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Chrysler announced $143 million first quarter profit and a slight revenue increase. It's good news if you ignore how little they likely spent, the many obligations bankruptcy shed, and the amount of market share they need to sustain themselves. [Chrysler] More »
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Gas prices are up, and the oil companies are making bigger profits than ever. And when somebody's making money it's only a matter of time before the government wants a piece of the action. So Senator Arlen Specter (R-Penn) thinks it's a good idea to tax the bejeezus out of rich oil companies. But, this being an election year, the Dems are getting in on the help-the-common-man action as well. Bryon Dorgan (D-North Dakota) wants extra tax on crude oil above $40 a barrel, and Michigan's own Carl "Ben Franklin glasses" Levin thinks President Bush should strong-arm the oil companies into lowering prices with the threat of taxes. Bush getting mean with big oil? Right, like that's ever going to happen. More »
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Ford announced their quarterly results this morning, and they were just so close to the industry estimates we feel like maybe they should get a do-over or maybe an extra credit point or something. Like the General yesterday, FoMoCo saw a huge pre-tax charge for plant closings (approximately $2.5 billion) which contributed to their net loss of $1.2 billion. But, since that's all pre-tax, they're able to play the "paper losses" game and show a profit during the quarter of $458 million, or 24 cents a share. Sounds good, right? Unfortunately, not good enough. Industry analysts were expecting 25 cents. And when industry analysts predict it and you don't hit it...well...we're sorry Ford — please, try again next quarter and we'll see if you can win next time. More »
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We told ya GM was gonna buck the media narrative last night. What with the boost in global sales numbers, we felt that glimmer of hope — that feeling deep down in our cockles — maybe GM's ready to turn the corner. Although today's reported losses of $323 million, or 57 cents per share look bad at first glance, ya have to remember they're really net loss numbers. Once you strip away all the pesky details like one-time items, GM actually reports a profit of 26 cents a share, beating analyst's estimates of a loss of 44 cents. Way to go, GM! We swear we knew you could get yourself to sorta-profitability via generally accepted accounting principles. More »
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Call the Guinness people — we might have a new record in the offing. (Better yet, pour yourself a Guinness and be seated.) Aston Martin will soon report its first profit in 40 years, CEO Ulrich Bez told AutoWeek at the Pebble Beach Concours d'Elegance. The Ford-owned company will likely double its sales over 2004, from 2,400 cars to roughly 5,000, with introductions of the relatively strong-selling DB9 and V8 Vantage credited with the jump. The bubbly hasn't been popped quite yet, as the final figures haven't been released. In other news, Jaguar was seen rocking in place, sucking its thumb and uttering "bollocks, bollocks" under its breath. More »
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