[rohry]

Market WrapUp is delivered...

[rohry]

Detroit, Dec. 3 (Bloomberg) -- General Motors Corp., Ford Motor Co. and DaimlerChrysler AG's Chrysler unit reported lower November sales, as discounting drew fewer buyers than in the year- earlier period, when sales hit a record.
Sales at General Motors, the largest automaker, declined 18 percent, while sales dropped 20 percent at Ford and 12 percent at Chrysler.
Ford shares declined as much as 13 percent, the biggest decline in more than a year, after the second-biggest automaker said it will scale back production. Shares of General Motors, the largest automaker, and DaimlerChrysler AG, parent of Chrysler, also fell.
U.S. auto sales have dropped for two months, suggesting the economy must strengthen before sales can resume climbing, some investors said. Ford, General Motors and Chrysler benefited the past year from discounts and no-cost financing aimed at drumming up business after the Sept. 11 terrorist attacks.
``We're seeing there's a limited bang to zero percent'' financing, said Jim Glickenhaus, general partner at Glickenhaus & Co., which manages a $1 billion portfolio that includes General Motors bonds. ``Eventually you get to where everybody who wants to buy a car already has.''

[arete]

Companies such as AOL Time Warner, Ford Motor, GM, Chrysler, Tenet Healthcare, and Nokia were all issuing Q4 and 2003 warnings today

Yeah, they were falling all over themselves trying to get the bad news out early. Of course all the analysts will now lower expectation just enough so that when they do report, Maria can yell, "Ford Beat The Street!!"

Richard W.

[SierraWasp]

Hi rohry,

I know this might well be off the subject, but have any of your "Pingees" been following this trial where J. P. Morgan-Chase is suing insurers for not paying off on surety bonds that J.P. Morgan-Chase used to back loans, when it's against the law for insurers to insure financing arrangements in such a manner?

J.P. Morgan-Chase lawyer admits circular deals with Enron

I would be interested in FReepers "take" on this. Maybe it should be it's own thread, but it has a bearing on scandals, the bubble, wrong-doing and the stuff that is driving this market into the toilet, much to Democrats and doomsayers delight.(misery loves company, right?)

[razorback-bert]

On oil, I would look for royalty trusts and independent oil companies.