DIRS.INFO The most relevant business & tech news

☆ Ford Posts Loss as It Takes $2.7 Billion Charge on Argo Driverless Venture
▼ + stars: | 2022-10-26 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

Ford Motor swung to a third-quarter loss because of a hefty charge associated with the shutdown of the auto maker’s autonomous-driving venture Argo AI, the latest setback in the pursuit of self-driving cars. The Dearborn, Mich., company, which invested in Pittsburgh-based Argo in 2017, said Wednesday that it is shifting its focus away from the development of fully autonomous driving technology and to partially automated features that Ford and other auto makers already offer. Ford will absorb several hundred of Argo’s roughly 2,000 employees, the auto maker said.

☆ Ford to Take $2.7 Billion Charge on Argo Driverless Startup Stake
▼ + stars: | 2022-10-26 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

A driverless car operated by Argo AI on the road in Austin, Texas, last May. Ford Motor said it is taking a $2.7 billion charge on its investment in driverless-car firm Argo AI as that startup shuts down its operations. The Dearborn, Mich., company, which invested in Pittsburgh-based Argo in 2017, said Wednesday that it is shifting its focus away from the development of fully autonomous driving technology and to partially automated features that Ford and other auto makers already offer. Ford will absorb some Argo employees, the auto maker said.

☆ Ford's earnings beat, significant free cash flow mean we're sticking with the auto stock
▼ + stars: | 2022-10-26 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

Cash flow from operating activities was $3.8 billion, while adjusted free cash flow came in at $3.6 billion, beating analysts' estimates of $1.4 billion. Meanwhile, what stood out to us the most in the quarter was the significant free cash flow the business is generating. Adjusted EBIT came in at $204 million, well ahead of the $31 million loss predicted by Wall Street. Adjusted EBIT came in at $229 million, also a beat on analysts' estimates of $125 million. This target has not been attained despite the more than $100 billion Ford invested in the technology.

☆ 3 takeaways from our daily meeting: Dow stocks, mixed tech results, earnings ahead
▼ + stars: | 2022-10-26 | by ( Krystal Hur | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Buying Dow stocks here Mixed tech results Earnings ahead: META, F 1. Buying Dow stocks here Stocks were mainly higher Wednesday, as the Dow Jones Industrial Average outperformed the market with a roughly 1% rise in midmorning trading. Earnings ahead: META, F Meta Platforms (META) releases third-quarter results after the close on Wednesday. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

☆ Ford, VW pull plug on robotaxis in blow to self-driving car industry
▼ + stars: | 2022-10-26 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +3 min

Ford said Wednesday that it had concluded that the large-scale profitable commercialization of self-driving cars was further out then expected. Some Argo AI employees will join Ford for that work, Farley said. The company was developing robotaxis, self-driving vehicles that can operate in a ridehail service that does not require human drivers. The team effort allowed Ford and VW to share the hefty costs of developing self-driving cars. Companies have found that developing self-driving cars is incredibly expensive.

☆ Earnings playbook: How to trade the busiest week of the season thus far, including Apple and Amazon
▼ + stars: | 2022-10-23 | by ( Fred Imbert | ) www.cnbc.com time to read: +17 min

It's the busiest week of the earnings season thus far, with nearly 150 S & P 500 components set to report. What history shows: Coca-Cola has outperformed analyst earnings expectations in the last 11 quarters, FactSet data shows. Alphabet is set to report earnings after the close, with management expected to hold a conference call at 5 p.m. What history shows: FactSet data shows Microsoft's earnings per share have come in above expectations in 24 of the last 25 quarters. What history shows: McDonald's earnings per share have outperformed expectations in six of the last 10 quarters, FactSet data shows.

☆ GM, Ford set to report earnings to a tough crowd on Wall Street
▼ + stars: | 2022-10-21 | by ( Joseph White | ) www.reuters.com time to read: +3 min

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Ford follows on Wednesday, having already warned investors that third quarter results will fall short of expectations because of supply chain and logistics snarls. Wall Street investors have not waited to act on wariness that demand for cars is finally entering a long-delayed cyclical downturn. GM shares are down 19% since Sept. 19. So far, neither GM nor Ford has cut full-year profit guidance.

☆ Wall Street eyes auto industry earnings for signs of 'demand destruction'
▼ + stars: | 2022-10-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

But with interest rates rising, inflation at record highs and recession fears looming, Wall Street is closely watching third-quarter earnings results and guidance for any signs consumer demand might be weakening. Spak said third-quarter earnings "should mostly be fine," with the focus being on company commentary and guidance revisions. DealersCarMax fueled Wall Street's concerns last month after the used car dealer posted one of its biggest earnings misses ever. Citing CarMax's results, J.P. Morgan analyst Rajat Gupta said the sentiment for franchised dealers' third-quarter earnings "is the most negative we have encountered since the pandemic." Other major dealers scheduled to report third-quarter earnings include Group 1 Automotive on Oct. 26, followed by AutoNation , Asbury Automotive Group and Sonic Automotive on Oct. 27.

☆ How the warehouse boom devoured America's workforce
▼ + stars: | 2022-10-19 | by ( Aki Ito | ) www.businessinsider.com time to read: +12 min

It all happened so fast, we never got a chance to ask the most fundamental question: Is the sudden and dramatic shift to warehouse work a good thing? Has the explosion in warehouse jobs, taken as a whole, left us better off than before? As my colleague Katherine Long outlines in her story about musculoskeletal disorders, warehouse work is dangerous. "Warehouse workers," he says, "are the assembly-line workers of contemporary capitalism." That experience has given him hope that warehouse jobs, like their assembly-line predecessors, could wind up being a source of both personal pride and economic advancement.

☆ A fighter pilot's promotion shows how China's navy is learning from the US as its aircraft carrier fleet grows
▼ + stars: | 2022-10-17 | by ( Minnie Chan | South China Morning Post | ) www.businessinsider.com time to read: +5 min

The promotion of flying officers to command positions on China's carriers mirrors the US approach. A CCTV documentary highlights another similarity, with the Chinese navy now training its own pilots. "As a user of ship-borne weapons, I would share my [naval flight experiences] with comrades working in the equipment department and try efforts to improve our operational system, finding a better way to help China's aircraft carrier undertaking," Xu told a documentary on CCTV. The launch in June of China's third and most advanced carrier, the Fujian, has increased the demand for more outstanding carrier-based pilots like Xu. The new aircraft combat platform's electromagnetic catapults — similar to those on the USS Gerald R. Ford supercarrier — means the PLA Navy will have to master a new launch and recovery system.

WASHINGTON — The House committee investigating the Jan. 6 attack on the Capitol plans to vote to subpoena former President Donald Trump, sources familiar with the committee's plans told NBC News Thursday. On his way to the hearing, Chairman Bennie Thompson, D-Miss., told reporters the panel had not yet ruled out a subpoena for Trump. He said at the start of the hearing that the committee would take a vote "based on new evidence." Thursday's hearing would once again place Trump at the center of plans to overturn the election, ultimately leading to the violence on Jan. 6, committee Vice Chair Liz Cheney, R-Wyo., said in her opening statement. Several sitting and former presidents and vice presidents have also testified before congressional committees, including Presidents Abraham Lincoln, Woodrow Wilson and Gerald R. Ford.

☆ Goldman Sachs favors Tesla and another big automaker even during an economic slowdown
▼ + stars: | 2022-10-13 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Goldman Sachs raised its forecasts for electric car sales and believes Tesla and General Motors will benefit from the trend. The Inflation Reduction Act , signed by President Joe Biden in August, will benefit carmakers such as Tesla and GM with $7,500 worth of tax credits per car, according to Goldman. Goldman said it now expects Tesla to make 2.4 million cars worldwide in 2024, up from its previous forecast of 2.275 million. According to the report, the tax credits will also benefit GM and Ford , although only "slightly." Housing sales figures, which are also strongly correlated to vehicle sales, point toward a gloomy picture , according to Goldman.

☆ Here’s our October rapid-fire update on all 34 stocks in Cramer’s Charitable Trust portfolio
▼ + stars: | 2022-10-13 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +13 min

Here's a rapid-fire update on every stock in the CNBC Investing Club portfolio. For Club members who are seeking income, we think a stock like Devon represents a better option than, say, AbbVie. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ Electric vehicles will become power plants on wheels by providing backup power for homes and the grid
▼ + stars: | 2022-10-13 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

Electric vehicles in the coming years will be capable of powering homes and the grid. Backup power from EVs can help during storms and support electric grids strained by extreme weather. A new business unit, GM Energy, has a line of electric-vehicle chargers that can also feed power back to homes and the electric grid. "There's a value stack in EV batteries: supporting the grid, serving as backup power for your home, and also reducing greenhouse-gas emissions." The Ford F-150 Lightning also has bidirectional charging, which proved useful after Hurricane Ian pummeled southwest Florida's power grid.

The commercial operations are already underway, while home energy systems will be available starting next year as the 2024 Chevrolet Silverado EV goes on sale. Travis Hester, vice president of GM's EV growth operations, said the new business unit offers customers and energy grids "resiliency." PG&E is working with GM Energy on a pilot test of a "bi-directional charger," which allows an EV to provide power to a home during a blackout. The EVs charge at night when rates are low and potentially provide energy back to the grid during peak hours. It also has partnered with Sunrun as a preferred installer of home energy systems.

☆ GM is starting an energy storage subsidiary to take on the Tesla Powerwall
▼ + stars: | 2022-10-11 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +4 min

The new business unit, called GM Energy, will consist of Ultium Home, Ultium Commercial and Ultium Charge 360 divisions. Ultium Home and Ultium Commercial will, as their names imply, supply energy storage for homes and businesses, respectively. GM Energy will also be involved with hydrogen fuel cells and solar energy products, GM said in its announcement. GM Energy will work with California’s Pacific Gas and Electric on a pilot program to test the concept using GM electric vehicles starting in 2023, GM said in the announcement. The new subsidiary is also working with solar energy provider SunPower, which will install solar panels on customers’ homes, GM said.

☆ Here's how the $360 billion electric car battery market will impact the future of EVs — and how affordable they are for car-buyers.
▼ + stars: | 2022-10-11 | by ( Alexa St. John | ) www.businessinsider.com time to read: +14 min

There's also money to be made: The EV battery market could hit $360 billion by 2030, according to McKinsey. At Insider, we've looked at white-hot EV battery technologies that give automakers the EV performance they need at the price their customers want. It just led a $400 million investment into the little-known EV battery startup that could make it work. Giants like Tesla, GM, and Ford are going to be desperate for EV materials in the next decade. The soon-to-be $339 billion battery industry is on a hiring tear to power the shift to electric cars.

☆ Here's why UBS's downgrade of Ford is misguided — and late
▼ + stars: | 2022-10-10 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +6 min

As a result, UBS analysts lowered their rating on Ford to sell from neutral, while cutting their price target to $10 a share from $13 a share. The market took note, as Ford quickly found itself one of the biggest losers in the S & P 500 on Monday. Ford shares were down roughly 7.7%, at $11.26 a share, in midday trading. As long-term Ford believers, we're paying attention to both — especially the fact that Ford shares entered Monday's session down roughly 41% year-to-date. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Stocks making the biggest moves in the premarket: Ford, General Motors, Rivian and more
▼ + stars: | 2022-10-10 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Take a look at some of the biggest movers in the premarket:Ford (F), General Motors (GM) – UBS downgraded both automakers, cutting Ford to "sell" from "neutral" and downgrading GM to "neutral" from "buy." Ford slid 3.6% in the premarket while GM fell 3.5%. Rivian (RIVN) – Rivian shares tumbled 9% in the premarket after it recalled nearly all its vehicles to fix potential steering issues. Kraft Heinz (KHC) – Kraft Heinz rose 2% in premarket action after Goldman Sachs upgraded the food maker's stock to "buy" from "neutral." Merck (MRK) – Merck rose 2.7% in the premarket after Guggenheim upgraded the stock to "buy" from "neutral."

☆ GM and Ford shares tumble after UBS downgrades on expectations for weakening demand
▼ + stars: | 2022-10-10 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – UBS on Monday downgraded shares of General Motors and Ford Motor on expectations for weakening demand amid inflationary pressures, sending the stocks tumbling to begin the week. Ford's stock was down by roughly 8% during trading Monday morning, while GM shares were off by about 7%. UBS continues to prefer GM over Ford due to its momentum with electric vehicles and less problems with production during the third quarter. Hummel said UBS expects a "solid quarter" for GM, which is scheduled to report third-quarter results on Oct. 25. Ford is scheduled to report third-quarter results on Oct. 26.

☆ The US Navy's new high-tech aircraft launcher is being prepped for deployment on France's new nuclear-powered carrier
▼ + stars: | 2022-10-09 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +7 min

The new carrier will have the same aircraft launch and recovery systems as the US's newest carriers. It is the latest development in France's ambition to build a new nuclear-powered aircraft carrier, a project known as the Porte-Avions de Nouvelle Génération, sometimes called PANG, which translates to "New Generation Aircraft Carrier." Charles de GaulleFrench aircraft carrier Charles de Gaulle. It is the only non-US nuclear-powered aircraft carrier in the world. Sailors prepare an F/A-18F for launch during testing with Ford's Electromagnetic Aircraft Launch System in January 2020.

☆ How GM plans to convince consumers to make the switch to electric vehicles
▼ + stars: | 2022-10-08 | by ( Kaitlin Balasaygun | ) www.cnbc.com time to read: +6 min

Scott Mlyn | CNBCWhen people think of electric vehicles, their minds typically jump to Tesla. GM plans to sell up to 175,000 electric vehicles to Hertz Global by 2027 – rentals are a key method to introduce more people to EVs without having to commit to a purchase. Over the years, GM has created other virtual showrooms like Chevy MyWay and Cadillac Live, but GM EV Live is the first EV-only showroom being offered by GM. Focus on all the in-car technology, not just EV technology GM is focused on advancing technology to create better and safer driving experiences along with sleeker models for EVs. Maintain core principles through EVs Wahl said one thing that has not changed is the underlying principles of marketing.

☆ Box CEO: Fortune 500 Companies Are Holding Their Own Against Digital Upstarts
▼ + stars: | 2022-10-05 | by ( Tom Loftus | ) www.wsj.com time to read: +4 min

A decade ago, the big bet in Silicon Valley was that some of the world’s brawniest corporations would be disrupted by nimble, digital-first startups. Mr. Levie: I actually think a large percentage of the Fortune 500 has done this well. And yet I would argue that a large percentage of the Fortune 500 responded well to that threat. Mr. Levie: What Silicon Valley is very good at is delivering world-class digital experiences to consumers and then disrupting entire markets because of that. PREVIEWWSJ: The Fortune 500 is holding its own.

☆ Ford, GM upgrade their heavy-duty pickup profit machines
▼ + stars: | 2022-09-28 | by ( Joseph White | ) www.reuters.com time to read: +3 min

Ford said the Super Duty franchise generates "more revenue than many Fortune 500 companies, including Southwest Airlines, Marriott International or Nordstrom." Heavy-duty pickups such as the Super Duty and Silverado HD do dirty work in oil fields and on construction sites. Ford on Tuesday unveiled the latest generation of the Super Duty at Churchill Downs racetrack in Louisville, Kentucky, not far from the factory where most Super Duty trucks are built. read moreOne day ahead of Ford's Super Duty reveal, Chevrolet outlined a list of improvements to its Silverado HD heavy pickup line, which trails the Super Duty in sales. Chevrolet said it will now offer only a 10-speed Allison transmission on its heavy duty Silverado trucks.

☆ Don't bet that the bottom is in for what were high-growth tech stocks, private equity investors say
▼ + stars: | 2022-09-28 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +6 min

But the washout may not have reached its end game yet, according to two top private equity investors. Investors need to be able to model long-term growth rates and profitability, and that could take a while, he added. Both private equity leaders see consolidation among tech companies as a precondition to going public in the future. There were too many companies in many of the new tech niches where investors backed public offerings in recent years, Ford says. "Make the right investment decisions to fund long-term growth," he said.

Search resuls for: ". Ford"

25 mentions found