By Rohit T. K. and Sagarika Jaisinghani
(Reuters) – While an improving U.S. economy has helped rev up demand for car rentals, the rental companies have found themselves short of vehicles due to the slew of recalls by car manufacturers this year.
The latest casualty was Hertz Global Holdings Inc, whose stock slumped 13 percent on Wednesday after the company withdrew its full-year financial forecast, blaming a shortage of cars due to the recalls and costs associated with an accounting error.
Aug 18 (Reuters) – Weak demand for alternative fuel vehicles
and increasing competition in Europe are weighing on Fuel
Systems Solutions Inc at a time when its peers are
riding a recovery in the U.S. auto industry.
Fuel Systems, whose products allow vehicles to run on
propane and natural gas, said it has lost customers in Europe,
which contributes about 40 percent of its revenue.
Aug 5 (Reuters) – Motorola Solutions Inc, a maker of
walkie-talkies and radio systems, forecast a drop in sales for
the current quarter and reported a 7 percent fall in
second-quarter revenue as sales declined in North America.
The company’s shares fell as much as 5.5 percent to a
three-month low on the New York Stock Exchange on Tuesday.
(Reuters) – Motorola Solutions Inc (MSI.N: Quote, Profile, Research, Stock Buzz), a maker of walkie-talkies and radio systems, forecast a surprise drop in sales for the current quarter and reported lower-than-expected quarterly revenue and profit as sales declined in North America.
The company’s shares fell as much as 4 percent to a three-month low in early trading.
July 31 (Reuters) – L-3 Communications Holdings Inc
said it fired four employees as part of an ongoing internal
review that revealed overstatement of net sales and deferred
cost overruns in the company’s aerospace business.
The company’s shares fell as much as 14 percent to $103.01
on Thursday, their biggest intraday percentage drop ever.
July 30 (Reuters) – Rockwell Automation Inc, whose
automated systems help factories run smoothly, said a decrease
in spending by miners globally led to lower quarterly sales
outside the United States and in its largest business.
Rockwell’s shares fell as much as 7 percent after the
company also cut the top end of its full-year earnings forecast
and reported lower-than-expected third-quarter profit.
July 23 (Reuters) – U.S. weapons makers General Dynamics
Corp and Northrop Grumman Corp raised their 2014
profit forecasts as cost cutting allowed them to improve
profitability even as defense spending by the U.S. government
The companies, which reported better-than-expected
second-quarter profits on Wednesday, have kept a tight lid on
operational costs to overcome the effect of U.S. budget cuts.