Toyota makes the case for high-volume traditional car making as it edges into hybrids and battery EVs. The shares of Ford and GM have struggled as they make...
Here’s some breaking news: The traditional car business isn’t dead. The evidence? Toyota Motor, which this past week reported an operating profit of $11.3 billion for its fiscal third quarter, miles ahead of Wall Street expectations of $9.2 billion. The world’s largest car maker saw its U.S.-listed shares surge 10.8% to $224.46 for the week, a record high.
Ford and GM investors haven’t had as easy a ride. Ford shares are flat over the past 12 months while GM’s fell 7%, despite U.S. car sales rising 11% in 2023. Ford trades for 6.9 times estimated 2024 earnings, GM at 4.5 times. Both have raced toward battery EVs, and away from internal-combustion vehicles, hybrid or conventional.
Companies Shares of New York Community Bancorp plunged again as Moody’s cut its debt to junk. A Boeing subcontractor found improperly drilled holes in new MAX jets, and a report said the door blown off on Jan. 5 was missing four bolts. Fox, Walt Disney’s ESPN, and Warner Bros. Discovery agreed to merge sports streaming services. Disney announced a share buyback, a bigger payout, and a $1.5 billion stake in game maker Epic. Palantir credited AI for its earnings beat.
Earnings season is more than halfway complete, as about 60% of S&P 500 index companies have announced results so far. A few $100 billion-plus market-cap companies release earnings this week, starting with Coca-Cola on Tuesday. Cisco Systems reports on Wednesday, followed by Applied Materials and Deere on Thursday.
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