Le General Disputes WSJ Article [Archive] - Ford Inside News Community

: Le General Disputes WSJ Article

07-07-2008, 05:05 PM
http://images.bloomberg.com/r06/navigation/logo.gif (http://www.bloomberg.com/)By Jeff Green
July 7 (Bloomberg) -- General Motors Corp. said Hummer is the only one of its eight U.S. brands being formally reviewed for a possible sale or shutdown as the automaker's domestic market share falls to an 83-year low.
The Wall Street Journal reported today that the biggest U.S. automaker may sell or scrap more brands and its directors will likely approve the elimination of thousands of additional salaried jobs at next month's board meeting.
GM spokesman Tony Cervone wouldn't comment on possible job cuts and said no brands are under ``strategic review'' beyond Hummer. Detroit-based GM said June 3 it's studying all options for the Hummer sport-utility line, including a sale.
``It's still a huge expense to get rid of a brand,'' said Alan Baum, an analyst for Planning Edge in Birmingham, Michigan. ``There are dealer issues and legal issues.''
The automaker's U.S. sales dropped 16 percent in the first half as record gasoline prices eroded demand for Chevrolet and GMC pickups and SUVs. The carmaker's shares fell to a 54-year-low last week after Merrill Lynch & Co. said bankruptcy is ``not impossible.''
GM advanced 49 cents, or 5 percent, to $10.61 at 9:50 a.m. in New York Stock Exchange composite trading. The stock had plunged 59 percent this year before today, the most among the 30 companies in the Dow Jones Industrial Average.

LINK (http://www.bloomberg.com/apps/news?pid=20601087&sid=apXN93naM2FY&refer=home)

07-07-2008, 05:12 PM
So, WSJ is making stuff up now? This is bad

07-07-2008, 05:48 PM
Well now we know it. They will never sell those brands. Its a nasty rumor, they said so.
So, WSJ is making stuff up now? This is bad
You know, since Rupert Murdoch's Newscorp took over the WSJ, the journal is not what it used to be. After all Newscorp other media ventures like the New York Post or Fox News are not exactly beacons of journalistic decency.