Find Reviews by Make:
General Motors Corp. (NYSE: GM) plans to release its third quarter 2008 financial results on Friday, November 7, 2008 at 10:30 a.m. ET via PR Newswire and GM Media Online (http://media.gm.com).
In addition, GM Executive Vice President and Chief Financial Officer Ray G. Young will host a conference call at 12:15 p.m. ET. The call will include a review of the company’s third quarter financial results, an updated liquidity analysis and review of its liquidity improvement initiatives, and a question-and-answer session with financial analysts and media. The call is expected to last approximately 90 minutes.
So that would be one minute to say “we’re toast” and 89 minutes to spin questions with non-answers?
Any bets that they report (yet another) 3rd quarter loss in the tens of billions?
But when will it end? That it has not already is approaching beyond belief.
Depends on how many more billions they can scare up and then fritter away.
Without an additional source of funding from ‘somewhere’, it could all be over by 1st quarter of 2009.
This is a strange move on their part, they are usually trying to hide their huge financial losses. They must really be in trouble if they are have a Q&A after this one. I bet the first question is “has Wagoner and the Board reconsidered bankruptcy?”
I worked at an office where we would all put in a dollar and guess the lowest bid price on a project without going over. The person with the closest guess to the low bid price without going over won the pot of money, usually like $10. We should do the same thing and see who gets the closets to their 3rd quarter loss.
Here is my $1
I’m guessing $7.5 billion in operating losses and total loss of $10.5 billion including buyouts, GMAC and Delphi payouts.
I’m half surprised they didn’t release the results today at 4:00 p.m. when the nation was focused on the election. Truth be told, the numbers don’t really matter in the short term. The spigot is going to be opened wide, and our tax dollars are going to flow into GM’s coffers probably as soon as December. Dick Waggoner and his cronies are going to continue to cash their million dollar paychecks for as long as they can. This has become nothing but a cash grab. I would hope that there are lawsuits and criminal prosecution when the time is right.
Crucial and unwelcome question – would car buyers miss GM if it and all their brands disappeared tomorrow?
That’s GM’s problem …
Many, yes. All, no. How to keep the good and ditch the bad. THAT’S GM’s problem.
I’d miss the Corvette and the Viper for their racing victories, and I’m sure the off-roaders would miss the Wrangler, alot of gearheads would miss their performance part divisions and crate motors, the rednecks would miss their trucks and muscle cars, but as far as their everyday sedans I don’t think anyone would miss them.
There isn’t anything uniquely “American” enough about their compact and mid-sized sedans that would keep people from buying Japanese or Korean. That’s one of Detroit’s biggest failings, besides quality issues. The most “American” sedan of recent years was the Chrysler 300, or maybe or the Charger. Those are the kinds of designs that the Japanese can’t copy. I think the most recent designs of Ford have been too generic and vanilla, like their either trying to out-do Toyota for boring designs, or they’re building cars for the rental fleets.
The big question is will GM run out of liquidity before the phone call is over.
The question and answer session should be quite interesting.
Wouldn’t it be something if every single person on the conference call doesn’t ask:
1) When are you going to declare bankruptcy?
2) Why haven’t you declared bankruptcy already?
Reminds me of Jim Rome, how every year at David Stern’s NBA All-Star Game press conference he asks when Stern will finally eliminate the WNBA.
GM doesn’t currently offer anything I’d miss. Apparently, most of North America agrees, and has for decades (given their ever-falling market share).
Redbarchetta, your $1 guess sounds about on target to me. Another $10 billion loss after this one and GM will be pounding sand (and in C11).
6.5 bill/operating loss. 20 billion total.
Ah, but the voters want to put these guys out of business unless they CAN sell a full line of cars.
See CAFE for more info.
Obama should forget about raising taxes on higher earners and go for a gas tax instead. Then we “rich” folks could enjoy our larger vehicles while he rakes in the cash to buy more voters’ souls.
Stein-Brand addicts would feel deprived. The Market would miss only the Vette. There is nothing else that would leave a gap.
But I guess that’s your point.
Bunter
8 billion operating loss, 18 billion total. As RF noted a few weeks back, BIG owee imminent.