trending Market Intelligence /marketintelligence/en/news-insights/trending/em3v6lIgSjZjmkS1STPYuA2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Cars.com's shares down 35% over aborted sale; ex-UAW VP sentenced for corruption

S&P Global Market Intelligence

Cannabis: Hashing Out a Budding Industry

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help

The Market Intelligence Platform


Cars.com's shares down 35% over aborted sale; ex-UAW VP sentenced for corruption

TOP NEWS

* Online automotive marketplace Cars.com Inc. saw shares drop 35% after it decided to stay independent following "no actionable bids" for the company, ending a previously announced strategic review process. The review followed a push by activist investor Starboard Value, which owns a 9.58% stake in the company, for Cars.com to improve its performance or consider a sale. The online car sales platform reported a net loss of $6 million for the second quarter after difficulties in receiving OEM certifications.

* A federal judge sentenced a former United Auto Workers executive to 15 months in prison in connection to a probe into the misuse of training center funds that has now seen eight former UAW and Fiat Chrysler Automobiles NV officials sentenced, Reuters reported. Norwood Jewell, who led the UAW's national contract negotiations with FCA in 2015, is the highest-ranking UAW official sentenced in a wide-ranging investigation into alleged misuse of company and union funds at FCA, General Motors Co. and Ford Motor Co.

CARMAKERS

* General Motors opened a new $65 million auto parts processing center in Flint, Mich., for ACDelco and GM Genuine Parts. The facility, which spans 1.1 million square feet and is expected to create more than 800 hourly and salaried jobs, will replace GM's facility in Burton, Mich.

* Fiat Chrysler's Maserati SpA brand will not generate profits until its next product lineup is released in 2020, Automotive News reported, citing FCA CFO Richard Palmer. The luxury car brand posted a €119 million loss for the quarter as sales declined 17% year over year to 7,200 vehicles.

* Honda Motor Co. Ltd.'s aircraft subsidiary said the Civil Aviation Administration of China granted its HondaJet Elite aircraft a type certification, allowing it to begin sales in China. Honda Aircraft Co. said it will begin China deliveries for the HondaJet Elite in 2019.

ELECTRIC VEHICLES

* Tesla Inc. formed a new team called Global Fraud Management that is focused on minimizing waste, disorganization and fraud, CNBC reported, citing the company's careers page. The electric-car maker did not specify what prompted it to form the department but said employees would "build the global fraud strategy for Tesla and develop a world-class fraud prevention, detection, and response team."

* Chinese carmaker BAIC Motor Corp. Ltd.'s new energy vehicle brand Senova will merge with BAIC's BJEV subsidiary to form a new brand "Beijing," Gasgoo reported, citing local media.

* General Motors will team up with EV Connect, a cloud-based platform for managing charging stations, to improve the driving experience for Chevrolet Bolt EV owners. EV Connect, which has 6,000 charge ports under contract, will provide drivers with the chargers' status and an easy charging experience.

POLICY, REGULATIONS AND SAFETY

* California Air Resources Board, or CARB, said the Trump administration had already rejected months ago the terms of the compromise on fuel efficiency that the state recently agreed to with four major automakers, Ford Motor, Honda Motor, Bayerische Motoren Werke AG and Volkswagen AG, Bloomberg News reported. CARB spokesman Stanley Young said, "[I]t seems that [the White House] were never interested in negotiations or discussions."

* The National Highway Traffic Safety Administration opened an investigation into an estimated 4,900 Jeep Wranglers, manufactured by Fiat Chrysler over complaints of defective seat belt buckles. The NHTSA's Office of Defects Investigation will probe 2015-2016 right-hand drive Jeep Wranglers that are commonly used for postal delivery in rural areas.

AUTO PARTS AND EQUIPMENT

* Schaeffler AG said net income for the first six months of 2019 plunged 46.05% year over year to €273 million as €55 million in restructuring costs and harsh economic conditions hurt its results. The German auto parts company posted EPS at 42 euro cents, down from 77 euro cents in the prior-year period, and adjusted its 2019 revenue outlook to fall between negative 1% and 1%, down from a range of 1% to 3% as it expects macroeconomic conditions to worsen.

AUTOMOTIVE RETAIL

* New car sales in the U.K. declined 4.1% year over year to 157,198 in July, according to data from the Society of Motor Manufacturers and Traders. However, electric car sales nearly tripled to a new monthly record of 13,106 vehicles, with the share of electric vehicles set to double by 2020.

* Germany's new car sales increased 4.7% year over year in July to 332,788 vehicles, Automotive News reported, citing data from the KBA Motor Transport Authority. Tata Motors Ltd.'s Land Rover brand, Toyota Motor Corp.'s Lexus and BMW Group saw double-digit increases at 44%, 39% and 32%, respectively. VW's namesake brand dropped 6.9%, while Audi sales fell 14%, according to the report.

* Honda sold 115,950 vehicles in China in July, up 9.4% year over year, its highest ever vehicle sales in the country during the month.

COMMERCIAL VEHICLES

* The U.K.'s light commercial vehicle registrations increased to 25,862 in July, up 11% year over year, according to data from the SMMT.

Now featured on S&P Global Market Intelligence

Trump 'won' trade war in June; JAB gulps down Brazil's coffee bounty

China 'weaponizes' yuan to counter US$300B tariff threat

China may allow economy to slow more than market predicts: S&P Ratings

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng dropped 0.67% to 25,976.24, while the Nikkei 225 shed 0.65% to 20,585.31.

In Europe, around midday, the FTSE 100 rose 0.02% to 7,224.90, and the Euronext 100 gained 0.67% to 1,032.69.

On the macro front

The Redbook Index for retail sales and the JOLTS report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

The Daily Dose is updated as of 8 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.