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Search resuls for: "Rod Lache"


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General Motors and Ford Motor report third-quarter earnings and future guidance this week amid ongoing strikes and contract negotiations with the United Auto Workers union. Patrick T. Fallon | AFP | Getty ImagesThe UAW has consistently used earnings reports and commentary from executives, including GM CEO Mary Barra and Ford CEO Jim Farley, to promote its efforts and collective bargaining. "If GM, Ford and Stellantis are still very profitable for the third quarter, [UAW's] going to claim that, 'They're being too cheap in bargaining, and they should give us more.'" GM has said the work stoppage cost it roughly $200 million in lost production in September. UAW impactJPMorgan estimates strike costs amounted to $145 million at Ford and $191 million at GM in terms of earnings before interest and taxes during the third quarter.
Persons: Jim Farley, Ford, Mary Barra, Patrick T, Fallon, Wheaton, Ford —, Shawn Fain, Wolfe, Rod Lache, Lache, EVs Organizations: General Motors Reuters, General Motors DETROIT, Motors, Ford Motor, United Auto Workers, GM, Ford, LSEG, UAW, Stellantis, Local, Chrysler Corporate, Division, AFP, Getty, Worker Institute, Cornell University, Ford Expedition, Lincoln, Detroit, Detroit automakers Locations: Ontario , California, Kentucky
Until this week, Fain had announced all of the union's new strikes on Fridays, during what has become a weekly livestreamed update for union members. "We continue to believe the escalation at [Ford] this week is a sign the talks may be coming to an end. KY Truck is likely Ford's most profitable plant, and therefore the strike is the highest level of escalation, aside from a national strike," Wells Fargo analyst Colin Langan wrote in a Friday note. But the UAW's leaders may be looking one more step ahead, to the process of selling a tentative deal with Ford to their members. ), and that UAW members have secured the last few ounces of wage, benefits, and job protection concessions that they can get," Lache wrote Thursday to investors.
Persons: counterintuitively —, It's, Shawn Fain, Fain, Wells, Colin Langan, autoworkers, Wolfe, Rod Lache, Ford, Lache Organizations: DETROIT, United Auto Workers, Ford Motor's, Plant, Ford, General Motors, Chrysler, Street, UAW Locations: Kentucky
GameStop — The meme stock tumbled nearly 18% after the company fired CEO Matthew Furlong and appointed Ryan Cohen as executive chairman, effective immediately. Carvana — Shares popped 56% after the online car seller issued an upbeat outlook for the second quarter. Carvana said it now expects non-GAAP total gross profit per unit to come in above $6,000 in the second quarter. Smartsheet — Smartsheet tanked more than 17.5% after the software company said billings came in at $215.5 million, falling short of a StreetAccount estimate of $217.1 million. Trip.com posted earnings per share of 43 cents, beating a StreetAccount estimate of 26 cents.
Persons: Matthew Furlong, Ryan Cohen, Wells, Carvana, Wolfe, Fisker, Rod Lache, Chris Licht, Jefferies, billings, Lilly Pulitzer, Tommy Bahama, Trip.com, Yun Li, Alex Harring, Sarah Min, Michelle Fox, Tanaya Macheel Organizations: GameStop, Signet, Signet Jewelers, Wolfe Research, Warner Bros, CNN, Wynn Resorts, Sands, Mobile, Adobe —, Adobe, Oxford Industries Locations: Wells Fargo, Las, Macao
Analyst Rod Lache downgraded Tesla shares to peer perform from outperform. Tesla has cut prices in recent months to stoke sales, raising concern among some analysts that profits could be under pressure going forward. Now, the company could be hurt by the Silicon Valley Bank failure, Lache said. Silicon Valley Bank failed Friday. Tesla shares were down 0.5% on Monday before the bell.
Ford CEO Jim Farley was rather blunt about the problems that Ford experienced as it rolled out its hot EV models, the Mustang Mach-E and the F-150 Lightning pickup. While both vehicles have a long list of waiting customers, Farley admitted that Ford encountered numerous problems with their production. They resumed last year, but GM ended up with total US EV sales of just under 40,000. In 2022 Ford’s US EV sales came to just under 62,000, roughly a tenth Tesla’s US sales that year. That means about 600,000 US Tesla sales for the year.
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