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Ford's US sales drop 34 percent in September
Wednesday October 1, 1:32 pm ET
By Tom Krisher, AP Auto Writer
Ford's US sales drop 34 pct in September as tight credit, financial turmoil keep buyers away
DETROIT (AP) -- Tight credit, economic worries and high gasoline prices combined to cut Ford Motor Co.'s U.S. sales once again in September, with the beleaguered automaker reporting a 34 percent decline from the same month last year.
It was Ford's worst sales month this year, and the results are a strong indication that analysts' forecasts of another dismal month will come true.
Hyundai Motor Co., whose single-digit sales decline this year has looked like a success against the Detroit automakers' slide, reported its U.S. sales fell 25 percent. Other automakers are set to release their results later Wednesday.
Analysts have predicted September declines of more than 20 percent for most major automakers when compared with the same month last year as upheaval in the financial markets unnerved consumers.
Jim Farley, Ford's group vice president for marketing, said economic conditions have raised uncertainty among buyers.
"Even if you have good credit, there's a reluctance to pull the trigger on a big ticket item," he said.
Farley also announced that the marketing campaign for the new F-150 pickup would begin in November, a month earlier than Ford had projected, and the trucks already are on their way to showrooms. It took less time than expected to sell down the 2008 inventory, he said.
If overall U.S. industry sales drop in September, it will be the 11th straight monthly decline when compared with the year-ago period. That would be the longest string of down months since 14 straight negative months ended in December 1991, according to Autodata Corp.
Dealers from many manufacturers have said their customers are having an increasingly hard time qualifying for loans to buy autos, as banks have restricted lending because of widespread mortgage defaults that led to disruptions in the financial markets and the collapse of several banks. Plus, several automakers' finance arms have limited or discontinued leasing.
Ford sales also were hurt as buyers continued to favor small fuel-efficient cars over trucks and sport utility vehicles. Truck sales were down 39 percent, while car sales dropped 19 percent. The numbers do not include Ford's Volvo Cars unit.
There were few bright spots in Ford-Lincoln-Mercury model lineup last month, with sales of all but three models far lower than the same month a year ago. Sales increased only on the Focus small car, up 5 percent; the Crown Victoria large sedan, up 3 percent; and the Lincoln Town Car, up 69 percent. Sales of F-series pickup trucks, Ford's top selling vehicle, were down almost 42 percent for the month.
Ford, like its U.S.-based competitors, has been trying to shift its factories and model lineup from trucks and SUVs to more efficient cars and crossover vehicles, while burning through billions of dollars in cash. The Dearborn-based automaker has lost $23.9 billion in the past 2 1/2 years and has had to mortgage its assets to stay in business.
General Motors Corp. has performed strongly overseas but plummeting demand for its most profitable products in the U.S. has led to losses of $57.5 billion in the past 18 months, including $15.5 billion in the second quarter.
Ford shares fell 65 cents, or 12.5 percent, to $4.55 in midday trading Wednesday.
The Associated Press reports unadjusted auto sales figures, calculating the percentage change in the total number of vehicles sold in one month compared with the same month a year earlier. Some automakers report percentages adjusted for sales days. There were 25 sales days last month, one less than in September 2007.
I may have to ride in Yours..
I'm not certain there will be credit to finance mine...
I was hoping to pay cash with my "TOVC @ $50" scenarios-
This implosion has been good for George Conboys- he's as bad as
Schumer..never met a reporter he didn't like...
Thanks for link..
Hope mgt is not relying on any investment bank(s) to be our partners in the pursuit of commercialization..Don't think there is any such animal after this week...???!! My favorite depictiction was Secretary Paulson describing AIG are really being a hedge fund masquerading as an Insurance company....And this in a pretty regulated operating environment..rating agencies one day say you say you are A + then everybody scrambles pleads screams cries to avoid bankruptcy ??? Hope we didn't burn the SAIC rolodex..they may be the only ones with cash the end of this year...Go Bills.
This have a familiar ring....
Why can't this release come from Detroit...???
( Same Source Automotive Digest)
* Mahindra Thinks Diesel Power Key to US Truck Market
Situation
In 4th Q 2009, Mahindra & Mahindra plans to sell 2- and 4-door compact pickups in US
SUV, based on company's new Scorpio model, set to arrive early following year
M&M's US distributor, Atlanta-based Global Vehicles USA Inc, tasked w/ introducing brand
Equipped w/ 2.2-liter common rail 4-cyl diesel engine, fitted to 6-speed automatic transmission
Currently signed up 324 dealers; hope to have 450 by late 2009
Global Vehicles originally planned to be selling vehicles; Mahindra insisted on a delay
Significance
Global Vehicles views downturn in truck market as perfect opportunity
Market Indian-built trucks at time of soaring energy costs and slumping sales
Optimistic combined city and highway economy figures will meet 30 mpg average
Place Mahindra vehicles amongst eco-minded SUVs like Ford's Escape Hybrid
Mahindra mentioned as suitor to GM's ailing Hummer brand
Read Quotes
Lots of Turmoil
going on right about now..Lehman Bros, Merrill, AIG..
Here's is Automotive Digest bullet points of situation At Chrysler:
) Make Or Break Time at Chrysler
Situation
Chrysler LLC's redesigned 2009 Dodge Ram pickups beginning to arrive in dealerships
New Ram packed w/ new features; renewed attention to the interior
Chrysler hopes refreshed Ram will serve as springboard; weather another year of slow sales
First new product launch almost totally handled by Bob Nardelli since he was named CEO
Ram 1st vehicle to go thru Chrysler's "Interiors Studio;" all vehicles will now pass thru studio
Since taking over Chrysler, Cerberus stung by sales decline; tracking to hit 15-year low
2009 Dodge Ram
Significance
New truck sets up potential make-or-break moment for Chrysler
Relying on new truck to drive cash back onto balance sheet
Help erase speculation that it is doomed to be chopped up by Cerberus
Stakes for Chrysler particularly high because Ram is its top-selling vehicle
Adding to pressure, Chrysler has no major product introductions slated for 2009
Chrysler, unlike Ford, decided not to delay launch; counting on pent-up demand
Here is Link to
Current Deputy Director Of Homeland Security.
Two things I found interesting- His previous association with NASA- and he has overseen BIG Budget items.Heres to hoping the FTV moves him this month, next month, or the month after that..Even when new Administration comes in,certainly a guy like this lands somewhere and would be a good friend to have.. (Just digging while we wait for something noteworthy..)I love items with articles which talk about purchasing and billion dollar budgets..
http://www.dhs.gov/xabout/structure/bio_1170692200123.shtm
While I love the
optimism you guys are emoting - I truly do- to point One of your take I don't believe he would be able to pull off that maneuver- selling stock if he thought/ knew it was heading south..What would be the difference between Ole Martha Stewart and ImClone..?
Secondly If a contract is NOT signed with the Air Force for whatever reason- I think it would be helpful to tell it like it is. Hey "Guys This isn't going to happen or didn't happen because of XY & Z". Doesn't change the merits of the technology one bit but would let us know more about the winds of change with this investment. I'm not predicting that scenario just making a point that losing little individual battles for a development stage company is common..no shame in that..They predicted 2008 as a major year for the Company- there are 3 1/2 Months left.They have made other such predictions in the past both pre and post CXO. Not saying things aren't moving along I'd just love to see the stock price be one of them..I guess Yeh I am a tired swimmer..North of $20 I may look like Michael Phelps again who knows..
<Sept and Oct.......
should be good months for shareholders as far as the price per share goes.>
Perhaps, but Jim has been at the plate pointing to left field seats for a long long time Dino..September and October has been by proceeded many March April May's?? This is the publically released as well as the "hypothetical forecasts/projections"..Allnumbers was pretty sold that the June 30th date and all the CXO legal drama playing out was going to have an effect- There was none..My bet is still placed and for me it is a healthy wager- Yes teetering on uncomfortablity but the money has been idle for so long- well you stop missing what you no longer have..Yet I'm still here since 2000 for two reasons mainly:
-Vernon Gleasman's track record
-Someone somewhere will value a transmission that delivers 25-30 % efficiencies and they will pay good money for it.
I look forward to our leadership sharing developments and announcing a sale or joint venture to begin to unlock the value here. It's time
Regards
Leitrim
Too Little Too Late...?
Re: Ford ( from Automotive Digest.)just seeing if anybody's home..
Ford Positioned to Quickly Convert from Trucks to Cars
Situation
Ford to invest $75M to retool Michigan Truck plant; produce new small cars from Europe
One of 3 N American truck and SUV factories to convert to car production
Ford will convert truck and SUV plants in Mexico and Kentucky to car production
Decade ago, Michigan Truck was a money machine; today it's in middle of 11-week shutdown
Next spring, Ford will move production of Expedition and Navigator to Kentucky Truck Plant
Employees to be transferred next door to Wayne Assembly; add 3rd shift to produce Focus
Significance
Part of Ford's effort to respond to one of most dramatic shifts in consumer demand
Moves part of radical retooling strategy Ford announced in July
If successful, make Ford one of most versatile car manufacturers on continent
Ford invested some $300M at Michigan Truck 3-years ago to build tooling system
Allows plant to produce several different models on same assembly line
Most of same tools, 80%, can be used to produce more fuel-efficient cars/crossovers
Read Quotes
Click Here for Full Digest and Source Article:
http://www.automotivedigest.com/view_art.asp?articlesID=25071
That was a fat
pitch over the plate letter high to make sure
you still had a pulse.. :)
Sure they among others would make sense..
Ultimately Interest has to transform into Orders..Orders would require access to Money & Manpower..Air Force would have those kindof friends I'm guessing..As someone else said US Govt would be a nice first customer.
You might not
apreciate the style of the message but he refers to the World's largest Military machine and the largest producer of automobiles on the planet ( I think they got it back from Toyota if not-let's pretend for a second)- so I'm sure they've been labeled bureaucratic
a time or two by a proposed vendor..While not always on Sheriff's wave length- I tend to agree with him- if the Govt ( Air Force, Dept of Homeland Security et al) wants the FTV- it will happen but much more likely on THEIR timetable not ours- I think that's all Jim was saying..it's happening but it's painfully slow.......keep the coffee brewing..
Yeh me..
Let em whirl..aka "It's only money can't take it with ya"..or my favorite.."It's under $2 what should I do"
Anybody know the Air force Fight song..
FTV and Govt:
that's also the nature of govenment contracts. Remember the changing faces, playbooks when SAIC partnerships were being discussed ?? This has to be an even bigger challenge. The Deputy Director of Homeland Security may be looking for a new gig after upcoming election ?? While I've been here long enough that optimism has been tempered by experience- I am intrigued by J.G.'s statement: "now poised---and are deeply involved
in discussions with---- a number of companies for, at a minimum, one or more joint venture
relationships involving significant investment dollars to Torvec"
Yet as Dread has pointed out discusions are not contracts or agreements- but all I'm hanging on for is ONE. I believe then I will make a return on my investment..More than one with lots of zeros, then maybe patience would be rewarded....Ready for the next Act to this show qute obviously.
Regards
Great Questions digger-
Hope you get some compelling replies as we got down to $1.90 in intraday thus far..How long do you suppose it will take guys at GM to decide they'll give this hot differential a go in a model or two? or not? It's great having more than one tech that offers solutions- but I, like you, am ready for us to sell something to somebody for something...
What would an IVT add to this scenario?
From Chicago Tribune-the advantages of the IVT testing were most dramatic in stop and go City driving typical of UPS delivery route...I would really welcome Keith/Jim revisit that topic in a future Update..?? some technical brain tickler while we wait for things to unfold..ATL glad to know you are still on the right side of the grass
UPS Alters Driving Routes....
and Saves 3 Million Gallons of Gas
By changing driving routes to include as few left and turns as possible, UPS is showing impressive savings.
I heard about this story last week and the numbers blew me away! Here is the premise: Last year UPS changed all of their driving routes, so that drivers make virtually no left hand turns. This eliminates idling time, saves fuel, and reduces risk from driving through oncoming traffic.
Here are a few of the stats:
Last year UPS saved 3 million gallons of gas
The company also reduced CO2 emissions by 32,000 metric tons (the equivalent of taking 5,300 passenger cars off the road for a year)
Pretty impressive changes for one company.
Right turns deliver gas savings. Just ask UPS
Here's how to cut gas costs, help the environment and feel like a UPS driver (minus the brown pants) - Stay out of the left turn lane.
http://www.chicagotribune.com/features/lifestyle/chi-0413_ups_d_rapr13,0,907465.story
UPS Experts Offer Tips for Better Gas Mileage
With a fleet of 94,500 vehicles on the road each day, drivers can learn a thing or two from UPS's fuel conservation practices.
It just keeps getting uglier in Michigan..
Ford's big loss: $8.7 billion in 3 months
Record-high gas prices are pushing car buyers toward smaller, fuel-efficient vehicles and away from Ford's profit-rich line of pickups and SUVs.
Latest Market Update
July 24, 2008 -- 15:05 ET
[BRIEFING.COM] Soaring gasoline prices have caused a lot of pain to drivers -- and to Ford Motor (F, news, msgs), which got slammed in the second quarter.
This morning, the U.S. automaker reported a whopping loss of $8.7 billion, or $3.88 per share, as more consumers shifted away from sport-utility vehicles and trucks to smaller, more fuel-efficient cars. Excluding items, Ford lost $1 billion, or 62 cents per share, worse than analysts' expectations of a 28-cent per-share loss.
Shares of Ford fell 68 cents, or 11.3%, to $5.35 this afternoon.
The average price of gasoline has soared over the past year, hitting a record $4.114 for a gallon of regular on July 17. A year ago, gas averaged $2.945 a gallon, nearly 40% cheaper than it is today.
"This is going to be an extremely painful year," said Mirko Mikelic, a senior portfolio manager at Fifth Third Asset Management, to Bloomberg News. "The F-150 is really where they've made money for years, and that's gone."
Ford reported a 28% drop in sales last month, with sales of its F-Series pickups plunging 41%. For the quarter, F-Series truck sales fell 31% to 126,575.
Ford reported a profit of $750 million, or 31 cents per share, last year.
The automaker wrote down assets of $5.3 billion for its auto business and $2.1 billion on leases at Ford Motor Credit.
"I think grim is being optimistic for the company," Wall Street Strategies analyst David Silver said to MarketWatch. "Right after the first-quarter earnings release, there was all this talk about Ford really turning the corner, but all of Detroit seems to still be dragging their feet with this restructuring."
Truck woes
The decline in sales of the F-150, once the all-time best-selling vehicle in the U.S., has hurt truck sales across the industry. J.D. Power and Associates lowered its forecast for truck sales earlier this week because of the "sluggish economy."
"The economic stress and uncertainty that consumers may face over the next six to 12 months will likely result in a continuous period of slow new-vehicle sales," executive director of automotive forecasting Jeff Schuster said in a press release. "It is also unlikely that a pronounced rebound will occur in 2009 and conditions could actually worsen before they improve." J.D. Power and Associates expects a 12% decline in light truck sales in 2008 to 14.2 million units.
The death of the minivan (and Chrysler)?
Ford said today that it will delay the launch of the newly designed F-150 pickup. Ford also said it will convert three truck plants in the U.S. to make fuel-efficient cars and that it will double hybrid production by next year. "We continue to take decisive action in response to the rapidly changing business environment and remain absolutely committed to our business transformation plan," Ford chief Alan Mulally said. Stock Charts (Year)
Ford Motor
Overall U.S. auto sales have dropped eight months in a row. "The growth rate of smaller vehicle segments has not been enough to offset significant declines experienced in large-vehicle segments," J.D. Power and Associates said.
In June, auto sales fell 18.3%, the worst June for automakers in 17 years, according to Edmonds.com. Ford reported a 28% drop in sales last month, with sales of its F-series pickups plunging 41%.
"Our view is that gas prices aren't likely to go down, and more importantly, many consumers have moved on," Ford sales analyst George Pipas told The Associated Press on July 1, when it reported June figures. "We believe that the segment has merit for certain consumers but is not likely to rebound at any point."
Tough times ahead
In a statement, Mulally said: "The second half will continue to be challenging, but we have absolutely the right plan to respond to the changing business environment and begin to grow for the long term."
The quarterly loss is the sixth out of eight quarters since Mulally has been running the company.
General Motors (GM, news, msgs) reported an 18% decline in June sales, and Chrysler, majority-owned by private-equity firm Cerberus Capital Management, saw sales fall 36% last month.
GM earlier this month announced more restructuring plans in an effort to deal with the mess the industry is facing. The automaker said it will cut salaried jobs, suspend its dividend and sell assets to boost its cash position. The company also said it will speed up its factory closings.
GM shares were down $1.20, or 8.2%, to $13.42 this afternoon.
Meanwhile, GM lost its coveted No. 1 spot in the global sales race to Japanese automaker Toyota Motor (TM, news, msgs) earlier this week.
Toyota reported a preliminary sales gain of 2% in the second quarter, while GM's sales fell by 5%.
"There's just not quite enough volume in these emerging markets to offset weakness in North America," Mike DiGiovanni, GM's executive director of global markets and industry analysis, said on a conference call with analysts Wednesday.
GM announces job cuts.....
suspends dividend
U.S. automaker will borrow at least $2 billion in to bolster liquidity
Data: MSN Money
GM announces job cuts, suspends dividend
BREAKING NEWS
MSNBC News Services
updated 14 minutes ago
DETROIT - General Motors Corp said on Tuesday it would cut white-collar employment costs by 20 percent, sell up to $4 billion of assets, and borrow at least $2 billion in a bid to bolster its liquidity by $15 billion through 2009.
GM also said it would suspend its common stock dividend in a restructuring driven by high fuel prices, a shift away from trucks and SUVs, and the lowest U.S. industrywide auto sales in a decade.
GM said it expects to generate $10 billion in cash savings from operations through 2009. It said it expects to capture those savings through steps that include cutting white-collar jobs and some retiree health-care coverage, eliminating executive bonuses for 2008, and reducing capital spending by $1.5 billion.
The largest U.S. automaker has been under intensifying pressure to cut costs and raise capital because of the deepening slump in U.S. auto sales.
In early June, GM Chief Executive Rick Wagoner announced the company would close four North American truck plants employing about 100,000 workers and try to sell its Hummer brand in response to higher gas prices. Interactive
But market sentiment has darkened on GM and the auto sector in the weeks since that announcement, with most analysts no longer expecting a real recovery in U.S. auto sales in 2009.
GM and other auto companies have been hammered by high gas prices, the weak economy and a rapid shift in consumer tastes away from trucks and SUVs.
GM’s sales were down 16 percent in the first six months of this year, led by a 21 percent decline in truck sales. In May, Toyota Motor Corp. came close to overtaking GM as the top-selling company in the U.S.
Agree.
it is such a mixed bag..such extremes ..fill out this survey so we can target, we can get a feel for what you guys think the company is worth and who we should try make deal with ???- contrasted with oh yeh both the SAIC and the NYS school bus initiatve with Robach Reynolds etc is over and done with didn;t we tell you..?? .I'll get crap for this one...
I wonder if the family would have held those positions in GM, Ford, Xerox and the like if they felt like a lot of us do with the communication...The problem with the call the company line is At this point I have a hard time trusting the message..Why on Earth would I continue to hold a healthy five digit share position in that case..same reason I got here in the first place..I was told and still believe that Vernon Gleasman was an automotive enginnering wiz and this inventions had great value and the potential was enormous...
just rambling..but the point was I agree Trucker
..As grim as Oil and the Big Three
have the economic picture at present..people still have to drive cars atleast in the USA to get to work, the market, and little league games etc etc....These cars all have to have Transmissions, differentials and the like to operate..etc...
I wish them good Luck today..
Who can't use a little more of that- If 725 shares trading can drop the value of the company 10% like thus far today- I imagine announcing a 50-100 Million single order and corresponding joint venture may give us a little bump in the other direction..but I've entertained these day dreams for so long I question every mirage.......
< Hoping allnumbers is right about June 30.>
Who isn't ??! What it WILL mark is the half way point of 2008 - a year that we were told back in January held "great promise" for the monetization of Torvec's technology..but we've read that chapter before haven't we....
UPS in the news..slumping due to high fuel costs on the ground and in the air..Who would have guessed..???
Oil takes toll across the economy
UPS delivers a grim forecast, United will slash 950 pilot jobs and Dow Chemical announces another price increase, all because of soaring fuel costs. A report on consumer confidence hits a record low.
Latest Market Update
June 24, 2008 -- 14:00 ET
[BRIEFING.COM] The major indices trade with modest gains, near session highs. Treasuries are seeing some buying interest, with the 10-year note up 16 ticks.
Small- and mid-cap stocks are trailing their large cap counterparts. ... More
MoreBy Charley Blaine and Elizabeth Strott
Record-high oil prices are slamming company after company today.
The latest victim is United Parcel Service (UPS, news, msgs), which late Monday lowered its second-quarter outlook to between 83 cents and 88 cents per share, down from a previous forecast of 97 cents to $1.04 a share, because of surging fuel costs. UPS has been hit on both ends, by jet fuel and gasoline prices, both of which have been soaring.
Shares of UPS slumped $2.99, or 4.5%, to $63.27 in midday trading.
Stocks were flat by midday after pulling off earlier lows. At 12:25 p.m. ET, the Dow Jones Industrial Average was up 13 points to 11,855. The Nasdaq Composite Index had shed 3 points to 2,383, and the Standard & Poor's 500 Index was up 3 points at 1,321.
The weak markets should not be too much of a worry, said one expert. "We see no early end to this volatility, but we do still feel that a second-half rally is not just possible but likely," said Kevin Gardiner, head of equity strategy at HSBC, to MarketWatch.com.
Former Fed Chairman Alan Greenspan chimed in on the mood of the markets, too.
"Things do at this particular stage look a little better," Greenspan told listeners at a conference in Johannesburg, South Africa.
The former Fed chief wasn't all rosy, though: "This crisis I fear is going to be with us for a while," either for a "good number of months or into next year."
Jet fuel the culprit for UPS
A UPS press release pinned the blame on jet fuel. "It's hard to compensate for that until things even out and calibrate a little bit," Chief Financial Officer Kurt Kuehn said in a statement. Jet-fuel costs have jumped 30% in the quarter, and it takes the company two months to recover the expenses through surcharges, Kuehn added.
Kuehn also said the economy is still "sluggish," and that manufacturing "continues to deteriorate."
"The weak U.S. economy, record high fuel costs and shippers trading down -- you combine all these things and it's a tough environment," Craig Hutson, a bond analyst at independent research firm Gimme Credit, told Bloomberg News.
Light, sweet crude oil was up 18 cents to $136.92 a barrel by midday, after closing at $136.74 a barrel Monday.
United to lay off pilots
Another company plagued by the price of jet fuel, UAL's (UAUA, news, msgs) United Airlines, said late Monday that it will lay off 950 pilots, or about 14% of its total pilot staff. Stock Charts (Year)
UPS
UAL
Dow Chemical
The move is a result of its recent announcement that it will reduce capacity by 15% because of the rising price of fuel. Earlier this month, United said it would eliminate approximately 1,000 salaried and management jobs beyond the previously announced 500 job cuts. The first pilot layoffs will take place in September.
United said it plans to spend about $9.5 billion on fuel this year, a 171% jump from the $3.5 billion it spent last year. Shares of United rose 14 cents, or 2.3%, to $6.23 today.
On Monday, a report from the Business Travel Coalition warned that the airlines could be wiped out by the sky-high oil prices. "Already-depleted cash reserves are dwindling fast, and unless the fuel crisis lessens, airlines face not the now-familiar protracted restructuring in bankruptcy, but outright and immediate extinction," the report said.
The Air Transport Association expects fuel expenses to cost the airline industry $61.2 billion in 2008, up more than 48% from last year.
Dow Chemical to boost prices (again)
Dow Chemical (DOW, news, msgs) announced a second series of price increases this morning -- and once again, put the blame on rising energy costs.
Dow Chemical said it will raise prices by as much as an additional 25% beginning in July; it raised prices by 20% in late May.
"The price increases we announced on May 28 helped, but they were not enough to fully cover the additional costs we are now facing," CEO Andrew Liveris said in a press release. "For the first half of 2008, our feedstock and energy costs are up more than 40 percent compared with the same six months of last year. Even since our last announcement, the cost of hydrocarbons has continued to rise, and that trajectory shows no sign of changing.
"We must restore margins in our businesses, both through price increases and the reduction of operating costs at certain production facilities."
Dow Chemical expects to spend $32 billion on energy this year, more than four times what it spent four years ago.
Shares of Dow fell 41 cents, or 1.1%, to $37.21 in midday trading.
12-1 odds against Lockheed ?
Wonder of that was a hometown article jocking the local company-? Our Mgt thought the whole shooting match may just come down to who has that CV Joint- like to hear their "odds of success".. has that perception changed.??
I think that it is very achievable and will happen sometime soon after June 30, 20008. " -allnumbers
I'm a long term holder here- but 20008 or 20,008 for a return on investment..?? Either you have the time space thing all figured out or you are a vampire..either of which would afford you avenues of better returns than holding Torvec stock.
Kiddin Have a nice weekend..Wish and or hope there was something to your June 30th theory- Too many timelines have come and gone for me to play ...I'm like Schultz from Hogan's Hero's ..I know Nothing..
From Automotive Digest:
update on one of the Big Three which it appears are not going to be as "big" : Wonder if JG has offered to Fly In Kerkorian to Mt Read , have a sandwich- kick the tank treads...?
11) Tracinda Increases Stake in Ford to 5.5%
Situation
Tracinda Corp says about 826.2M shares of Ford stock were tendered as part of its offer
Represents about 37% of outstanding Ford stock; boosts Tracinda's stake to 5.5% from 4.7%
Less than the 1.02B shares Tracinda had preliminarily said were tendered
Indicates Tracinda could find willing sellers if it makes subsequent offers for more shares
Tracinda had dangled substantial profit in front of stockholders
Significance
Strong demand to sell Ford common shares to Tracinda Corp
Could give Kirk Kerkorian, Tracinda CEO, more weight in pushing views on Ford's future
Selloff won't change control of the company
Response to tender offer likely will turn up pressure on Ford CEO Alan Mulally
Plan to return to profitability in 2009 revised due to gas prices, slumping truck sales
# 1000 X $106,000 =
a very nice number..That kind of fish does take some time to land I reckon..Development mostly done- Marketing on going- just when does the Sales part happen....Good read- But they usually are and like Sherriff says the share price is Ground Hog's day..
With respects to the valuation
model floated in the link- Why wouldn't Ceberus or some other Investment banker pony up for that stated income stream? no stock to swap but certainly access to lots of cash..you could argue that the value when layed out like in that post that Torvec's Tech would be money better spent than their buy of Chrysler..so your questions always lead to other questions..
You guys may want
to get a tee time @ Ravenwood in the meantime..This paradigm shifting stuff takes time, and our potential suitors (F/GM)
seemingly have their hands full closing plants, laying off a few more thousand here and there..Pebble Beach sure is pretty..only saw it from the Pro shop about 12 years ago..would love to fire a few into the Ocean- That would mean TOVC would be north of $30 and I could afford a few new Pro-V's
From Automotive Digest.
A few bullet points on F and GM..If they aren't in sufficient pain at present to try something "Not Invented Here"- They may never get there..??
1) Ford Workers in Shock Over Planned Cuts
Situation
Ford's recent announcement to cut up to 12% of salaried workers big blow to employees
Workers shaken by news, anxious for further information
Ford won't confirm figures, says details being finalized
Company also planning more buyouts for blue-collar workers
Analysts say Ford needs to make cuts to maintain adequate liquidity for restructuring effort
Significance
Unnamed Ford HR exec says cuts will be involuntary, will affect 10-12% of salaried work force
Details of cuts to be released in July, downsizing should be finished by Aug
Ford will provide severance packages based on years of service
Other benefits will also be given to laid off employees
Read Quotes
Sourced From: Detroit News, May 29, 2008
=========================================Advertisement=========================================
2) 19,000 GM Workers Taking Buyouts
Situation
GM says around 19K of its US factory workers are taking buyout offers
That's about one-fourth of GM's blue-collar workers
Analysts recommend that GM continue cuts by slashing production, cutting white-collar jobs
UAW-represented workers taking buyouts will leave GM by July 1
One-time payouts valued up to $140K
Significance
GM under pressure to make cuts due to weak US sales, rising gas prices
All of GM's approximately 74K US factory workers eligible for buyouts, early retirement packages
Workers leaving clear way for hiring lower-wage workers
GM, like Ford and Chrysler, hard hit by market that's declined faster than expected
Record-high gas prices, move away from big gas guzzlers have driven change
Perfect storm ?? weak sales? inefficient vehicles? high manufacturing costs..?? and here we sit......"The sooner they're gonna..?"!!!???? Have a nice week everybody..
Allnumbers..
<July just can't get here soon enough for me.>
You can't wait to see the price of a gallon of gas read $5.00 or you have other events in mind that have you that jazzed..?? Careful- tempered emotions are most certainly required for this investment...Take a page from Rip Van Winkle down in ATL.
Prius..
Say what you will about the car..the concept whatever..I would rather be trying to sell these than a Hummer ??? And as we all as know..Sales is how we eat !!??
( From Automotive Digest)
Toyota Prius Breaks Through 1 Million Unit Sales
Situation
Global sales of Toyota's Prius topped 1M vehicles for first time, auto maker says
Toyota Motor Corp sold 1.028M Prius cars as of end of April; Prius first went on sale in Japan in 1997
Now sold in 40 countries, regions
Popularity rising amid surging gas prices and growing concern about environment
Toyota sells other hybrids, but Prius by far most popular model
2008 Toyota Prius
Significance
Prius launched in 1997 as world's first commercially mass-produced gas-electric hybrid
Toyota plans to sell 1M hybrids annually sometime in years after 2010
Toyota said Prius has reduced 4.5M metric tons of global warming gases compared w/ having standard gas engine cars on road instead of hybrid
Of more than 1M Prius global sales, nearly 592K sold in N America, 315K sold in Japan
Any customer
will be nice..The Military would be especially nice..Then people dig in an learn about the CVJ and Lockheed and the Nasa Transmision?? Then explain to me How we could possibly stay at $2.40 a share..Move the decimal point one to the right maybe..?? They are moving it seems to be that threat in the marketplace- Which should help us but as a previous poster said..I've been here awhile..
That Dude is 91 years old..
He looks better than I do!!..If that's what money will do for you-I wish Jim would get us Commercialized already..I'm heading to Vegas-Find a show girl and roll with Kirk....Semi Seriously
Ford does appear to be finding favor again rather quickly..Hope that bodes well..
Anyone feel ETN
may still have interest in this portfolio in some shape or form?? That is such a solid company. Cramer was gushing about their innovation and bold management. I still remember their referencing their look at "break out" possibilities in acquisitions...
We shall see...
I have bashed F quite openly here over the years..with good reason..I had a Taurus company car in the late 80's that was literally a bull..add gas change the oil- drive it into the Ground- certainly not sexy but it was a great car..flash forward 15 years and I had a Focus that had to have 3 wheel bearings replaced before 40,000 miles..Quality wasn;t Job #1 at that point it would seem...But The thing in the Farley article I could indentify with is the parellel he drew between the Company and the USA in general- I think it is true- but to turn it around thay have to have some guts like taking a leap on new products and technology...Quite obviously I take alot of what I read on these boards with a grain of salt but I too check the F Board on Yhoo etc and one guy was recently gushing about a brand new class of vehicle that is going to have global reach- like "nothing that has been seen before"- sounds like he saw something he liked.....I think we all just want to get started here..get in with someone..let the stock run on accom0plishments not chatter..
Maybe something can happen here???.....
."our Plan is working..Does TOVC fit into that plan..When..
Ford swings to $100M profit in 1st-quarter, beats view
Thursday April 24, 7:35 am ET
By Tom Krisher, AP Auto Writer
Ford rides strong earnings in Europe and South America to swing to $100M profit in 1st-quarter
DEARBORN, Mich. (AP) -- Ford Motor Co. surprised Wall Street on Thursday with a $100 million profit in the first quarter as strong results from Europe and South America helped offset the impact of a slumping U.S. economy that cut car and truck sales in its main market.
The company also said Thursday its latest round of early retirement and buyout offers netted 4,200 hourly workers, fewer than Ford had targeted.
Ford says it earned 5 cents per share in the January-March period. The No. 2 U.S.-based automaker lost $282 million, or 15 cents a share, in the same period last year.
Excluding special items, the company said it made $525 million after taxes, or 20 cents per share. That beat Wall Street's expectations. Thirteen analysts surveyed by Thomson Financial had predicted a loss of 16 cents per share.
It was Ford's first profitable quarter since the second quarter of 2007 when it made $750 million. Ford reported a full-year loss of $2.7 billion last year, and it cautioned that the rest of this year will be tough.
"The remainder of 2008 will be a challenge but we are cautiously optimistic despite the external challenges," CEO Alan Mulally said in a statement. "Our plan is working."
Ford also lowered its industrywide U.S. vehicle sales forecast for the full year to a range of 15.3 million to 15.6 million. In January it had expected full-year sales of 16 million.
The profit came despite a $45 million pretax loss in Ford's core North American automotive market. That was an improvement over a $613 million loss in the year-ago quarter, driven by $1.2 billion in cost reductions.
Company spokesman Mark Truby said Ford may offer additional buyout and early retirement packages on a plant-by-plant basis to further reduce its blue-collar work force.
Ford reported first quarter revenue of $39.4 billion, down from $43 billion a year ago due to the sale of its Jaguar-Land Rover and Aston Martin units. Excluding the sale, revenue would have been up slightly, the company said.
< wait until it leapfrogs to $5 or $6 a gallon >
It HAS to change the way the average American thinks about driving....double whammy with the spike in the grocery stores too..so perhaps Ford buys TOVC, Leitrim Buys a fuel efficicent Harley..It's a win win win for American commerce..
No sweat Mike..
that's what friends are for..
It's called Sunshine..
The real stuff and the investment related blue sky..It 's been very quiet for awhile now and one can get a tad gloomy. He's entitled for having doubts shift to hope and back again...Sounds like it's been a long road for those inside too..I can only imagine.