What’s Moving These Hot Stocks: GM, Sara Lee
General Motors Corporation (NYSE:GM) posted more first quarter results, the following being related to financial figures. Loan originations were $1.4 billion, compared quarter-to-quarter to $1.2 billion, and year-to-year to $1.1 billion. The outstanding balance of finance receivables totaled $10 billion at the end of the first quarter, with annualized net charge-offs at 2.5 percent of average finance receivables for the same quarter, compared to 4.0 percent year-to-year. Finance receivables 31-to-60 days delinquent were 3.2 percent of the portfolio at the quarter’s end, compared to year-to-year at 3.8 percent. Accounts more than 60 days delinquent comprised 1.2 percent of the portfolio at the end of the first quarter, compared to 1.5 percent at the same point in 2011.
Sara Lee Corp. (NYSE:SLE) released some statistics and comments that will be made during its third quarter conference call. It’s believed that stabilization of commodity costs in its Meat division, and falling costs in its Coffee and Tea unit will come to fruition in the fourth quarter. Fiscal year significant items are currently projected at around $550 million, which is a reversal of the $700 million of deferred tax liabilities expected at that time. Also the fiscal year tax rate is expected to be approximately 33 percent, and net expenses at near $65 million.
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