Long Trading Company
Gm to Allow Top Execs Trade Company’s Shares
The General Motors Corp. will let its Chief Executive Officer Rick Wagoner along with 20 other top executives to buy and sell the company’s shares. This decision is made after a two-year ban because of concerns about unintended insider trading.
The executive trades will be allowed until May 31, spokeswoman Renee Rashid-Merem said in an interview. The Detroit-based automaker banned such trading in 2005 at about the same time it shunned financial forecasts on fears over insider trading. The automaker does not intend to begin forecasts again, Rashid-Merem said.
“We have resolved a lot of significant matters and provided a lot more detail on pending matters,” such as the sale of a stake in its finance unit and labor issues such as health care and buyouts, Rashid-Merem said in an interview. Executives with significant future financial information not available to the public may still be prevented from trading, she added.
Experts said that resuming the trading is another sign of growing confidence at GM, the largest Detroit automaker. The increase in confidence is pointed to the fact that Wagoner and his top two deputies regained half of a 2006 pay cut last month. In March, they received their first restricted stock grants since 2003.
Wagoner reiterated last week that he expects automotive operations to improve this year from a $2 billion loss last year. “If you saw executives buying now, if Rick Wagoner buys some shares, that would probably be a positive signal to the market,” said John Novak, an analyst at Morningstar Investment Service Inc. in Chicago who rates GM shares the equivalent of a sell. “These people have had their hands tied for two years, some people at lower levels may need to sell.”
It can be recalled that GM has precluded top executives to buy and sell its shares since the first quarter of 2005, just before it ceased giving profit estimates in April. The company said it wanted to shun those with internal financial information from inadvertently engaging in insider trading.
The information on executive trading was divulged by the automaker in an internal announcement last Tuesday. The ban is being lifted after Wagoner narrowed GM’s loss to $2 billion in 2006 from $10.4 billion in 2005. The automaker paid 34,400 union workers to leave. It also then closed plants and sold assets that will yield about $16 billion.
Last week, the largest Detroit automaker said that the first quarter profit declined by 90 percent because of losses related to home loans at a finance unit and continued North American losses. On April 25, Wagoner reassured employees that his plan to end losses is working after the Toyota Motor Corp. passed GM in the first quarter global sales. Wagoner’s last share activity was in March 2005, when he bought 50,000 shares valued at $1.5 million.
Last week, GM said it expects to sell 9.2 million cars and trucks worldwide this year, while Toyota forecasts sales of 9.34 million. GM has been No. 1 in global sales for 76 years. GM today employs about 284,000 people around the globe. With global headquarters in Detroit, the automaker manufactures its cars and trucks in 33 countries.
GM shares were the best performers in the Dow Jones Industrial Average last year, increasing 58 percent. In 2005, they tumbled down by 52 percent. The shares dropped by 14 cents last Tuesday to close at $29.77 on the New York Stock Exchange and fell 3.1 percent this year. But the shares have to rise once more like the high-performing Bosal. Otherwise, its long-term reign as the largest automaker worldwide will be snatched by Toyota, the fast-rising Japanese automaker.
About the Author
Mike Bartley, 49, is a professional automotive journalist domiciled in Irvine, CA. He travels from one state to another to cover the hottest auto shows, racing events and automotive revelations. His penned compositions cover press releases, reviews, and suggestions. Where the auto action is, that’s exactly where you can find Mike.
|
|
12-oz. Squeeze Bottles 3 pk. – Clear $0.95 Kitchen Supply Company’s 12âoz. clear bottles make food prep easy and fun. Tapered nozzle on bottle can be snipped to create thick or thin ribbons of sauce for decorating desserts, frosting a cake or fast dispensing of salad dressing or condiments. Clear bottle shows level of contents. Top screws on firmly so it won’t fly off no matter how hard you squeeze. Topârack dishwasher safe…. |
|
|
Helen Chen’s Asian Kitchen 14-inch Carbon Steel Wok with Bamboo Handles $24.99 Handsome, rugged, and classic in composition, this Asian Kitchen wok is an ideal tool for the high-heat searing and stir-frying called for in Eastern cooking. Created by Helen Chen, daughter of renowned Chinese chef Joyce Chen, the pan is made of durable 1.8 mm carbon steel. Substantial in weight and construction, it will gradually season to create an optimum cooking surface for veggies, seafood, … |
|
|
Harold Import Brown Sugar Bear $0.01 Never have hard brown sugar again! Soak brown sugar bear in water for 20 min, then place in a storage container with your brown sugar. Brown sugar bear will keep your sugar moist for up to three months. Simply soak in water again to reuse…. |
|
|
The Reef $2.85 The story of a young fish who suffers a great loss and moves to a new town where he falls in love with a beautiful fish and angers the resident shark bully, The Reef (initially known as Shark Bait) is a beautifully computer animated film with striking similarities to Finding Nemo and Shark Tale. The first Hollywood feature-length, all computer generated film ever made in Korea, The Reef won the Fi… |
|
|
Above $4.57 Alice in Chains vocalist Layne Staley teams with Seattle pals Mike McCready (Pearl Jam) and Barrett Martin (Screaming Trees) in the tradition of other part-time grunge aggregations like Brad and Hater. These 10 numbers–mostly somber, acoustic-hued ballads like the single “River of Deceit”–are a therapeutic soul-cleansing for the troubled Staley. Core fans of any of the aforementioned bands will… |
|
|
Backstreet Boys [ENHANCED CD] $7.73 The world may be divided into two camps when it comes to the Orlando-based Backstreet Boys–detractors and hard-core fans–but no one can deny the fact that the boys produce perfectly polished pop that sells. The hits on this album speak for themselves: “Quit Playing Games (With My Heart),” “As Long as You Love Me,” and “Everybody (Backstreet’s Back).” If you’re not one of the disciples, however, … |
|
|
Good Housekeeping: KIDS SING ALONG Rockin’ Reindeer Christmas [VHS] $9.98 … |
|
|
Streamlight 73001 Nano Light Miniature Keychain LED Flashlight, Black $3.75 FEATURES Easily attaches to just about anything with pocket clip or key ring: 1 Up to 8 hours run time: 2 Machined aircraft grade aluminum with anodized finish: 3 Uses 4 alkaline button cell batteries included: 4 White LED bulb with 10 lumens: 5 Weatherproof: 6 Includes a non-rotating snap hook for easy one handed operation when atta… |
|
|
40 Super Bright Finger Flashlights – LED Finger Lamps – Rave Finger Lights $2.65 You will find hundreds of uses for these lights. Uses 3 AG10 batteries included. Super Bright, Long Life. Hook & Loop Straps to fit Fingers, Pens, pencils, Tools, etc. Push button ON/OFF…. |
|
|
Streamlight 85177 CR123A Lithium Batteries, 12-Pack $15.00 Replacement lithium battery for Streamlight Scorpion, Twin-Task TT-1L, TT-2L, TL-2, TL-2LED, TL-3, TL-3LED, NF-2 Flashlights (some lights require 2 batteries)…. |
|
|
Himalaya Trading Company Rib Knit Cashmere Scarf $95.57 Chunky Himalaya Trading Company scarf is a soft, lofty cashmere and wool blendAdd texture and warmth with a rib knit scarfStylish accessory is perfect to layer color to your lookNatural warmth and softnessFinished with self borderMeasures 8 inches wide x 72 inches longAvailable in natural, purple heart, iron, and American beautyMade in Nepal50-percent cashmere/50-percent woolDry clean onlyModel number RKNTSCF |
|
|
Himalaya Trading Company Ombre Pleated Shawl $71.12 A subtle ombre print styles the soft, swingy viscose of this vibrant scarf from Himalaya Trading Company. The handcrafted shawl combines traditional weaving techniques with contemporary world style. Color options: Aqua, khaki, lilac, raspberry, mango, natural26 inches wide x 50 inches longLight to dark color variation Soft accordion pleatsSix-inch fringe 100-percent viscoseDry cleanModel: OMPSHWL |
|
|
Emperor of the North $2.49 Used – At the height of its power in the 19th century, the Hudson’s Bay Company’s trading territory covered one-twelfth of the world’s land surface, with one man at the top of this vast empire of wealth and power: Sir George Simpson. A master businessman, Simpson was as comfortable in a canoe as he was behind a desk — maybe even more so. He was famous in trading posts across the Bay’s vast territory for making unexpected long-distance treks to check on the company holdings. In “Emperor of the N |
|
|
Freighter’s Way $10.99 Used – Below the timberline, east of the Beaverhead Mountains, Jack Harrow is working hard to eke out an honest living, but then Hote Stuckley makes an appearance and Jack’s past suddenly catches up with him. He finds himself torn between the routine of a run-down family business, riding shotgun for a freight company, or returning to the lawless ways of a former time. However, it’s not long before Jack is trading fists and bullets with corrupt businessmen, fire-raisers and back-shooters all set |
|
|
Freighter’s Way $11.77 Used – Below the timberline, east of the Beaverhead Mountains, Jack Harrow is working hard to eke out an honest living. But then Hote Stuckley makes an appearance and Jack’s past suddenly catches up with him. He finds himself torn between the routine of a run-down family business, riding shotgun for a freight company, or returning to the lawless ways of a former time. However, it’s not long before Jack is trading fists and bullets with corrupt businessmen, fire-raisers and back-shooters all set |
|
|
Freighter’s Way $20.11 New – Below the timberline, east of the Beaverhead Mountains, Jack Harrow is working hard to eke out an honest living, but then Hote Stuckley makes an appearance and Jack’s past suddenly catches up with him. He finds himself torn between the routine of a run-down family business, riding shotgun for a freight company, or returning to the lawless ways of a former time. However, it’s not long before Jack is trading fists and bullets with corrupt businessmen, fire-raisers and back-shooters all set t |
