| Penske Walks Away from Saturn Zacks.com submits: Penske Automotive Group (PAG) has declined to buy the Saturn brand from General Motors, despite nearing the end of the deal. The spokesperson of the Michigan-based second leading automotive retailer in the U.S. has explained that Penske was unable to find a manufacturer to make the Saturn models when GM stops producing them after 2011.In June, Penske had reached a tentative agreement with GM to purchase the brand. Under the deal, GM had agreed to manufacture three Saturn models beyond 2011, but afterwards Penske was supposed to manufacture the products made by a third-party manufacturer.Complete Story » seekingalpha.com |
Goodrich Corp. Acquires AIS Global for $375 Million Zacks.com submits: Goodrich Corporation (GR) completed the acquisition of AIS Global Holdings LLC, known as Atlantic Inertial Systems, from an investment affiliate of J.F. Lehman & Company. The purchase price was approximately $375 million. AIS Global also known as Atlantic Inertial Systems is a leading provider of mission-critical guidance, stabilization and navigation products and systems for the military and defense market. Goodrich expects the company to be accretive to earnings in fiscal 2010. The acquired company mainly caters to prime defense contractors as well as U.S. and allied military forces around the world. Primary products include inertial sensors, inertial measurement units, integrated systems, stability systems and terrain avoidance systems for missiles, military aircraft and land systems.Complete Story » seekingalpha.com |
Advance Auto Parts' Earnings Take Hit from Sluggish Economy Zacks.com submits: Advance Auto Parts (AAP) has posted a profit of $37 million or 39 cents per share in the fourth quarter of 2009 (see transcript here). This was lower than the year-ago level profit of $38 million or 41 cents and the Zacks Consensus Estimate of 46 cents. Despite the efforts to drive sales, lower costs and increase return on invested capital, the company has been hit hard by the sluggish economy during the quarter. Sales in the quarter rose 3.6% to $1.14 billion. This was attributable to a net addition of 52 stores during the past 12 months and a comparable store sales gain of 2.4%. The comparable store sales gain comprised a 9.5% increase in Commercial, or do-it-for-me (DIFM) sales, partially offset by a 0.8% decrease in do-it-yourself (DIY) sales.Complete Story » seekingalpha.com |
Weekly Rail Report Indicates Continued Increases in Traffic Robert Loftus submits:The title of this week's weekly rail report is "Rail Intermodal Volume Reaches Highest Level since Fall 2008". 18 of 19 categories covered in the report show YOY increases, with the only outlier being paper and pulp products. Particularly significant is a YOY increase for US railroads of 140.9% in metallic ores and a 49% increase in furnace coke. Also significant is a 19.5% increase in shipments of non-metallic minerals, and a 20.1% increase in shipments of crushed stone, sand and gravel. These numbers suggest that North American Metals and Concrete Products Producers are preparing to ramp up production in anticipation of a significant increase in utility rates for Chinese metals and concrete producers. That increase in electric rates for certain industries in China could compromise significantly the price competitiveness of Chinese metals and concrete product producers, resulting in increased market share for some US firms.Complete Story » seekingalpha.com |
Boein Q2 2010 Earnings Call Transcript Boein (BA)Q2 2010 Earnings CallJuly 28, 2010 10:30 am ETComplete Story » seekingalpha.com |