GM shares slide after strong quarter and cautious outlook
GM reports a $2.8 billion second quarter profit but warns of higher costs and lower output due to chip shortages and delta variant risks. The stock fell over 9 percent as CFO Jacobson trimmed year guidance and analysts warned of rising costs and production uncertainty.
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General Motors
Paul Jacobson
Edward Jones
Jeff Windau
Windau
Flint
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Silao
Mexico
Fort Wayne
Indiana
Tennessee
Ford
Stellantis
Stocks Slip After Record S&P Push
Wall Street turned lower as the S&P 500 dropped 0.5 percent and then 0.3 percent by 3:30 p.m. Eastern, led by industrials banks and consumer firms while energy weighed on the market. Dow fell 264 points to 34,850. Nasdaq rose slightly as oil slumped over 3 percent and ISM services growth hit a high. GM and CVS shares declined despite solid earnings as ADP reported weaker private payroll gains ahead of Friday’s government jobs data. Mary Barra cautioned on the delta variant and supply chain while GM raised full year guidance above prior ranges.
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Wall Street
ADP
General Motors
CVS
U.S
Institute For Supply Management
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Mexico sues U.S. gun makers over trafficking toll
Mexico filed a U.S. federal lawsuit in Boston naming Smith & Wesson and other major gun makers and a Boston wholesaler. It seeks at least 10 billion dollars for alleged negligence and aiding cartel violence, citing 17 000 homicides in 2019 and about 70 percent of weapons trafficked to Mexico originating in the United States.
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Mexico
U.S
Mexico City
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Boston
Smith & Wesson Brands, Inc
Barrett Firearms Manufacturing, Inc
Beretta U.S.A. Corp
Colt’s Manufacturing Company LLC
Glock Inc
Interstate Arms
Foreign Affairs Ministry
Alejandro Celorio
Celorio
Washington
Fiji
U.S. Customs and Border Protection
ISM services index climbs to record July pace
U S service sector growth hit a record 64.1 in July driven by demand despite ongoing supply chain disruptions and worker shortages. ISM warns inflation and labor issues may persist through year end as manufacturing slows for a second month.
MENTIONED IN THIS ARTICLE
Washington
U.S
Institute For Supply Management
ISM
Anthony Nieves
ISM Services Survey Committee
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