Automakers on Monday reported bleak December sales, marking the
industry's worst year since 1992, with sales at Chrysler LLC falling
53%, Ford Motor Co. falling 32%, General Motors Corp. announcing a 31%
decline, and Toyota Motor Corp. and Honda Motor Co. sliding 37% and
35%, respectively. Despite the dismal top-line numbers, shares of the
two publicly traded U.S. automakers, GM and Ford, rose 2.74% to close at
$3.75 and 4.88% to close at $2.58, respectively. Maybe shareholders are
hanging onto hopes that the Treasury Department will dole out a few
billion more for Detroit? Not likely.
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More likely, GM shares ticked up because the bar was set so low as the
company beat out analyst estimates of a 40% revenue decline for
December, and Ford's stock gained because the company said it increased
its market share.
The markets overall took the news in stride, with
the Dow Jones Industrial Average only dipping 81.80 points to close at
8,952.89. Despite the decline, however, there was a smattering of
positive Deal Stock movement Monday.
Oklahoma City-based
Chesapeake Energy Corp. gained 4.75% to close at $18.09 per share on
news that it sold natural gas production at its properties in the
Anadarko and Arkoma basins to investors associated with Argonaut
Private Equity for $412 million.
MasterCard Corp. gained 2.32% to close
at $153.26 per share. The credit card company announced Monday that it
has acquired software provider Orbiscom Ltd. for $100 million. - Michael Rudnick
