.18 million, missing by $7.5 million. The results include significant items ($7.1 million and $41.6 million) for the three and six months ended June 30, respectively, compared to the $35.4 million and $58.6 million for the three and six months ended June 30 of last year. Cheniere also sold the Creole Trail Pipeline business for $480 million, and was reimbursed for $13.9 million in expenditures incurred prior to the closing date.
Dreamworks Animation (NASDAQ:DWA): Dreamworks has reported EPS of $0.26, beating estimates by $0.08, and revenue of $213.4 million beat by $32.55 million, up 31 percent. The Croods “incredibly successful box office run” brought in $71.8 million alone in revenue for the period, as Dreamworks has ”a great deal of momentum within [the] television, consumer products and location-based entertainment businesses,” said CEO Jeffrey Katzenberg, pushing for diversification.
Chevron Corp. (NYSE:CVX): Chevron’s EPS of $2.77 for the second quarter missed by $0.21, while revenue of $57.37 billion beat by $1.25 billion. Chevron attributed the earnings miss to “softer market conditions for crude oil and refined products,” which also hurt the company’s profits. CEO John Watson noted that “repair and maintenance activities” at U.S. refineries further exacerbated results. Global net oil-equivalent production during the period was 2.58 million barrels per day, while upstream earnings came in at $1.08 billion.