"That was maybe a bit of a flinch from Cerberus in the eyes of the union," says Argus Research analyst Kevin Tynan. "Maybe they view Cerberus as a firm they know how to deal with."
Elsewhere, reports that the Ford family is considering a sale of its controlling stake in the No. 2 U.S. automaker lent to a perception on Wall Street that the barriers to aggressive restructurings for the U.S. auto industry are coming down. Shares of Daimler Chrysler were recently up 2.3%, while shares of GM and Ford were up 3.8% and 4.4%, respectively. "We view the Chrysler sale news as favorable for GM and Ford," said Bear Stearns analyst Peter Nesvold in a note to clients. "In particular, we are favorably impressed with the UAW's seemingly evenhanded initial response to the news, considering how adamantly negative the union had sounded against a sale to private equity just a few weeks ago. In our view, the sale opens the door for further restructuring in Detroit generally."- Loading Comments...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,197.47 | 1,087.24 | 2,149.02 | 34.46 |
Oil *
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DOWN
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DOWN
11.27
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DOWN
17.88
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0.28
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SPDR Gold
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