Kerkorian to cut GM stake to 4.95 pct
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Billionaire Kirk Kerkorian's Tracinda Corp. investment firm said on Thursday it had agreed to sell another 14 million shares of General Motors Corp., cutting his stake in the automaker to half of what he owned earlier this year.
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Kirk Kerkorian, General Motors's largest individual shareholder, has dropped plans to buy another 12 million shares of the company's stock, and his advisor Jerome York has resigned from the GM board, due to the company breaking off alliance talks with Renault and Nissan.
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Jerry York, a General Motors Corp.  director and representative of billionaire investor Kirk Kerkorian, has suddenly resigned from the automaker's board following GM's decision to nix a three-way alliance, according to a regulatory filing on Friday.
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Magna International, the Canadian auto parts maker, said that fourth-quarter profit fell 65 percent because of lower profit margins and one-time charges. It cut its quarterly dividend to increase cash on hand. Net income was $29 million, or 26 cents a share, down from $83 million, or 75 cents a share, a year earlier, Magna said. Sales rose 8.7 percent, to $6.4 billion. The company, cut its quarterly divided in half, to 19 cents a share, adding $84 million in cash to the $1.9 billion the company had on hand at the end of 2006. Excluding one-time items, Magna earned 99 cents a share, missing the $1.16 a share that was expected by Wall Street analysts.
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Google cut its price range to between $85 and $95 a share, down from $108 to $135, valuing the company at as much as $25.8 billion.
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Google, the world&#39;s most popular Web search engine, has slashed the price range on its eagerly awaited initial public offering to between $85 and $95 per share from between $108 and $135 per share.
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Tracinda Corp., the investment firm  representing billionaire investor Kirk Kerkorian, said in a  regulatory filing on Friday it has decided not to acquire  additional shares of General Motors Corp.  common stock.
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DaimlerChrysler AG  is considering taking a minority stake in General Motors Corp.  as payment for Chrysler if a deal between the two automakers takes place, the Financial Times said on Monday.
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DETROIT: General Motors Corp posted on Thursday disappointing quarterly earnings and cut its 2004 profit forecast due to mounting losses in Europe and slowing growth in China, sending its shares down 5%.
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ROME -- General Motors Corp. agreed yesterday to pay Fiat SpA $2 billion to resolve a contract dispute, allowing the US carmaker to divest its stake in Fiat's troubled auto unit and revise the companies' business relationship.
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German-US auto giant DaimlerChrysler has agreed to cut its stake in European aerospace giant EADS to 15 percent from 22.5 percent, ensuring a balance between French and German shareholders.
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UPDATED: Search engine darling Google (Quote, Chart) has slashed the price of its long-awaited public offering by about 30 percent to between $85 and $95 per share and plans to sell fewer shares.
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General Motors Corp.  on Wednesday said it swung to a profit with its delayed fourth-quarter results as it cut costs through a sweeping restructuring and saw gains in its core auto operations.
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Investor Kirk Kerkorian on Thursday   said he could raise his stake in General Motors Corp. GM.N to   about 12 percent and urged the automaker's board to take a   central role in reviewing a potential alliance with   Renault-Nissan.
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Timken Co. TKR.N on Friday said it   would cut about 700 jobs, or 5 percent, of its automotive group   employment, and significantly lowered its earnings outlook. It   cited a fall in North American auto industry production,   sending shares down more than 10 percent.
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Closeout retailer Tuesday Morning Corp. (Nasdaq:TUES) on Monday cuts its fourth-quarter earnings per share to 83 cents, well below the $1.05 a share estimate of analysts polled by Thomson First Call.
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General Motors Corp., the world&#39;s biggest carmaker, will save 500 million euros ($664 million) annually after cutting 11,500 jobs and reorganizing its European division.