GM - General Motors Company

NYSE - Nasdaq Real-time price. Currency in USD
-0.62 (-1.78%)
As of 12:11PM EST. Market open.
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Previous close34.76
Bid34.01 x 1300
Ask34.02 x 2200
Day's range33.96 - 34.74
52-week range32.97 - 41.90
Avg. volume9,881,032
Market cap48.786B
Beta (5Y monthly)1.34
PE ratio (TTM)7.47
EPS (TTM)4.57
Earnings date05 May 2020
Forward dividend & yield1.52 (4.37%)
Ex-dividend date04 Mar 2020
1y target est46.38
  • American Axle's (AXL) Q4 Earnings Trump Estimates, Down Y/Y

    American Axle's (AXL) Q4 Earnings Trump Estimates, Down Y/Y

    American Axle (AXL) projects full-year 2020 sales and adjusted EBITDA of $5.8-$6 billion and $930-$960 million, respectively.

  • Holden brand retirement stuns Australian motor sport

    Holden brand retirement stuns Australian motor sport

    The future of Australia's Supercars series is under a cloud following the decision by U.S. auto maker General Motors to scrap the iconic Holden brand that has underpinned the touring car championship for decades. General Motors Co said on Monday it would retire the Holden brand by 2021 as it winds down Australian and New Zealand operations in the latest restructuring of its global business. The move has rocked the V8 Supercars series in which eight of the 13 teams race Holden's Commodore model cars.

  • ABN Newswire

    Holden Vehicle Sales, Design and Engineering to Cease in Australia and New Zealand

    Melbourne, Australia, Feb 17, 2020 - (ABN Newswire) - The Holden brand will be retired from sales in Australia and New Zealand and local design and engineering operations will wind down by 2021, General Motors (NYSE:GM - News) announced today. Maven and Holden Financial Services operations will also wind down in Australia. GM International Operations Senior Vice President Julian Blissett said GM had taken the difficult decision after implementing and considering numerous options to maintain and turn around Holden operations.

  • General Motors to wind down Australia, New Zealand operations, sell Thai plant to Great Wall

    General Motors to wind down Australia, New Zealand operations, sell Thai plant to Great Wall

    NEW YORK/BEIJING (Reuters) - General Motors Co is retreating from more markets outside of the United States and China, saying on Sunday that it will wind down sales, design and engineering operations in Australia and New Zealand and retire the Holden brand by 2021. It also said China's Great Wall Motor Co Ltd had agreed to buy GM's Thailand car manufacturing plant and an engine factory, a transaction expected to be completed by the end of 2020. In rearranging its global operations, GM is accelerating its retreat from unprofitable markets, becoming more dependent on the United States, China, Latin America and South Korea.

  • GM shuts Australia, NZ operations; sells Thai plant to Great Wall

    GM shuts Australia, NZ operations; sells Thai plant to Great Wall

    NEW YORK/BEIJING (Reuters) - General Motors Co said it would wind down its Australian and New Zealand operations and sell a Thai plant in the latest restructuring of its global business, costing the U.S. auto maker $1.1 billion. The moves will accelerate GM's retreat from unprofitable markets, making it more dependent on the United States, China, Latin America and South Korea, and give up an opening to expand in Southeast Asia. GM has forecast a flat profit for 2020 after a difficult 2019, and is facing ballooning interest in electric car rival Tesla Inc .

  • A reminder that Tesla follows its own rules: Morning Brief
    Yahoo Finance

    A reminder that Tesla follows its own rules: Morning Brief

    Top news and what to watch in the markets on Friday, February 14, 2020.

  • Tesla's Stock Sale Is So Right But Feels So Wrong

    Tesla's Stock Sale Is So Right But Feels So Wrong

    (Bloomberg Opinion) -- If it involves a flurry of announcements, filings, subpoena disclosures, a stock with Lebowski levels of insouciance, a surprise equity raise and Larry Ellison backing up the truck, then we must be talking about Tesla.It’s been a busy Thursday morning for the electric-vehicle phenomenon. Not long after Tesla Inc. filed its 10-K annual report, the company announced it would sell up to $2.3 billion worth of new equity, with CEO Elon Musk and director Ellison indicating their “preliminary interest” in buying $10 million and $1 million worth, respectively.The 10-K itself contained several interesting details. There was a reference to a subpoena from the Securities and Exchange Commission seeking information on unspecified contracts and financing arrangements. Regional data for 2019 showed sales in Tesla’s biggest market, the U.S., fell by 15%. Meanwhile, the full cash flow statement confirmed that $204 million of fourth-quarter cash from operations was largely a mix of foreign-exchange gains and amortization and write-down effects. As I wrote here, along with a positive swing in working capital and sales of regulatory credits, those “other” items contributed more than half of Tesla’s free cash flow in the quarter.Let’s stay with free cash flow. Another item in the 10-K was Tesla’s capital expenditure guidance. This is notable because management was unusually reticent on that item when it announced year-end results about two weeks ago, telling investors and analysts to wait for the filing. It is also notable because the new guidance implies a jump of somewhere between 88% and 164% this year — and maybe staying there through 2022.One of the strange things about Tesla is that its valuation and ambitious narrative are pure growth-stock stuff, but its capex in 2019 was more like that of an old car business. At 62%, its ratio of capex to depreciation wasn’t much different from the 54% reported by General Motors Co. Now it seems as if Tesla will make up for that and then some. Plotting the new guidance versus consensus forecasts shows just how much last year stood out in this regard.The final capex bill for 2019 was $1.3 billion. That’s about $1.2 billion lower than the original guidance given a year ago. Meanwhile, Tesla’s free cash flow in 2019 was $1.1 billion.Which brings us back to the surprise equity raise. It’s a surprise because, about two weeks ago, Musk answered a question on this very subject by saying “it doesn’t make sense to raise money because we expect to generate cash despite this growth level.” It’s also a surprise because Tesla had $6.3 billion of cash and equivalents on its balance sheet at the end of December. Plus, the company expects “positive quarterly free cash flow going forward, with possible temporary exceptions.” Certainly, current consensus forecasts for free cash flow imply Tesla could absorb the jump in capex without resort to new financing.It shouldn’t be that surprising, though. Tesla’s stock has gone parabolic. Just six months ago, a $2.3 billion equity raise would have diluted shareholders by almost 6%; at today’s price, it’s just 1.6%. Investors may as well be begging the company to sell more equity (Musk’s compensation package encourages this too).In that sense, Tesla is doing the sensible thing by giving the punters what they want and shoring up its balance sheet. And yet, alongside the stalled growth in revenue, losses and capex-budget boomerang, doing the sensible thing also happens to undercut the price-boosting narrative that Tesla has turned the corner on self-funding. Even if companies can sell equity cheaply, they tend not to do so unless they think they need the money. To contact the author of this story: Liam Denning at ldenning1@bloomberg.netTo contact the editor responsible for this story: Mark Gongloff at mgongloff1@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • 5 ETFs Riding on Tesla's Incredible Surge

    5 ETFs Riding on Tesla's Incredible Surge

    Learn more about ETFs that own Tesla

  • SoftBank-Backed Brandless Shutters Less Than 2 Years After Investment

    SoftBank-Backed Brandless Shutters Less Than 2 Years After Investment

    (Bloomberg) -- Brandless Inc., a direct-to-consumer personal care and packaged goods company, is closing down. Brandless will stop taking orders and cut about 70 employees, less than two years after SoftBank Group Corp.’s Vision Fund said it would invest $240 million in the startup.“I’m proud of what we created at Brandless,” Interim Chief Executive Officer Evan Price said in a statement, adding that it had become to difficult for the company to compete in the direct-to-consumer market. “I'm confident the next great brands of tomorrow will be built from this experience.” The closure marks an embarrassing failure for SoftBank, which is struggling with other investments made by its $100 billion tech fund, including Oyo, Uber Technologies Inc., and most notably, WeWork. SoftBank bid up the valuation of WeWork parent company We Co. to $47 billion before a failed attempt at an initial public offering sent its value plummeting and forced the Japanese conglomerate to bail out the co-working startup.  Uber, another major investment, is trading below its IPO price and faces mounting regulatory pressure from governments, although it has said it expects to turn a profit this year.Brandless’s board had been evaluating its position for several weeks and ultimately decided to shut down and use the remaining cash for severance for employees, according to a person familiar with the matter who asked not to be identified discussing private information. The company is cutting all of its staff except for about 10 employees, who will say on to fulfill outstanding orders, handle customer questions and the like. The news was earlier reported by tech site Protocol.The Brandless website will no longer accept orders starting Monday, although all existing orders will be delivered and customer service will remain available. In a statement, Brandless’s board said “the direct-to-consumer market is fiercely competitive and ultimately proved unsustainable for their business model,” but added that employees’ work on sustainability and health products “moved an entire industry forward.”Brandless started shipping consumer staples, mostly at prices around $3 apiece, in 2017. SoftBank invested the following year after its chief executive, Masayoshi Son, inspected an array of its products—from olive oil to eyelash curlers—flown to Tokyo for his perusal. At the time, the Vision Fund was stunning Silicon Valley with investments like $2.5 billion into India’s Flipkart and another $2.25 billion into General Motors Co.’s autonomous vehicle business, Cruise.The Vision Fund paid out about $100 million of its promised investment into Brandless up front, according to a person familiar with the matter who asked not to be identified because the details of the deal were private. But a promised second tranche never arrived as the company struggled to hit targets while building out its own warehouse and distribution network. Co-founder Tina Sharkey stepped down as CEO last spring, and the company pivoted to selling CBD, or cannabidiol, products, which tap an ingredient in cannabis to help lessen anxiety and promote better sleep.The CEO who spearheaded that plan, John Rittenhouse, stepped down in December.(Updates with the amount SoftBank invested in Brandless in the penultimate paragraph. )To contact the author of this story: Sarah McBride in San Francisco at smcbride24@bloomberg.netTo contact the editor responsible for this story: Anne VanderMey at, Mark MilianFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Bloomberg

    Trump Budget Would Ax Loan Program Sought to Revive Lordstown Plant

    (Bloomberg) -- President Donald Trump’s proposed budget would kill a loan program that an electric-truck company is counting on to revive an Ohio factory vacated last year by General Motors Co., which angered Trump.The company, Lordstown Motors Corp., is seeking a $200 million loan from the Advanced Technology Vehicles Manufacturing Loan Program. The Energy Department initiative doled out billions of dollars to help companies retool factories to build advanced electric vehicles, including a $465 million loan to Tesla Inc. for its Model S in 2010, which the company repaid in 2013, according to the department’s website.Lordstown Motors plans to hire as many as 400 workers by the end of 2020, according to Representative Tim Ryan, an Ohio Democrat who has urged the department to approve the loan.“We will put the money back in” the budget, Ryan, a member of the House Appropriations Committee, said in an interview. “I know they have been having fairly significant meetings with the Department of Energy.”A company representative didn’t immediately respond to a request for comment.According to a budget summary obtained by Bloomberg News, Trump’s fiscal year 2021 budget calls for canceling the Energy Department program and a loan guarantee program that have been under fire from conservatives after it famously backed a half-billion-dollar loan guarantee to failed solar-panel maker Solyndra LLC. According to the Energy Department, the program has made the government nearly $3 billion in interest.Lordstown Motors in November bought the former GM plant, where it plans to build plug-in electric pickups, beginning in late 2020. GM triggered a political firestorm when it announced in 2018 that it had no plans to build anything there, essentially closing the plant. Trump harshly criticized GM and later lauded the prospect of a new company building trucks there.(Updates with comment from Ohio lawmaker in fourth paragraph.)\--With assistance from Erik Wasson.To contact the reporters on this story: Ari Natter in Washington at;Ryan Beene in Washington at rbeene@bloomberg.netTo contact the editors responsible for this story: Jon Morgan at, Elizabeth WassermanFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Mortality Estimate at 1%; Canadian Economy Toll: Virus Update

    Mortality Estimate at 1%; Canadian Economy Toll: Virus Update

    (Bloomberg) -- The death toll from the coronavirus outbreak reached 910, higher than during SARS, and one estimate put the mortality rate from the disease at 1%. Britain reported four more cases, warned of an imminent threat to public health and tightened quarantine rules. Globally, 40,626 have been infected so far.Chinese President Xi Jinping visited the Chaoyang district in Beijing Monday, according to state-run media Xinhua, which published photos of Xi wearing a mask and having his temperature taken. Canada’s finance minister said the outbreak will have an impact on the country’s economy. Key DevelopmentsChina death toll at 908; confirmed cases at 40,171Coronavirus may soon peak in Wuhan with 500,000 people infectedNissan to suspend output in Kyushu auto plant, Nikkei reportsWhen Coronavirus Takes Over Ship It’s Too Late to Batten HatchesCoronavirus Anxiety Decimates the Biggest Airshow in AsiaBloomberg is tracking the outbreak on the terminal and onlineCanada Predicts Significant Impact From Virus (12:14 p.m. NY)Canadian Finance Minister Bill Morneau warned the spread of the coronavirus is likely to have a “real” impact on Canada’s economy.At a breakfast speech in Calgary, Morneau said the deadly viral outbreak that began in China is expected to have a significant effect on global growth that will spill into Canada as it disrupts tourism and supply chains, and lowers commodity prices. He said oil prices have fallen 15% as a result of reduced demand, for example.Read the full story here. Ford Reopens China Plants (11:30 a.m. NY)Ford Motor Co. has resumed production at its Chinese plants, a spokesman said.The U.S. automaker is working with its supplier partners, some of which are located in Hubei province, to assess and plan for parts supply, according to Anderson Chan, a spokesman.Ford was among the major automakers that halted production at China plants late last month as the government extended the traditional Lunar New Year holiday by a week.Tesla Inc. also reopened its plant near Shanghai on Monday.Carnival Cruise Finally Finds a Port (11:30 a.m. NY)Carnival Corp.’s Holland America Line appears to have finally found a port for its Westerdam cruise ship to disembark after reports of coronavirus on board prompted various jurisdictions to turn it away. Holland America said the reports were unfounded, but the ship has been denied debarking in Manila, Guam, and effectively from various ports in Japan.The two-week cruise that left from Hong Kong was able to call in only one port -- Kaohsiung, Taiwan -- and authorities there cut off access part of the way through its visit. The cruise will end in Laem Chabang, Thailand, on Thursday, and guests will receive a full refund and a future cruise credit, Holland America said Monday.NTT Docomo Pulls Out of Mobile Conference (10:55 a.m.)Japanese carrier NTT Docomo Inc. became the latest company to pull out of the mobile industry’s most important annual gathering because of the coronavirus. Ericsson AB, Inc., Nvidia Corp. and Sony Corp. have already said they won’t attend MWC Barcelona, while others have reduced their presence. The biggest participants spend millions of dollars to exhibit -- money they stand to lose if they scrap their plans.New Estimate Puts Virus Death Rate at 1% (10:37 a.m. NY)The mortality rate from the coronavirus is an estimated 1%, researchers at the Imperial College London said in a new report that attempts to account for mild cases as well as more severe ones at the center of the outbreak in China.Researchers have been trying to estimate how severe the virus is, and to calculate how fast it spreads as well as how many people get severe illnesses or die. In China’s Hubei province, where the outbreak began, the fatality rate may be 18% for patients with severe symptoms, the researchers calculated.“The impact of the unfolding epidemic may be comparable to the major influenza pandemics of the twentieth century,” Neil Ferguson, an infectious disease researcher at Imperial College London, said in a statement.The researchers said the 1% mortality rate was an estimate of what will happen once all cases are counted, and after previously undiagnosed ones drive the rate down.Any estimates ”should be viewed cautiously” given the numerous uncertainties involved, the researchers warned in in their report. Mortality rates tend to shift in the middle of an outbreak as new and milder cases are found.The U.K. researchers estimated that the typical time between onset of symptoms and death has been about 22 days, meaning that there may be a multiweek time lag between reporting of cases and when deaths from those cases become apparent.Overall, the Imperial College London researchers estimated that 1.3% of Wuhan residents were infected with the virus as of Jan. 31, but only 1 in 19 of them were being tested for the virus – suggesting that the actual number of cases could be far higher than the official numbers indicate.Toymaker: Closing May Hurt Holiday Sales (10:15 a.m. NY)The CEO of one the world’s largest toymakers said many of its largest Chinese suppliers remain shuttered because of the coronavirus outbreak, with some pushing reopening dates back to the end of next month.“It’s bad,” said Isaac Larian, who also founded closely held MGA Entertainment Inc. “People don’t realize. This won’t just affect the toy business; it’s going to have a major economic effect worldwide.”While the idled factories haven’t had a major impact on MGA so far, prolonged closings could delay orders for the holiday-shopping season, according to Larian. China is by far the biggest maker of toys, with the industry’s hub in Shenzhen, and February and March is when factories do the bulk of production for Christmas goods that hit shelves beginning in late October.U.K. Issues Tighter Quarantine Rules (9:55 a.m. NY)Britain imposed new regulations allowing health authorities to keep individuals in quarantine if they’re considered to be at risk of infecting others. The move came as the U.K. government called the novel coronavirus a “serious and imminent” threat to public health.The rules apply to anyone seeking to leave isolation before a 14-day quarantine is complete and will be in place for future cases, the government said Monday. Four more patients in England tested positive for the coronavirus, bringing the total number of cases in the U.K. to eight. The country has also flown back Britons from the virus epicenter of Wuhan, China, and they’re now being held in quarantine.British Airways Extends China Flight Cancellations (6:55 a.m. NY)British Airways extended a halt to flights to mainland China until March 31. All flights to and from Beijing and Shanghai are now canceled, while trips to Hong Kong remain unaffected. The company made the decision in line with the U.K. Foreign and Commonwealth Office’s continued advice against all but essential travel to China, according to a spokeswoman.Foxconn Delays Return of Workers to Main IPhone Plants (6:09 a.m. NY)Hon Hai Precision Industry Co. has told some employees at its main iPhone-making unit that it’s postponing the resumption of production. Hon Hai, known also as Foxconn, sent a message via its internal app on Sunday that it wouldn’t be able to decide on a back-to-work date “until further notice” for its iDPBG business unit, according to a version reviewed by Bloomberg News. That division makes gadgets for Apple at a factory in the so-called iPhone city of Zhengzhou and two other plants in Shenzhen.Nissan, Jaguar Land Rover Warn of Supply-Chain Disruptions: (6:32 p.m. HK)Jaguar Land Rover updated a presentation to investors late Sunday, saying its supply chains outside China could be impacted by the coronavirus outbreak. The luxury-car maker said on Friday that it expects the virus to affect its fiscal fourth quarter but that it’s too early to quantify.Nissan Motor Co. is suspending work at a Japanese assembly plant for two days in the coming week because of disruption to the supply of automobile parts due to the outbreak.GM to Restart Production in China From Feb. 15 (6:09 p.m. HK)General Motors Co. will restart production in China from Feb. 15, according to a company representative. Plans to restart production in plants with local partners would be based on preparedness of supply chain and product inventory, Reuters reported earlier.U.K. Confirms Four More Cases (5:49 p.m. HK)Four further patients in England have tested positive for the coronavirus, bringing the total number of cases in the U.K. to eight. The new cases are all known contacts of a previously confirmed British case, and the virus was passed on in France.Hong Kong’s Richest Tycoon Donates $13 Million (5:25 p.m. HK)The Li Ka Shing Foundation donated HK$100 million ($13 million) to help Wuhan, the city at the epicenter of the outbreak. The money will be distributed via the Red Cross Society of China,Li Ka-shing, 91, has a net worth of about $28.3 billion, according to the Bloomberg Billionaires Index.Taiwan to Temporarily Ban Entry of HK, Macau Residents (5:24 p.m.)Residents from Hong Kong and Macau are barred from entering Taiwan starting from Feb. 11 as the island tries to contain the coronavirus. Those approved for entry will be quarantined for 14 days on arrival.Taipei-Hong Kong is one of the busiest international flight routes.WHO Watching 10 Chinese Provinces as Possible Hot Spots (5 p.m. HK)The World Health Organization is closely watching other Chinese regions for signs that new infection hot spots are emerging as the outbreak spreads beyond the epicenter of Hubei.The 10 provinces, including Zhejiang, Guangdong and Henan, have seen numbers of cases slowly rise, WHO’s China representative Gauden Galea said in an interview on Bloomberg TV.HK Loses Contact With Two People in Quarantine (4:51 p.m. HK)The government lost contact with two people who are in mandatory quarantine and the police have issued wanted notices, Radio Television Hong Kong reported, citing Sophia Chan, the city’s secretary for food and health. A total of 1,193 are now under quarantine and 90% of them are Hong Kong residents, Chan said.The Asian financial hub started a mandatory two-week quarantine for mainland arrivals on Saturday as it tries to contain the novel coronavirus.Global Growth Could Stall, Capital Economics Says (4:04 p.m. HK)The outbreak will cost the global economy more than $280 billion in the first three months of the year, putting an end to a 43-quarter global growth streak, according to Capital Economics Ltd. Based on those forecasts “global GDP will not grow in quarter-on-quarter terms for the first time since 2009,” the firm said.U.K. Calls Coronavirus a Serious, Imminent Threat (3:34 p.m. HK)The U.K. government is labeling the novel coronavirus a “serious and imminent threat to public health.”Britain is enacting regulations to stem further transmission, according to the Department of Health and Social Care. The declaration of a serious and imminent threat comes alongside measures the government hopes will be an effective means of delaying or preventing further transmission.Singapore Braces as Cases Emerge in Financial Center (3:32 p.m. HK)Singapore’s coronavirus outbreak has spread to its financial center, with some staff at major companies being told to work from home for at least the next few days and temperature screening checkpoints set up at the front doors of several towers.A worker at an unnamed firm in Marina Bay Financial Centre Tower 1 has been confirmed as being infected with the virus over the weekend, according to a circular to tenants by the building’s manager. Another case at nearby Clifford Centre, in the heart of the central business district, is an employee of United Industrial Corp., according to an advisory to tenants in the building where UIC is located.Japan Cruise Ship Finds More Cases (3:25 p.m. HK)The operator of the cruise ship quarantined off Japan confirmed more cases of coronavirus, nearly doubling to more than 130 the number of people on the vessel who have contracted the disease.The increasing number of patients on Carnival Corp.’s Diamond Princess has raised worries about a possible spread among the people still aboard. Risks have been mounting that the virus could spread in the confined spaces of the ship, where many on board have increased vulnerability due to their advanced ages.Airbnb Freezes Beijing Check-Ins Till March (2:19 p.m. HK)Airbnb Inc. is suspending check-ins at all of its Beijing listings until March to comply with local regulations intended to curb the coronavirus outbreak. The San Francisco-based company said in a statement that it will offer refunds to all those affected or that cancel their bookings.China Seeks to Minimize Impact on Foreign Investment (12:03 p.m. HK)China’s Ministry of Commerce is seeking to minimize the impact of the coronavirus outbreak on foreign investment. The ministry will push forward foreign projects to ensure investment is implemented as planned, according to a statement. The ministry will also help foreign enterprises resume production and operations; foreign producers of masks and other protective wear are urged to resume output quickly.Fallout May Be Just Beginning for Tech Firms (11:28 a.m. HK)As Chinese-based manufacturers begin to restart factories Monday, no one knows for sure when they’ll be back at full speed -- or what sort of chaos may ensue.Tech producers led by Foxconn, which makes the majority of the world’s iPhones a few hundred miles from the coronavirus outbreak’s epicenter, had begun preparing investors for the potential bedlam when hundreds of thousands make their way back to factories. Apple Inc.’s most important partner warned investors of the daunting task of securing enough workers despite widespread transport blockades, quarantining thousands, and the “nightmare” scenario of an on-campus epidemic that could shut down production altogether.Read the full story here.Experts Get Creative in Measuring Economic Blow (9:29 a.m. HK)Economists are grappling with ways to gauge the real-time impact of the coronavirus on the world economy, even as the outbreak continues to confound forecasters. Store closures, flight-tracking websites, factory shutdowns and the latest numbers on infections and fatalities are just some of the high-frequency data points economists are scouring for clues on the hit to growth.“To track the impact of the virus on the global economy, we have had to look at indicators I have never looked at before in my 25 years of doing macroeconomic forecasting,” said Torsten Slok, chief economist for Deutsche Bank AG.WHO Chief Concerned Over Virus Spread (6:35 a.m. HK)WHO Director-General Tedros Adhanom Ghebreyesus said in a tweet that there have been concerning instances of coronavirus being spread from people with no travel history to China, saying “we may only be seeing the tip of the iceberg” when it comes to the virus.“The detection of a small number of cases may indicate more widespread transmission in other countries,” he said in the tweet.He called on countries to step up efforts to prepare for the coronavirus’s possible arrival. Donors have contributed toward the WHO’s efforts and those directed at vulnerable countries, he said, but the organization hasn’t reached its goal of $675 million to fight the outbreak.\--With assistance from Miao Han, Tara Patel, Philip J. Heijmans, Rebecca Choong Wilkins, Bradley Davis, Steve Geimann, Emi Nobuhiro, Yoshiaki Nohara, Chanyaporn Chanjaroen, Faris Mokhtar, Krystal Chia, Debby Wu, Gao Yuan, Fion Li, Laura Benitez, Cindy Wang, Chunying Zhang, Charlotte Ryan, Matt Townsend, Katsuyori Suzuki, Jonathan Levin and Keith Naughton.To contact Bloomberg News staff for this story: Jason Gale in Melbourne at j.gale@bloomberg.netTo contact the editors responsible for this story: Rachel Chang at, ;Eric Pfanner at, ;Drew Armstrong at, Kenneth Wong, Mark SchoifetFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Stock Market News for Feb 10, 2020

    Stock Market News for Feb 10, 2020

    Concerns about widespread impact of coronavirus on Chinese and global economy overshadowed stronger-than-expected U.S. jobs report, dragging benchmarks into negative territory on Friday.

  • The Zacks Analyst Blog Highlights: General Motors, Ford, Fiat Chrysler and Tesla

    The Zacks Analyst Blog Highlights: General Motors, Ford, Fiat Chrysler and Tesla

    The Zacks Analyst Blog Highlights: General Motors, Ford, Fiat Chrysler and Tesla

  • GM to restart production in China from Feb. 15

    GM to restart production in China from Feb. 15

    General Motors said on Monday it would restart production in from Feb. 15 in China, where the country is dealing with a coronavirus epidemic which has killed more than 900 people. Automakers in China had halted production for the Lunar New Year holidays at the end of January. The U.S. automaker would have a staggered start to production across plants with local partners over the next two weeks, a company spokeswoman told Reuters.

  • Reuters

    GM to restart production in China from February 15

    General Motors said on Monday it would restart production in from Feb. 15 in China, where the country is dealing with a coronavirus epidemic which has killed more than 900 people. Automakers in China had halted production for the Lunar New Year holidays at the end of January. The U.S. automaker would have a staggered start to production across plants with local partners over the next two weeks, a company spokeswoman told Reuters.

  • Why Tesla and Elon Musk are still better investments than Ford
    Yahoo Finance

    Why Tesla and Elon Musk are still better investments than Ford

    Ford has shaken up its top brass. Tesla is still the better investment, one strategist explains to Yahoo Finance.

  • What's Ahead for Detroit 3 Carmakers After a Weak 2019?

    What's Ahead for Detroit 3 Carmakers After a Weak 2019?

    In 2019, revenues, earnings and vehicle sales for each of the Detroit 3 carmakers decline.

  • Activist Paul Singer Builds Close to $3 Billion Stake in SoftBank

    Activist Paul Singer Builds Close to $3 Billion Stake in SoftBank

    (Bloomberg) -- Legendary activist investor Paul Singer is taking on one of his most high-profile targets yet: Masayoshi Son.Singer’s Elliott Management Corp. has built a stake of close to $3 billion in SoftBank Group Corp., according to people familiar with the matter. The New York-based hedge fund believes SoftBank is one of the world’s most undervalued companies and could easily finance a share buyback of as much as $20 billion by trimming investments in companies like Alibaba Group Holding Ltd., Sprint Corp. and others. SoftBank’s shares jumped as much as 8.2% in Tokyo, the biggest intraday advance since the announcement of a record buyback a year ago.Elliott has held discussions with SoftBank’s leadership team including founder Son, the people said. The firm thinks SoftBank’s net asset value could be about $230 billion, but that it trades at a huge discount because of concerns around its Vision Fund, as well as how the failed initial public offering of WeWork last year was handled.SoftBank traded around 5,074 yen in early trading on Friday, giving it a valuation of 10.6 trillion yen ($96 billion). The company’s own sum-of-parts calculation puts its total value at 12,259 yen a share.Board DiversityElliott isn’t seeking any board seats at SoftBank, but wants the company to boost independence and diversity on its board, the people said. At most, two of the 11 directors are independent and all are male, they said. At the last earnings call in November, Son said he was committed to improving corporate governance. A person familiar with the matter said the company was currently seeking independent board members.“SoftBank always maintains constructive discussions with shareholders regarding their views on the company and we are in complete agreement that our shares are deeply undervalued by public investor,” a representative for SoftBank said, adding that the company welcomes feedback from fellow shareholders.Elliott also wants SoftBank to set up a special committee to review the investment process at its venture capital arm, the Vision Fund, which it thinks has dragged on the share price despite making up a small portion of assets under management, the people said. It also wants greater transparency around the fund, which discloses the names of its investments but not the size of the stakes or the valuation they were made at, the people said.Known for showering companies with far more cash than they were seeking to raise, the Vision Fund’s strategy has often been to anoint a category leader that no competitor can catch up with. That strategy is working in some cases -- Vision Fund-backed Coupang, for example, is South Korea’s largest online retailer -- but it has also created casualties.“For SoftBank shares, things started to go sideways from second half of last year, when the market reception for initial public listings shifted,” said Iwai Cosmo Securities equities manager Toshikazu Horiuchi. “There are going to be some hits and misses, but the question is what is the performance of SoftBank’s investments as a whole.”SoftBank-backed companies Getaround, Wag Labs Inc., Fair and Brandless Inc. have all had to cut staff or change business models once it became apparent revenue and profits were not living up to their once-grand ambitions. In the case of Oyo, the India-based hotel company, antitrust regulators are now examining its business model. And most notably, co-working company WeWork had to cancel its planned IPO as potential investors backed off, spooked by steep losses and profligate spending.Fund DepartureOn Monday, Vision Fund managing partner Michael Ronen, a former Goldman Sachs Group Inc. partner, said he was leaving. He had overseen several investments, including a $2.25 billion deal for General Motors Co.’s Cruise self-driving unit.Elliott’s investment in SoftBank is one of its biggest, but the firm has never been afraid to take on some of the world’s largest and most high-profile companies, including AT&T Inc., EBay Inc., Hyundai Motor Group, BHP Group Ltd., and others in recent years.“Elliott’s substantial investment in SoftBank reflects its strong conviction that the market significantly undervalues SoftBank’s portfolio of assets. Elliott has engaged privately with SoftBank’s leadership and is working constructively on solutions to help SoftBank materially and sustainably reduce its discount to intrinsic value,” the activist firm said in an emailed statement. It declined to comment on the size of its stake in SoftBank.(Updates with SoftBank’s share reaction from second paragraph.)\--With assistance from Pavel Alpeyev and Shintaro Inkyo.To contact the reporters on this story: Scott Deveau in New York at;Sarah McBride in San Francisco at smcbride24@bloomberg.netTo contact the editors responsible for this story: Elizabeth Fournier at, ;Mark Milian at, Matthew MonksFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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