Billionaire Kirk Kerkorian Sells Remaining Stake in Ford

Billionaire Kerkorian Sells Remaining Stake in Ford

Billionaire investor Kirk Kerkorian has sold his remaining stake in Ford Motor after betting over $1 billion in a rebound by the auto maker.
Kerkorian's pullout from Ford completed a costly retreat for the activist investor, who has a mixed track record with investments at all three Detroit-based automakers.
A spokesman for Ford could not immediately be reached for comment.
Kerkorian, 91, previously held a nearly 10-percent stake in General Motors [GM 3.59 -0.07 (-1.91%) ] and made a failed bid for Chrysler last year.

Kirk Kerkorian is one of the 400 richest Amerucans.
Last year's biggest gainer is one of this year's biggest losers. Slumping casino industry has pushed his 52% stake in gambling giant MGM Mirage—worth $14 billion in October—to a mere $5 billion. Company's stock fell 65% between October and June, volatile since. Another poorly performing investment: Ford. Tracinda Corporation is Kerkorian's Investment vehicle.

Before going back to Washington for a second case for a federal bailout, Ford presents dreary sales figures

Ford said the Ford, Lincoln and Mercury light truck sales were off 29 percent compared with November 2007, while the three brands' car sales were down 32 percent.
Toyota US sales fall 34 pct, Ford drops 31 pct
The annual sales rate of 10.6 million vehicles was the worst in more than 25 years and far below the rate of 16 million in 2007.
General Motors November sales down 41 percent.

Ford will release its restructuring plan and ask for a $9 billion loan in Washington.
Today is deadline day for Detroit's Big Three, they have to go back to Congress and present their plans for $25 billion bailout help.
General Motors could collapse by the end of the year and said it needs an immediate injection of $4 billion and will need as much as $18 billion in loans over the next year. Chrysler could suffer a similar fate and asked for a $7 billion loan before the end of the year, and Ford asked for a $9 billion line of credit but took pains to emphasize that it might not need it.
According to some experts the Big 3 need actually at least $100 billion.
So we will see a merger or a bankruptcy in the coming months.
GM exec rules out bankruptcy, says industry has effective retooling plan to give to Congress

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Ford Motor Company Business Plan - Submitted to the Senate Banking Committee


Press Release - Ford Motor Company Submits Business Plan to Congress; Profit Target, Electric Car Strategy Among New Details

Ford Might Be the Winner if the Auto Bailout Fails

The reason is that Ford alone among the Detroit Three has enough dry powder to get through what will be a very difficult 2009, when car sales aren't expected to top the 11.8 million units sold this year. (In 2007, 16 million cars and light trucks were sold.) General Motor's Wagoner and Chrysler's Nardelli made it pretty clear that without a government bridge loan — $12 billion in GM's case, $7 or $8 billion for Chrysler — there isn't going to be a 2010 for these companies, at least not without a pit stop in bankruptcy. Chrysler ended its third quarter with $6.1 billion in cash — but it's burning through $1 billion a month.

Slechtste auto verkopen van de afgelopen 25 jaar in de maand oktober in de USA.

Slechtste auto verkopen van de afgelopen 25 jaar in de maand oktober in de USA.
Dramatisch gedaalde verkoopcijfers voor General Motors (-45%), Ford (-30%), Toyota (-23%) en Honda (-35%).
Op onze site www.beurskrach.com hebben wij al begin september aangegeven dat wij een soort 'bail out' voor de auto industrie verwachten gezien de wankele financiële positie van GM en Ford. Zie GM Oct. sales fall nearly half; Ford drops 30 pct.
Slechte verwachtingen ook voor de 'online advertising sector', zie JP Morgan prognose, JP Morgan Hacks Online Ad Forecast (Again)
Dit betekent ongetwijfeld ook mindere resultaten voor de gigant Google, de aandelen Google zijn dit jaar al met meer dan 50% gezakt, van $747.24 (hoogste stand 52 weken) naar $346.41 vandaag (-12.95 -3.60%).
De ISM factory index (Institute for Supply Management) is in oktober onverwachts gedaald naar 38,9, het laagste niveau sinds 1982.