Imark
Forumer storico
La famosa parked liquidity....speriamo non ci leggano senno' alla prossima trimestrale il cash ce lo ritroviamo suddiviso in tre voci anziche' due
Ovviamente scherzavo...
Obbligazioni societarie GM, Ford, Chrysler: il 3D dell'automotive USA (4 lettori)
- Creatore Discussione Imark
- Data di Inizio
Ovviamente scherzavo...
Imark
Forumer storico
E tuttavia, se e finché questi titoli cartolarizzati fossero accettati dalla FED come collaterale per i repo a fronte di cash, forse la cosa avrebbe una sua logica, pur restando una mera finzione contabile, visto che questi titoli, anche solo per essere collocabili sul mercato con la garanzia statale (se non rammento male), dovrebbero proveniere da un emittente a rating A ... e Ford invece...
popoff
m'embro
allora dobbiamo sbrigarci, visto che può succedere da un momento all'altro.
paologorgo
Chapter 11
Ford’s (F) announced earnings, but it did not pitch its P&L. The star of the announcement, at least in the company’s opinion, was its balance sheet. The No.2 US car company said that Ended first quarter with Automotive gross cash of $21.3 billion and reduced operating-related cash outflow compared with the third and fourth quarters of 2008 despite further declines in volume .The message was that it can wait out the car industry downturn, even if analysts say it will have to go to the Treasury late in the year.
For the period, the firm had a Net loss of $1.4 billion, or $0.60 per share, for the first quarter of 2009; pre-tax operating loss of approximately $2 billion, excluding special items.
Ford’s first quarter revenue, excluding special items, was $24.8 billion, down from $39.2 billion a year ago. The decline is primarily explained by lower sales volume.
Ford profits dropped in Latin America, but at least the company made a profit of $63. In the decimated European market, Ford lost $550 million. Asian operations had a small loss of $96 million.
The financial picture at Ford shows how brilliant the move of new CEO Alan Mulally was when he essentiall mortgaged the company for $23 billion. He did so while auto American auto industry asset were still viewed as having some value. He built a strong balance sheet before it was clear that the domestic vehicles market came completely unglued.
He probably saved the company
http://247wallst.com/2009/04/24/fords-f-balance-sheet-play/
For the period, the firm had a Net loss of $1.4 billion, or $0.60 per share, for the first quarter of 2009; pre-tax operating loss of approximately $2 billion, excluding special items.
Ford’s first quarter revenue, excluding special items, was $24.8 billion, down from $39.2 billion a year ago. The decline is primarily explained by lower sales volume.
Ford profits dropped in Latin America, but at least the company made a profit of $63. In the decimated European market, Ford lost $550 million. Asian operations had a small loss of $96 million.
The financial picture at Ford shows how brilliant the move of new CEO Alan Mulally was when he essentiall mortgaged the company for $23 billion. He did so while auto American auto industry asset were still viewed as having some value. He built a strong balance sheet before it was clear that the domestic vehicles market came completely unglued.
He probably saved the company
http://247wallst.com/2009/04/24/fords-f-balance-sheet-play/
paologorgo
Chapter 11
The most fascinating thing to me about the coverage of the fate of Chrysler and General Motors (GM) is the extent to which the language has changed since earlier this year and late last year. In 2008, the automakers were all hanging together, and aid was cast as critical for the continued functioning of the economy -- without it, bankruptcy would result, leading to the collapse of suppliers and the loss of millions of jobs. The government played along, extending loans to Chrysler and GM and a line of credit to Ford (F).
But the tune now being played is a little different. Chrysler will almost certainly file for bankruptcy, whether or not it reaches an agreement with creditors or Fiat (FIATY.PK), and in fact, liquidation is not out of the question. GM's position on bankruptcy has also changed significantly; the company acknowledges that it may be unavoidable, though it seems certain that the government would take the necessary steps to ensure that restructuring, rather than liquidation, would be the order of the day for GM.
What explains the shift? To begin with, Detroit's woes are now placed in a new context. The loss of all of Chrysler's 66,000 American jobs would be painful, but it no longer seems apocalyptic given the employment picture everywhere in the economy. The weak economy has also meant that employment losses are assured in any case; downsizing will continue for GM and Chrysler whether they manage to avoid bankruptcy or not.
But one can't ignore Ford as a significant factor influencing the policy environment. The firm has proven itself to be stronger than the competition at every turn in the process; turning down government loans, citing its stronger cash position, and now indicating that it sees a profitable way forward. In the first quarter of 2009, Ford reported a smaller loss than expected and reduced the rate of cash burn (which it said would continue to decline through the year). It also announced production increases to come, even as GM said it would be idling many of its plants this year.
This is hugely important. It means that no matter what happens to GM and Chrysler, there will still be an American car industry. It means that supply chains are less threatened by the complete collapse of the domestic producers. And it means that GM and Chrysler can rely less on broader conditions as the scapegoat for their troubles, as opposed to internal problems.
It also means that Ford is actively undermining its rivals. It has clearly decided that now is the time to eat up market share and prepare for a post-recession world. Given widespread agreement that the global car market is oversupplied and in need of serious consolidation and contraction, a production increase can't be interpreted as anything but Ford sucking up the oxygen in the room.
This, of course, is exactly how an economy is supposed to function -- the weak go down, and the strong take their place in the market. Ford has provided everyone with the chance to feel like a good capitalist again. It has also give the administration an argument against the inevitable complaint that will arise when Chrysler, and potentially GM, enter bankruptcy -- that failure is for blue collar workers, but not white collar workers. At this point, a strong defense of GM and Chrysler would clearly undermine the progress made by the one actually successful (ish) American car company.
But just because the administration has a counterargument, doesn't mean the complaint won't be made. More interesting yet, some American banks seem to be leaning toward a Ford approach -- leaving the solidarity of bank-brothers-in-failure behind. The move is trickier in the financial sphere; unlike Ford, every financial institution is heavily reliant on government guarantees, explicit and implicit, to survive in the current climate. As the relative health and needs of the banks continues to become clearer, however, expect more noise to be made about the government impairing the success of the strong by propping up the weak. The question is -- will that provide the government with an avenue to seriously address the questionable status of the Citigroups (C) out there?
http://seekingalpha.com/article/132987-banks-take-a-cue-from-ford-s-capitalism
But the tune now being played is a little different. Chrysler will almost certainly file for bankruptcy, whether or not it reaches an agreement with creditors or Fiat (FIATY.PK), and in fact, liquidation is not out of the question. GM's position on bankruptcy has also changed significantly; the company acknowledges that it may be unavoidable, though it seems certain that the government would take the necessary steps to ensure that restructuring, rather than liquidation, would be the order of the day for GM.
What explains the shift? To begin with, Detroit's woes are now placed in a new context. The loss of all of Chrysler's 66,000 American jobs would be painful, but it no longer seems apocalyptic given the employment picture everywhere in the economy. The weak economy has also meant that employment losses are assured in any case; downsizing will continue for GM and Chrysler whether they manage to avoid bankruptcy or not.
But one can't ignore Ford as a significant factor influencing the policy environment. The firm has proven itself to be stronger than the competition at every turn in the process; turning down government loans, citing its stronger cash position, and now indicating that it sees a profitable way forward. In the first quarter of 2009, Ford reported a smaller loss than expected and reduced the rate of cash burn (which it said would continue to decline through the year). It also announced production increases to come, even as GM said it would be idling many of its plants this year.
This is hugely important. It means that no matter what happens to GM and Chrysler, there will still be an American car industry. It means that supply chains are less threatened by the complete collapse of the domestic producers. And it means that GM and Chrysler can rely less on broader conditions as the scapegoat for their troubles, as opposed to internal problems.
It also means that Ford is actively undermining its rivals. It has clearly decided that now is the time to eat up market share and prepare for a post-recession world. Given widespread agreement that the global car market is oversupplied and in need of serious consolidation and contraction, a production increase can't be interpreted as anything but Ford sucking up the oxygen in the room.
This, of course, is exactly how an economy is supposed to function -- the weak go down, and the strong take their place in the market. Ford has provided everyone with the chance to feel like a good capitalist again. It has also give the administration an argument against the inevitable complaint that will arise when Chrysler, and potentially GM, enter bankruptcy -- that failure is for blue collar workers, but not white collar workers. At this point, a strong defense of GM and Chrysler would clearly undermine the progress made by the one actually successful (ish) American car company.
But just because the administration has a counterargument, doesn't mean the complaint won't be made. More interesting yet, some American banks seem to be leaning toward a Ford approach -- leaving the solidarity of bank-brothers-in-failure behind. The move is trickier in the financial sphere; unlike Ford, every financial institution is heavily reliant on government guarantees, explicit and implicit, to survive in the current climate. As the relative health and needs of the banks continues to become clearer, however, expect more noise to be made about the government impairing the success of the strong by propping up the weak. The question is -- will that provide the government with an avenue to seriously address the questionable status of the Citigroups (C) out there?
http://seekingalpha.com/article/132987-banks-take-a-cue-from-ford-s-capitalism
woolloomooloo
Forumer storico
prendo a spunto questa frase e chiedo: la voce che Fiat (vera o falsa che sia) potrebbe rilevare OPEL in europa andrebbe proprio nella stessa direzione o è fantascienza?
paologorgo
Chapter 11
General Motors Corp. is readying plans to shed its Pontiac brand, shutter more factories and launch a bond exchange aimed at eliminating billions in debt, people familiar with the matter said Friday.
The auto maker, facing a June 1 federal deadline to dramatically restructure or go bankrupt, is preparing early next week to detail the progress it has made on the stepped-up recovery plan demanded by the Obama administration. GM is expected to announce plans to eliminate or sell its poorly performing Pontiac brand, according to several people who have been briefed on the plan.
Previously, GM said it would keep one or two Pontiac models as a niche brand. But the Obama administration is pressuring GM to go further in downsizing its money-losing operations.
The GMC brand of trucks and sport-utility vehicles also could be in danger. The Obama auto task force, noting that GMC sells models similar to Chevrolet's, has pressed GM to make a convincing case the brand should survive. Many GM dealers sell GMC, Pontiac and Buick vehicles at the same site.
The auto maker also is scrambling to complete an offer for a public debt swap intended to eliminate $27 billion in unsecured debt. GM has been unable to strike a deal with an ad hoc committee representing bondholders, but federal regulations require that GM must make the offering by Monday to have the swap complete by the June 1 deadline.
GM Chief Financial Officer Ray Young said this week the company doesn't plan on making a $1,0 billion debt payment due June 1 and is relying on either a successful debt-for-equity exchange or bankruptcy-court protection to slash its outstanding debt.
People familiar with the matter said the company will launch the exchange with or without approval from the bondholders group.
President Barack Obama's auto task force shot down a restructuring plan GM submitted in February as too slow and limited.
As part of the update, GM is expected to announce plans to shut down more plants, which come in addition temporary plant shutdowns this summer that will cut the auto maker's output by 25%. If GM can't satisfy the administration that the plan will work, the company won't get additional federal loans and be forced to file for bankruptcy protection.
GM Chief Executive Fritz Henderson has said an out-of-court restructuring remains the preferred route, but has acknowledged bankruptcy remains a "probable" scenario.
The preparations come as GM, surviving on government loans, received an additional $2,0 billion from the U.S. Treasury on Friday to meet capital needs. GM has received $15.4 billion since December and has said it will likely need more than $2 billion in additional funds to last through the second quarter.
"We appreciate President Obama's and his administration's ongoing support of GM and the domestic U.S. auto industry as we undertake the difficult but necessary actions to reinvent our company," the company said in a statement Friday.
Write to Sharon Terlep at [email protected] and John Stoll at [email protected]
http://online.wsj.com/article/SB124060030328753755.html?ru=yahoo&mod=yahoo_hs
The auto maker, facing a June 1 federal deadline to dramatically restructure or go bankrupt, is preparing early next week to detail the progress it has made on the stepped-up recovery plan demanded by the Obama administration. GM is expected to announce plans to eliminate or sell its poorly performing Pontiac brand, according to several people who have been briefed on the plan.
Previously, GM said it would keep one or two Pontiac models as a niche brand. But the Obama administration is pressuring GM to go further in downsizing its money-losing operations.
The GMC brand of trucks and sport-utility vehicles also could be in danger. The Obama auto task force, noting that GMC sells models similar to Chevrolet's, has pressed GM to make a convincing case the brand should survive. Many GM dealers sell GMC, Pontiac and Buick vehicles at the same site.
The auto maker also is scrambling to complete an offer for a public debt swap intended to eliminate $27 billion in unsecured debt. GM has been unable to strike a deal with an ad hoc committee representing bondholders, but federal regulations require that GM must make the offering by Monday to have the swap complete by the June 1 deadline.
GM Chief Financial Officer Ray Young said this week the company doesn't plan on making a $1,0 billion debt payment due June 1 and is relying on either a successful debt-for-equity exchange or bankruptcy-court protection to slash its outstanding debt.
People familiar with the matter said the company will launch the exchange with or without approval from the bondholders group.
President Barack Obama's auto task force shot down a restructuring plan GM submitted in February as too slow and limited.
As part of the update, GM is expected to announce plans to shut down more plants, which come in addition temporary plant shutdowns this summer that will cut the auto maker's output by 25%. If GM can't satisfy the administration that the plan will work, the company won't get additional federal loans and be forced to file for bankruptcy protection.
GM Chief Executive Fritz Henderson has said an out-of-court restructuring remains the preferred route, but has acknowledged bankruptcy remains a "probable" scenario.
The preparations come as GM, surviving on government loans, received an additional $2,0 billion from the U.S. Treasury on Friday to meet capital needs. GM has received $15.4 billion since December and has said it will likely need more than $2 billion in additional funds to last through the second quarter.
"We appreciate President Obama's and his administration's ongoing support of GM and the domestic U.S. auto industry as we undertake the difficult but necessary actions to reinvent our company," the company said in a statement Friday.
Write to Sharon Terlep at [email protected] and John Stoll at [email protected]
http://online.wsj.com/article/SB124060030328753755.html?ru=yahoo&mod=yahoo_hs
popoff
m'embro
i98mark to market.
paologorgo
Chapter 11
Auto Makers' Diverging Paths
Bankruptcy-Like Revamp Draws Kudos for Ford; Stock Leaves GM Behind
For many moons, the fate of two large publicly traded U.S. auto companies seemed intertwined. Both suffered from similar issues ranging from debt loads to the high cost of health care to pensions for former employees. And both competed in an environment when their top product, sport-utility vehicles, were falling out of favor.
Neither stock has a record of which to be proud; General Motors is down 96% since the beginning of 2005, while Ford Motor is down 69%. They hit 2009 lows within weeks of each other.
Their fortunes have since diverged. Since falling to $1.58 on Feb. 20, Ford shares have more than tripled to $5. Yes, the company posted a first-quarter net loss of $1.4 billion, or 60 cents a share, but that was narrower than anticipated, and it said it burned through less cash than expected, too. Banc of America Securities-Merrill Lynch Research upgraded the stock to a "buy" rating Friday, saying, "we believe Ford has largely executed the restructuring GM will in bankruptcy, while it remains outside of bankruptcy and without government aid."
For its part, GM plans to skip a June 1 debt payment, and the company's debt is valued at less than 10 cents on the dollar, while Ford's trades at 44 cents on the dollar, according to KDP Investment Advisors. As for its stock, since hitting a 2009 low of $1.27 on March 6, GM has risen just 41 cents, or 32%, to $1.68.
—David Gaffen, MarketBeat
http://online.wsj.com/article/SB124062773047855779.html?ru=yahoo&mod=yahoo_hs
Bankruptcy-Like Revamp Draws Kudos for Ford; Stock Leaves GM Behind
For many moons, the fate of two large publicly traded U.S. auto companies seemed intertwined. Both suffered from similar issues ranging from debt loads to the high cost of health care to pensions for former employees. And both competed in an environment when their top product, sport-utility vehicles, were falling out of favor.
Neither stock has a record of which to be proud; General Motors is down 96% since the beginning of 2005, while Ford Motor is down 69%. They hit 2009 lows within weeks of each other.
Their fortunes have since diverged. Since falling to $1.58 on Feb. 20, Ford shares have more than tripled to $5. Yes, the company posted a first-quarter net loss of $1.4 billion, or 60 cents a share, but that was narrower than anticipated, and it said it burned through less cash than expected, too. Banc of America Securities-Merrill Lynch Research upgraded the stock to a "buy" rating Friday, saying, "we believe Ford has largely executed the restructuring GM will in bankruptcy, while it remains outside of bankruptcy and without government aid."
For its part, GM plans to skip a June 1 debt payment, and the company's debt is valued at less than 10 cents on the dollar, while Ford's trades at 44 cents on the dollar, according to KDP Investment Advisors. As for its stock, since hitting a 2009 low of $1.27 on March 6, GM has risen just 41 cents, or 32%, to $1.68.
—David Gaffen, MarketBeat
http://online.wsj.com/article/SB124062773047855779.html?ru=yahoo&mod=yahoo_hs
paologorgo
Chapter 11
A Ford Turnaround?
Here’s a new analogy for y’all:
Ford (F) is to General Motors (GM) as The Jeffersons are to Sanford and Son.
While Chrysler and GM currently subsist on bridge loans from the government, Ford is Movin’ On Up as their latest quarterly results came in better than expected on multiple fronts…
From TheStreet.com:It's a sad state of affairs for the automakers when only losing $1.4 in a quarter is considered an upside surprise…only in Detroit, kids.
No one is throwing a party yet and 2011 profitability is a ways away. Its also worth noting that Ford always sees its next profitable year two or three years out. That said, there some things that relatively-new CEO Alan Mulally has done differently than the folks at Chrysler or GM, including an auspicious earlier money-raise on more favorable terms than can be had now and the responsible shedding of several brands, including Range Rover and Jaguar to the Indians.
They also got serious and stayed serious in terms of cutting debt:And they reached agreements with the unions earlier than their peers, which obviously helps with manufacturing and health care costs.
Why is anyone surprised that Ford is doing better than GM? For starters, they reached outside the auto biz to bring in Mulally from Boeing (BA), where he was CEO of the Commercial Airplanes division. Boeing has a winning culture, a foreign concept for Detroit and in fact, according to some, Mulally was the key guy for the company’s aerospace beatdown of Airbus at the beginning of this century.
GM, by contrast, stuck with Rick Wagoner, a Detroit lifer who even has a last name that evokes an antiquated mode of transportation (coulda been worse - how about Rick Stagecoacher or Rick Charioteer).
Good for you, Ford. Keep cutting debt, putting your foot down with the unions and for Crom’s sake, make some cars that people wan to buy once in a while!
http://seekingalpha.com/article/133075-a-ford-turnaround?source=yahoo
Here’s a new analogy for y’all:
Ford (F) is to General Motors (GM) as The Jeffersons are to Sanford and Son.
While Chrysler and GM currently subsist on bridge loans from the government, Ford is Movin’ On Up as their latest quarterly results came in better than expected on multiple fronts…
From TheStreet.com:
Ford (F) beat the first-quarter estimates of analysts and reiterated that it remains on track to break even or earn a profit in 2011. The automaker said it lost $1.4 billion, or 60 cents a share. Analysts had estimated a loss of $1.23. Revenue fell 37% to $24.8 billion. Analysts had estimated $22 billion.
No one is throwing a party yet and 2011 profitability is a ways away. Its also worth noting that Ford always sees its next profitable year two or three years out. That said, there some things that relatively-new CEO Alan Mulally has done differently than the folks at Chrysler or GM, including an auspicious earlier money-raise on more favorable terms than can be had now and the responsible shedding of several brands, including Range Rover and Jaguar to the Indians.
They also got serious and stayed serious in terms of cutting debt:
During the quarter, Ford reduced its debt obligations by $10.1 billion and reduced interest payments by more than $500 million.
Why is anyone surprised that Ford is doing better than GM? For starters, they reached outside the auto biz to bring in Mulally from Boeing (BA), where he was CEO of the Commercial Airplanes division. Boeing has a winning culture, a foreign concept for Detroit and in fact, according to some, Mulally was the key guy for the company’s aerospace beatdown of Airbus at the beginning of this century.
GM, by contrast, stuck with Rick Wagoner, a Detroit lifer who even has a last name that evokes an antiquated mode of transportation (coulda been worse - how about Rick Stagecoacher or Rick Charioteer).
Good for you, Ford. Keep cutting debt, putting your foot down with the unions and for Crom’s sake, make some cars that people wan to buy once in a while!
http://seekingalpha.com/article/133075-a-ford-turnaround?source=yahoo