Downgrades Hit GM and Ford Junk Status Shocks Markets
Standard & Poor's cut GM and Ford to junk ratings, raising borrowing costs as shares slid over 5 percent. The downgrade highlights competitive pressures, higher health care liabilities, and post retirement costs while Asian rivals gain market share and demand weakens for profitable models. Merck also shakes leadership after Vioxx recall and patent losses.
MENTIONED IN THIS ARTICLE
Detroit Standard & Poor
General Motors Corp
Ford Motor Co
Credit Ratings Agency
Mixed April Retail Sales Report Highlights Mixed Results
U.S. retailer sales in April show cautious consumer demand with Wal-Mart and Target underperforming while teen and luxury retailers and wholesale clubs posted solid gains. Strong performances include moderate-price departments such as J C Penney amid uneven results across the sector.
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Wal-Mart Stores Inc
Target Corp
J.C. Penney Co. Inc
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