John Casesa
John Casesa
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The outlook for the fourth quarter is not so hot. It is very clear that results in North America will be compressed by all this price cutting.
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The North American operations are the driver of the results. Business is great this year, and the mix is very rich -- they're selling lots of trucks,
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These results are reminiscent of Ford's late 1990's performance -- driving earnings improvement with a richer truck mix, ... GM remains market-share driven and its North American pricing fell 1.0 percent. Fortunately, it was able to increase its mix of light trucks and decrease its fleet sales, offsetting partially the negative impact of lower prices.
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We were surprised that GM said that it does not plan to reduce permanently assembly capacity in North America to reflect the Olds phase-out, ... GM's restructuring, especially its discontinuance of the Olds brand, is undeniably a step in the right direction. However, the costs of these actions are much more visible than their ongoing benefits right now. We anxiously await follow-up actions.
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Capitalizing on growth in Asia through Daewoo is essential if GM is to achieve a profitable mix of businesses. They can't do it by just cutting costs in North America.
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We believe that the Firestone recall is a storm that will intensify with the upcoming congressional hearing and then quickly pass. Based on our analysis of the outcome of other high-profile, controversial recalls, the stock should make a recovery.
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Like steel, textiles, airlines and other American industries that have undergone radical restructurings, ... we expect an increasingly volatile and difficult environment for the companies involved and for their shareholders.
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which is a tough number to justify without tangible results.
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The pressure on GM management is greater than ever ... to adopt a more aggressive turnaround strategy.
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Today's reaction simply reflects the hope there's not going to be a strike that shuts down the industry.
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It's a very deep concern in the near term because there's no question it will be a deterrent to U.S. investors. He was highly respected by institutional investors in the United States.
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The auto companies have closed this excess capacity, are now making better product and simply don't have a lot of extra cars they can offer at low prices to this distribution channel. People like Henry Silverman or Wayne Huizenga will make those businesses more rationally structured.
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They just want to make sure that people don't rule GM out. But the probability of finding exactly what they want is probably pretty slim.
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It's an example of the best GM can do. The car costs less money to make than the old one. It's faster, handles better, has far better quality and is much more user friendly.