From Standard & Poor's Equity ResearchGeneral Motors (GM
) announces a new extended warranty across its entire 2007 car, light-duty truck lineup in the U.S. and Canada.
) announced plans to cut 10,500 jobs, or about 10% of its workforce by mid-'07. Plans to cost costs and operating expenses by about $2 billion in 2007 and $3 billion in 2008.
Ford Motor (F
) named Boeing's (BA
) Alan Mulally as president, CEO, replacing Bill Ford who will continue as executive chairman.
) Announces a follow-on public offering of 8.26 million primary shares.
) named Scott Carson as president and CEO of its commercial airplanes unit after Alan Mulally left to become CEO at Ford Motor Co.
Merge Technologies (MRGE
) named Kenneth D. Rardin as president and CEO. The company set a $20 million stock buyback and adopted a shareholder rights plan. Merge posted a $6.41 second quarter loss per share (including a goodwill impairment charge) on revenues of $31.7 million.
) says that based on current quarter-to-date demand, it expects third quarter revenue to be similar to up 3% from the second, and net margin to be in range of 14%-16% (including stock expense). Bear Stearns reportedly downgrades to peer perform from outperform.
) says shareholders Hutchison Whampoa and Cheung Kong sold 8.9 million shares of their holdings in the company. S&P says the sale is "somewhat worrisome," and maintains its hold rating.
) narrowed its third quarter sequential LCD glass volume guidance for Display Tech business to up 10%-15%, for Samsung Corning to up 8%-12%, from previous 5%-15% guidance for both units. It also narrowed its third quarter EPS guidance to 24-26 cents (non-GAAP).
ASML Holding (ASML
) expects third quarter unit orders to be at about second-quarter order intake level of 93, "substaintially higher" than it previously indicated due to strong demand from several memory makers. As a result, it sees a 2006 net sales rise of about 40%.