Word: eatonized
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Other fellows for 1995-96 include Eileen Applebaum, associate research director for the Washington based Economic Policy Institute; Lisa Dodson, senior research associate at the Health Institute of Tufts/New England Medical Center; Susan Eaton, a government consultant; Pamela Fraser-Abder, associate professor at New York University; Sharland Trotter, a psychologist and former editor of the American Psychological Association Monitor magazine; and Kirsten Wever, director of the German American Project of the International Industrial Relations Association
...everyone seems worried by these danger signs. Detroit's Big Three automakers plan few production cutbacks in the second quarter, even though U.S. car and light-truck sales slumped 4% through March compared with the same period a year ago. Downplaying the slow start, Chrysler chairman Robert Eaton says he still expects to sell 100,000 more vehicles in 1995 than the 2.2 million units his company sold last year. Notes David McCammon, vice president and treasurer of Ford, which has been adding shifts at its factories: "If we thought things were doing poorly, we would not be producing...
...latch on older minivans--as well as a 7.2% decline in sales. Consumer Reports has grumbled about reliability problems on the 1995 Jeep Grand Cherokee and the Dodge Intrepid. And competition is getting tougher in the minivan, pickup and sport-utility fields that made Chrysler's revamped reputation. Though Eaton could still defend the numbers as "the second best pretax earnings we've ever had," that hasn't been enough to stop his company's shares from losing more than 20% of their value between January and mid-April...
...afford to spend down some of its cash reserve. Auto manufacturers suffer the problems of other cyclical industries. The same domestic auto industry that had record earnings of $14.6 billion last year posted a whopping $7.6 billion in losses back in 1991. But the $7.5 billion put aside by Eaton, says Iacocca, is too much. "The most we ever needed in severe downturns was four to five [billion]," he says. Keep $2.5 billion in cash on hand, add the company's $2.5 billion bank credit line and "you're fine," he says...
...says Eaton. "If you go through the numbers and look at the cash we went through the last time around--when we had a much lower capital-spending plan--we believe it's absolutely prudent to have that kind of cash [the $7.5 billion] around." The Kerkorian bid has already had one negative impact on the company's ability to borrow. Reasoning that any takeover could leave the company saddled with unmanageable debt, all three credit-rating services quickly placed Chrysler's outstanding debt on their watch lists...