Word: goldmans
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...hurricane season, when a gallon of gas cost more than $3 in some regions. Yet GM relied for years on its SUV sales for profits--and underinvested in cars--which seemed smart until the bottom fell out. Says Meyers: "They made a mistake to go with the big guys." Goldman Sachs cites GM's launch of models like the 2007 Chevy Suburban as a "key negative" in Wagoner's turnaround plan, with the market for large SUVs expected to slump 8% next year. GM promises that the new models will be 10% more fuel efficient, be laden with more luxurious...
What really scares Wall Street is the prospect of a Delphi strike. Goldman Sachs estimates that a Delphi work stoppage could shut down GM factories at a cost of $2 billion a month, causing GM to burn through its cash reserves at a deadly clip. "A strike could push them over the edge," says Steven Szakaly, an economist with the Center for Automotive Research. Unions representing Delphi workers have described the bankrupt company's latest offer--cutting wages from an average $27 an hour to $10.50 for production staff--as "insulting," and U.A.W. chief Ron Gettelfinger has described Delphi boss...
...bets from places where online wagering is illegal, including the U.S. Indeed, it doesn't actually book bets; rather, it matches up bettors, for a fee. The strategy has won it plaudits at home, including an award for enterprise from Queen Elizabeth. And it enabled the company to attract Goldman Sachs and Morgan Stanley as financial advisers--a coup, given the nervousness of big U.S. banks about taking on clients in the offshore online-gaming sector...
...stocks of companies in those businesses. Most energy-related stocks have doubled over the past few years, fed by soaring oil prices. For them to move much higher, oil--which has been edging lower of late--would have to resume its upward trend. Which it may. Wall Street heavyweight Goldman Sachs raised the specter of oil at $100 per bbl. even before hurricanes Katrina and Rita disrupted supply lines and briefly pushed oil past $70 at summer's end. Some investors clearly believe Goldman's story: cash flowing into energy-related stock mutual funds this year has reached $6 billion...
...birthday of the Corps. The guest of honor and keynote speaker at Thursday’s celebration, Lt. Col. David “Bull” Gurfein, the president of the class of 2000 at Harvard Business School, received the first slice of cake. Gurfein, an investment banker at Goldman Sachs who re-joined the Corps after Sept. 11 and fought in Iraq and Afghanistan, stressed the importance of winning “hearts and minds” to ease the insurgency in Iraq. Gurfein also played a minor role as a Marine officer at Guantanamo...