Reuters
- Not since the Financial Crisis have we seen earnings warnings by the three Detroit automakers balled up like this.
- But this is far from the Financial Crisis — the economy is booming.
- Dim outlooks now have markets what will happen to automakers when the times are no longer this good.
It’s confession time among the Detroit automakers: GM, Fiat Chrysler, and Ford all got ugly, in unison, in one day, something we haven’t seen since the Financial Crisis.
Back at the end of May, GM shares (GM) were trading at $38 when it announced that SoftBank, the Japanese company that is blowing borrowed billions left and right, would invest $2.25 billion in GM’s self-driving car unit Cruise. By June 11, GM shares had shot up to $45. But this morning they’re at $37.16. That’s a 17% plunge from June 11, including the 5% drop Wednesday and today.
See the rest of the story at Business Insider
NOW WATCH: Why the World Cup soccer ball looks so different
See Also:
- People are being victimized by a terrifying new email scam where attackers claim they stole your password and hacked your webcam while you were watching porn — here's how to protect yourself
- People are obsessed with buying cars through Costco instead of just going to a dealership — here's the verdict
- The Atlanta Fed thinks the economy grew 4.5% in the second quarter — but they could be missing a key point
SEE ALSO: Trump claims again that Apple is building 'plants' in the United States
from Business Insider https://ift.tt/2Ak0YTb
No comments:
Post a Comment