General Motors (NYSE:GM) Eliminating 625 Jobs At Its Assembly Plant Near Ontario- STMicroelectronics (NYSE:STM)

General Motors Company (NYSE:GM) [Trend Analysis] knocking active thrust in leading trading session, shares a decrease of -1.36% to 37.01 with around 10.18 Million shares have changed hands in this session. General Motors (GM) Canada is cutting 625 jobs at its assembly plant near London, Ontario, and moving those jobs to Mexico, where labor is cheaper, GM Canada’s union spokesman said Friday. Unifor Local 88 spokesman Mike Van Boekel said the layoffs will take effect in July at the CAMI Assembly plant in Ingersoll, which currently employs 2,800 Unifor workers.

Unifor’s national president, Jerry Dias, said the decision “reeks of corporate greed” and is a clear sign that the North American Free Trade Contract must be renegotiated. U.S. President Trump has told Mexico and Canada he wants to renegotiate NAFTA, or perhaps even scrap it.”The CAMI announcement is a shining example of everything wrong with NAFTA, it must be re-negotiated,” Dias said in a statement Friday. “It is imperative that we have trade rules that help ensure good jobs in Canada.” The stock is going forward its fifty-two week low with 45.46% and lagging behind from its 52-week high price with -3.57%.

Similar, the positive performance for the quarter recorded as 18.47% and for the year was 33.78%, while the YTD performance remained at 6.23%. GM has Average True Range for 14 days of 0.78.

STMicroelectronics N.V. (NYSE:STM) [Trend Analysis] retains strong position in active trade, as shares scoring 5.10% to $13.59 in a active trade session, while looking at the shares volume, around 9.03 Million shares have changed hands in this session. STMicroelectronics (STM) declared that its net income attributable to the company importantly surged to $112 million or $0.13 per share, from $2 million in the year-ago quarter. On a year-over-year basis, operating income before impairment and restructuring charges improved by $124 million mainly due to higher revenues, improved product mix, manufacturing efficiencies and fab loading.

Quarterly net revenues grew to $1.86 billion, from $1.67 billion in the prior year. On a year-over-year basis, fourth quarter net revenues surged 11.5% on strong growth across most product families. Carlo Bozotti, STMicroelectronics President and Chief Executive Officer, said, “Based on market forecasts, a positive booking trend, and a strong point-of-sales performance at our distributors, we see the momentum of the second half of 2016 to continue entering 2017.” The firm has institutional ownership of 3.10%, while insider ownership included 28.40%. STM attains analyst recommendation of 2.40 with week’s performance of 17.05%. Investors looking further ahead will note that the Price to next year’s EPS is 24.66%.

 

About Richard Avery

He is a capital projects manager and process design engineer at a large-cap company. He has renowned MBA degree. Before joining SWR, he was a freelance writer for renounce tech websites. He is currently studying for CFP exam. Interests: Tech stocks, Economic Markets, Blue-chips.

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