Here’s Why Auto Stocks are Getting Drop Kicked Now
General Motors Co. (NYSE:GM) reported declining third quarter earnings on concerns about Europe affecting its profits this morning; this contributed to a 9 percent drop in its shares.
Since emerging from bankruptcy in 2009, GM has seen a steady stream of income and for the third quarter, it reported a $1.7 billion profit ($1.03 per share), down from $2 billion ($1.20 per share) from the previous year. Revenue jumped to $36.7 billion from $34.1 billion.
Analysts estimated earnings at $0.94 cents per share, on $35.9 billion in sales.
Investing Insights: General Motors Earnings Cheat Sheet: Net Income Drops
Toyota Motor Corp. (NYSE:TM) announced today that it will resume Thailand production on Nov. 21. The automaker said in a statement that it would assess the Thailand situation and added the comment by president Akio Toyoda, “Toyota is not considering shrinking its operations here. If anything, we would expand.”
On Tuesday, the company suspended its earnings forecast, attributing currency market volatility and production problems in Thailand for the delay.
Ford Motor Co. (NYSE:F) may see a UK strike ballot as its British employees are opposed to the automaker closing its pension to new parties. Unite, the U.K’s union representing the unhappy 2,500 Ford staff, watched representations exit talks on Tuesday after Ford remained insistent about the closing.
The company’s hourly workers also rejected the change and now the testy negotiations will begin.
- General Motors Corporation (NYSE:GM): The shares recently traded at $22.89, down $2.15, or 8.59%. Its market capitalization is $35.75 billion. They have traded in a 52-week range of $19.05 to $39.48. Volume today was 23,956,176 shares versus a 3-month average volume of 14,351,600 shares. The company’s trailing P/E is 4.82, while trailing earnings are $4.75 per share. About the company: General Motors Co. manufactures and markets new cars and trucks. The Company offers features for special needs drivers, OnStar vehicle protection, service, parts, accessories, maintenance, XM satellite radio, features for commercial owners, and more. General Motors offers its vehicles and services worldwide. Get the most recent company news and stock data here >>
- Toyota Motor Corp. (NYSE:TM): The shares recently traded at $64.32, down $0.29, or 0.45%. Its market capitalization is $100.84 billion. They have traded in a 52-week range of $63.53 to $93.90. Volume today was 441,604 shares versus a 3-month average volume of 583,045 shares. The company’s trailing P/E is 35.97, while trailing earnings are $1.79 per share. About the company: TOYOTA MOTOR CORPORATION manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems. Get the most recent company news and stock data here >>
- Ford Motor Co. (NYSE:F): The shares recently traded at $11.13, down $0.48, or 4.13%. Its market capitalization is $42.29 billion. They have traded in a 52-week range of $9.05 to $18.97. Volume today was 37,952,685 shares versus a 3-month average volume of 71,336,500 shares. The company’s trailing P/E is 6.68, while trailing earnings are $1.67 per share. About the company: Ford Motor Company designs, manufactures, and services cars and trucks. The Company also provides vehicle-related financing, leasing, and insurance through its subsidiary. Get the most recent company news and stock data here >>