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DISH breaks 12.40 has some nice room on the daily.
DISH daily chart breaking out, could see nice short squeeze
yes and 23% of float is short, could see a very nice squeeze.
DRYS looking strong on daily chart.
related: China Automotive Systems Hosts Ceremony for First Shipment to Dongfeng Peugeot Citroen
Monday December 8, 7:45 am ET
WUHAN, Hubei, China, Dec. 8 /PRNewswire-Asia-FirstCall/ -- China Automotive Systems, Inc. (Nasdaq: CAAS - News), a leading power steering components and systems supplier in China, today announced that its subsidiary, Jingzhou Henglong Automotive Parts Co. ("Henglong"), conducted a ceremony to celebrate the first shipment of its power steering gears to the Dongfeng Peugeot Citroen Automobile Company Ltd. ("DPCA") for use in DPCA-manufactured cars.
In addition to Mr. Hanlin Chen, Chairman of CAAS and other senior management of the Company, the Mayor of Jingzhou City, where Henglong is based, the Purchasing Director of DPCA, an officer of PSA Global Procurement in Shanghai, and French automotive engineers attended the ribbon-cutting ceremony. Following the ceremony, all guests visited the production plant, testing center and R & D facility.
Mr. Hanlin Chen, Chairman, stated, "This first shipment represents a milestone in our drive to become a leading supplier of power steering systems and gears to the world's automotive leaders. Following our successes with DPCA, we also received our first purchase order with a global automotive manufacturer headquartered in North America."
"Our advanced power steering gears being shipped to DPCA are replacing products currently being imported into China. Our gears and systems have achieved global quality standards for these critical safety-related products, and we have a cost advantage which will benefit DPCA by using our products," Mr. Chen concluded.
The Purchasing Manager of DPCA and officers from PSA Global Procurement congratulated Henglong for meeting the stringent global quality standards which led to winning the DPCA contract. They also stated they look forward to continuing to work closely with CAAS as it is on its way to becoming a supplier to PSA Global in the future.
Henglong's manager reviewed how the company started development of three new power steering gears for DPCA in 2005. These three models were designed for the Peugeot 206, Elysee R23 and Picasso N68. Subsequently, all models passed the French UTAC safety test, road tests and inspections. In 2008, Henglong won commercial supply contracts for the Peugeot 206 and Elysee R23, and is continuing to work on orders for the Picasso N68 model.
About Dongfeng Peugeot Citroen Automobile Co. Ltd.
Dongfeng Peugeot Citroen Automobile Company Limited, established in 1992, is a joint venture between Dongfeng Motor Corporation and French automaker, PSA Peugeot Citroen. Headquartered in Wuhan, Hubei, DPCA is now the one of the largest automobile manufacturers in China. In 2007, the Company's sales volume had reached 207,000 passenger cars. The Company announced the plan to increase production capacity after construction of the second plant in Wuhan. For more information, please visit http://www.dpca.com.cn .
About CAAS
Based in Hubei Province, People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through seven Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers 4 separate series of power steering and 307 models of power steering with an annual production capacity of 1.1 million sets, steering columns, steering oil pumps and steering hoses. Its customer base is comprised of leading Chinese auto manufacturers such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., Brilliance China Automotive Holdings Ltd., Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd., etc. For more information, please visit: http://www.caasauto.com
related: SORL, SORL Auto Parts Granted Preferential Income Tax Treatment Through 2011
Wednesday December 31, 8:30 am ET
ZHEJIANG, China, Dec. 31 /PRNewswire-Asia-FirstCall/ -- SORL Auto Parts, Inc. (Nasdaq: SORL - News), a leading manufacturer and distributor of commercial vehicle air brake valves and other auto parts in China, today announced that China's State Administration of Taxation has officially confirmed that the Company's subsidiary, Ruili Group Ruian Auto Parts Co., Ltd. ("Ruian Auto Parts"), is entitled to preferential tax treatment, which resulted in a tax refund that SORL included in its income statement for the second quarter of 2008. As a result, for the years 2007 and 2008, Ruian Auto Parts is entitled to an income tax exemption on all pre-tax income generated by the company above its pre-tax income generated in the fiscal year 2006. Additionally, the Company will enjoy a 50% exemption from the applicable income tax rate of 25% on any pre-tax income above its 2006 pre-tax income, to be recognized in the years 2009, 2010 and 2011.
ADVERTISEMENT
The Company increased its investment in Ruian Auto Parts as a result of its financing in December, 2006. In accordance with the Income Tax Law of the People's Republic of China on Foreign-invested Enterprises and Foreign Enterprises, Ruian Auto Parts is eligible for additional preferential tax treatment and the application for such treatment was submitted in 2007.
Xiaoping Zhang, SORL Auto Parts' CEO and Chairman, said, "We are very glad to be granted the preferential tax treatment, which benefits our bottom line through 2011. We will continue to strengthen our corporate tax planning efforts and keep abreast of any future developments of the relevant tax law to realize any potential of enhancing our profitability and bringing our shareholders additional returns."
About SORL Auto Parts, Inc.
As China's leading manufacturer and distributor of automotive air brake valves, SORL Auto Parts, Inc. ranks first in market share in the segment for commercial vehicles weighing more than three tons, such as trucks and buses. The Company distributes products both within China and internationally under the SORL trademark. SORL ranks among the top 100 auto component suppliers in China, with a product range that includes 40 types of air brake valves and over 1000 different specifications. The Company has four authorized international sales centers in Australia, United Arab Emirates, India, and the United States, with additional offices slated to open in other locations in the near future. For more information, please visit http://www.sorl.cn .
For more information, please contact:
At SORL Auto Parts, Inc.
Ben Chen
Director of Investor Relations
Tel: +86-577-6581-7721
Email: ben@sorl.com.cn
At ICR, Inc.:
In China:
Wei-Jung Yang
Tel: +86-10-8523-3088
Email: weijung.yang@icrinc.com
In U.S.
Brian M. Prenoveau, CFA
Tel: +1-203-682-8200
Email: brian.prenoveau@icrinc.com
Look at AN and AZO today, DSHL is lagging behind this latest move higher with the rest of the sector.
Wall Street to open higher on latest auto bailout
By Leah Schnurr Leah Schnurr – 6 mins ago Reuters
NEW YORK (Reuters) – Stocks were poised to rise at the open on Tuesday after Washington expanded its bailout of the auto industry, while volume was expected to be light in the holiday-shortened week.
Investors were also awaiting economic data later in the day, including consumer confidence, a reading on business activity in the U.S. Midwest, and data on home prices.
Late on Monday, the Bush administration said it was increasing a loan to General Motors (GM.N) by $1 billion and buying $5 billion in equity in GMAC, GM's finance arm.
It was the latest in a string of government moves in an effort to ease tight credit markets and cushion the impact of the year-long recession.
GM's shares were up 11.1 percent at $4.00 in premarket trading, while rival Ford (F.N) rose 7.2 percent to $2.38.
Peter Cardillo, chief market economist at Avalon Partners in New York, said that while there could be negative consequences of the series of bailouts in the long term, it limited the fallout from the recession in the near term.
"The alternative obviously could be worse, so I think that maybe the market has finally got it -- we have a short-term fix and a long-term problem that we can deal with later," said Cardillo.
S&P 500 futures rose 5.40 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures climbed 37 points, and Nasdaq 100 futures added 9.00 points.
The day after Dow Chemical (DOW.N) shares fell sharply on concerns over its ability to fund the takeover of Rohm & Haas (ROH.N), the Financial Times reported Dow could tap a $13 billion bridge loan or renegotiate the price to salvage its $15 billion takeover.
Kuwait decided to scrap a joint venture with Dow Chemical over the weekend, depriving the company of financing it planned to use for the acquisition. Dow was up 3.3 percent at $15.83 before the opening bell.
Earlier in the month, the U.S. government agreed to throw a lifeline to GM and Chrysler LLC with up to $17.4 billion in emergency loans to head off a potential collapse that would have cost hundreds of thousands of jobs and further hit the already beleaguered economy.
Shares of retailers could fall as data showed that the recession, deep discounting by retailers and bad winter weather combined to produce the worst holiday season since at least 1970.
Oil prices fell below $40 a barrel as concerns over the outlook for global growth overshadowed continuing tensions in the Middle East.
A jump in oil prices on Monday had boosted energy shares, limiting declines in U.S. markets that ended lower on concerns about Dow Chemical's planned takeover of Rohm & Haas. But higher oil also raised worries of more pressure on already cash-strapped consumers.
Volume was expected to be light throughout the week shortened by the New Year's holiday. The broad S&P 500 is down about 40 percent for the year, making it one of the worst ever.
(Editing by Tom Hals)
GMAC receives $5B in bailout funds
Monday December 29, 9:48 pm ET
By Christopher S. Rugaber, AP Economics Writer
Treasury Department invests $5 billion from financial rescue fund in GMAC Financial
WASHINGTON (AP) -- The Treasury Department said Monday that it will provide $5 billion to GMAC Financial Services LLC, the ailing financing arm of General Motors Corp., from the $700 billion bank rescue program.
The government will receive preferred shares that pay an 8 percent dividend and warrants to purchase additional shares in return for the money, the department said.
Treasury also said it will lend up to $1 billion to General Motors so that the company can purchase additional equity that GMAC is planning to offer as part of its effort to raise more capital.
The assistance is part of a larger government effort to aid the auto industry and is on top of the $17.4 billion in loans the Bush administration agreed to provide to the industry Dec. 19, a Treasury Department official said.
Analysts had speculated that if GMAC didn't obtain financial help it would have to file for bankruptcy protection or shut down, which would be a serious blow to GM's own chances for survival.
Last week, the Federal Reserve approved GMAC's application to become a bank holding company, which made it eligible to receive money from the financial rescue fund. The Fed's approval was contingent on GMAC raising additional capital.
Separately, GMAC said late Monday that it has accepted all the bonds tendered in a debt-for-equity swap that was also part of its capital-raising efforts. The company released few details about the results of the swap.
GMAC "intends to act quickly to resume automotive lending to a broader spectrum of customers," the company said in a statement.
The company's goal is to reach $30 billion in capital, the majority of which would come from the debt-for-equity exchange. GMAC has struggled to get bondholders to convert 75 percent of their debt into equity of the company and has yet to say whether it has met its goal.
The Treasury Department's investment in the company does not mean it is "passing judgment" on whether GMAC has met the Fed's requirements to raise additional capital, the official said.
GMAC, meanwhile, said the government's $5 billion investment was completed Monday. The $1 billion loan is still in progress, the Treasury official said.
The Treasury Department said after initially bailing out the auto industry earlier this month that it had committed the first $350 billion of the bank bailout fund, and said Congress should release the second half.
But in several cases the Treasury hasn't actually spent all the committed funds, and the department will use money that hasn't yet been spent to fund the investment in GMAC, the official said. For example, the department allocated $250 billion for a program to inject capital into banks, but has so far spent only about $162 billion of that amount.
General Motors' partial ownership of GMAC has kept the finance arm lending to dealers and car buyers, even as credit from traditional banks has dried up. If GMAC went bankrupt, other institutions would be unlikely to step in to replace the credit lost by GM's dealers and customers.
GM owns 49 percent of GMAC, while the rest is owned by private equity firm Cerberus Capital Management.
As part of its order last week approving GMAC's application for bank-holding company status, the Federal Reserve said GM will reduce its stake to less than 10 percent of the voting and total equity interest of GMAC. Cerberus, which led an investment group that bought a 51 percent stake in GMAC from the automaker for $14 billion in 2006, will reduce its stake in GMAC to no more than 33 percent of total equity.
AP Auto Writer Bree Fowler in New York contributed to this report.
http://biz.yahoo.com/ap/081229/gmac_financing.html
HILL upped his bid to .05 now.
This thing will pop like NVD did here shortly imo.
now HILL is on both the best bid and ask, interesting....
thats for sure....
Canada offers $3.29 billion auto bailout
Saturday December 20, 3:28 pm ET
By Charmaine Noronha, Associated Press Writer
Canada offers $3.29 billion bailout to Canadian subsidiaries of US automakers
TORONTO (AP) -- The federal and Ontario governments will provide the Canadian subsidiaries of the Detroit Three automakers with 4 billion Canadian dollars ($3.29 billion) in emergency loans, the prime minister said Saturday.
The announcement follows a pledge Friday by U.S. President George W. Bush to offer $17.4 billion in emergency loans to General Motors Corp. and Chrysler LLC.
Prime Minister Stephen Harper said Canada's bailout plan, the equivalent of 20 percent of the U.S. aid package, will help keep the plants afloat while the automakers restructure their businesses to retain one the country's most important economic sectors.
"We cannot afford, in the United States or Canada, the catastrophic short-term collapse of the Big Three automakers. The U.S. has signaled that they are not going to allow these companies to fail, and we will do our share of the North American package to see that this doesn't happen either," said Harper speaking at a news conference in Toronto.
Canada's automotive industry represents 14 percent of the country's manufacturing output, 23 percent of manufactured exports, and directly employs more than 150,000 Canadians. The country's largest industry within the manufacturing sector, it has been suffering from its slowest sales in 26 years and dwindling operating cash.
Ontario has agreed to provide 1.3 billion Canadian dollars ($1.07 billion) of the total since the province alone employs about 400,000 auto sector workers -- both directly and indirectly -- and the industry is the mainstay of about 12 Ontario communities.
"In Ontario, we've got thousands of people and their families who rely on the auto industry to be on firm ground, so they can put food on the table and keep a roof over their heads. ... No state or province employs more workers, and we're not going to give that up," said Premier Dalton McGuinty, speaking alongside Harper Saturday.
The Canadian plan will provide General Motors Canada with loans of up to 3 billion Canadian dollars ($2.47 billion) and Chrysler Canada will receive up to 1 billion Canadian dollars ($823 million). The companies will get the money in three installments, with the first portion coming Dec. 29.
"The support announced today sends a significant signal of stability in the face of the economic and credit challenges faced by Canada's auto sector," said Arturo Elias, president of GM Canada.
Chrysler Canada said the funds will ensure it has enough money to continue its restructuring, and thanked the governments for their understanding of the situation and their swift reaction.
Ford Motor Company Canada did not ask for any emergency loans, just a line of credit to draw upon if required. Its parent company in the U.S. says it doesn't need any government cash now but would be badly damaged if one or both of the other U.S. automakers went under.
Harper and McGuinty stressed that the government will not be handing over blank checks, saying that all stakeholders will be expected to make adjustments to reduce structural costs.
"Canadian taxpayers expect their money will be used to restructure and renew the automotive industry in this country," said Harper. "They expect all stakeholders to come to the table and work together towards sustainable long-term solutions to maintain our current production share of the North American market."
Harper's statement was applauded by Canadian Auto Workers President Ken Lewenza, who said the union was willing to work with the automakers to protect jobs.
"This will ensure that the Canadian industry is protected and the numerous investments governments have made over the years will continue to benefit our communities. This is a very sound decision on the part of both governments," said Lewenza, who has been lobbying the government to develop an aid package as soon as possible.
Harper also announced two additional steps the federal government will take to support the overall competitiveness of the auto industry. Automotive suppliers will have greater access to accounts receivable insurance through Export Development Canada to compensate for the reduced availability of credit. A new facility will also be created to support access to credit for consumers to improve the accessibility of car loans and dealer financing.
Ford Canada said in a statement Saturday that it welcomes the government's plan to support the auto credit market because "Canadian consumers deserve access to affordable loans and leases when shopping for a new vehicle."
Similar to the U.S. auto bailout package, the Canadian aid package comes with strings attached, including a request that parts suppliers get the money they are owed, that borrowers accept limits on executive compensation, and that they provide the government with warrants for nonvoting stock.
McGuinty warned that the money will only be delivered after auto companies agree to meet conditions set by the federal and Ontario governments.
"Those conditions include limits on executive compensations. The loans will only stay in place beyond March 31, 2009 if our governments are satisfied there are solid restructuring plans in place and under way," said McGuinty.
http://biz.yahoo.com/ap/081220/meltdown_autos_canada.html
Agreed
yep will be nice once they're out of the way, hopefully soon.
Administration official: Automakers to get $17.4B
Friday December 19, 9:04 am ET
By Deb Riechmann, Associated Press Writer
Administration official says government will give automakers $17.4B in loans
WASHINGTON (AP) -- Ailing automakers will get $17.4 billion in loans from the federal government under a rescue package the White House announced on Friday for the industry crushed by the financial credit crisis and deepening recession.
ADVERTISEMENT
A senior administration official, speaking on condition of anonymity because of the sensitivity of the issue, said $13.4 billion in short-term financing from the $700 billion Wall Street rescue program is being made available and another $4 billion will be accessible once the Bush administration or incoming administration of President-elect Barack Obama draws down the second bloc of funds from the financial rescue package.
President George W. Bush will make an announcement on the auto bailout at 9 a.m.
The announcement comes none too soon for the carmakers. Sales are running at their slowest pace in 26 years and the Big Three's operating cash is dwindling. General Motors Corp. and Chrysler LLC have said they would run out of cash within weeks without government help. Ford has not sought billions in federal bailout loans, but a collapse of the other two could hurt Ford as well.
The official said the administration expects that GM and Chrysler will request access to the funds.
According to terms of the deal, the firms must use these funds to become financially viable. Taxpayers will not be asked to provide financing for firms that do not become viable, the official said. If the firms have not attained viability by March 31, 2009, the loan will be called and all funds returned to the Treasury.
http://biz.yahoo.com/ap/081219/meltdown_autos.html
With auto bailout approved watch DSHL, it will start to get attention and go back to .50 level where it was before this auto mess started.
BAILOUT is Done!!!! Auto companies getting the loans. Now we can put the unknown behind us. No more uncertainty overhanging the auto sector or this stock. This should have not affected this stock anyhow as they have a large exposure to the used auto market, but anyway this bailout stuff is now behind us.
DRYS gapping
Yeah, I have to agree with you.
All out rest for now at 1.4628
E/U still on fire as I thought, doing well from my 1.4411 entry last night May take some off the table now around 1.4670 with a trail stop on remaining.
tough to tell but right now its the 1.4418 area
a retrace is healthy...fundamentally it will go much higher. The dollar will be very weak for some time due to recent monetary policy.
E/U definately on its way to 1.60
DRYS finally ended up going...
Seems like E/U going to consolidate at this level now before it makes its next move. Seems like Weekly resistance holding it down.
Have a look at AZO and AN, they have roared higher. DSHL should pop hard to the upside as it's lagging the rest of the sector right now.
http://finance.yahoo.com/q/hp?s=AZO
http://finance.yahoo.com/q/hp?s=AN
yes market rolled over, too bad looked great.
DRYS daily chart in breakout territory
STLD breaks through 13 could cause short squeeze
STLD daily looks very nice
News out this morning....
Detroit International Auto Salon to Host EXPO 2009 in April 2009
Wednesday December 17, 2008, 6:00 am EST
ALLEN PARK, MI--(MARKET WIRE)--Dec 17, 2008 -- DIAS Holding, Inc. (OTC BB:DSHL.OB - News) formally announced today the creation and hosting of an international auto salon EXPO 2009 at their 300,000 square foot Allen Park facility, April 20 - 26, 2009.
"EXPO 2009 will add a brand new and exciting flare to the many annual DIAS activities," stated Michael Wesney, President of the Detroit International Auto Salon (DIAS). "We will be focusing on automotive aftermarket products and international sourcing, plus informative forums and industry networking for the internationally-minded automotive executive," he stated.
Industry participants from China, India, Taiwan, and Japan are expected with significant presence by strategic alliance partners -- Gasgoo.com, Guangzhou Auto Parts and Accessories Global Sourcing Center (China), Pushkaraj Engineering Enterprises PLC (India), Hubei Provincial Mechanical and Automotive Promotion Center (China), China International Automotive Parts Exhibition, and the Metal Industries Research & Development Center (Taiwan). The event will be open to the public, and automotive purchasing organizations will be invited. Additional information about the EXPO can be found at http://www.detroitautosalon.com/Visitors/news-view.asp?NID=138.
"This EXPO will be one exciting week in our all-year-round facility," Chairman & CEO Eric Huang explained. "In these hard economic times, we will be able to stretch the marketing dollar of U.S. and Asian automotive companies by networking them in a creative and collaborative environment. For the first time, DIAS, together with the organizers of the premier Asian auto malls and exhibitions, can offer a one-stop shopping for global automotive product presence," Mr. Huang summarized.
http://finance.yahoo.com/news/Detroit-International-Auto-iw-13852697.html
Notice the homebuilders ripping on the rate cut etc. today. Auto bailout news comes next and auto related stocks are going to rip higher as well. With only about 3M in the float this should move fast and hard imo.
Patience was well worth it here. Glad I held and kept adding on the dips when it was in the $1's
Yes we could be ready to turn the corner here shortly and return to a more fundamentally valued share price. Should be at a minimum .50 imo.
He can't be shorting, how silly would he be lol. Anyway have a look at interactive brokers, DSHL is not shortable. Type in some other penny stocks and you will see they have shorts availiable.
http://www.interactivebrokers.com/en/p.php?f=shortableStocks&ib_entity=llc
Could be someone tax selling also.
Yes, I agree. Need some big boys to go in there and hammer the ask and tighten the bid to end the nonsense. Look at the 10Q and one will see its not a fly by night company. Very strong fundamentally so thinking once the right eyes see it, possibly a hedge fund, they will scoop some up.
LOL no kidding what a joke .0899
Must be because the spread is sooooooo tight!!! haha