SAN FRANCISCO – Among the companies whose shares are expected to see active trade when U.S. markets reopen Wednesday are General Motors Corp., Maxim Integrated Products Inc. and Honda Motor Co.
The markets were closed Tuesday in observance of Independence Day.
On Monday, GM (GM) posted a 26% slide in June U.S. vehicle sales versus a year ago, a decline that many on Wall Street, considering the automaker's historic 2005 sales spree, had expected to be worse. See full story.
Renault and Nissan (NSANY) said they are open to bringing General Motors into their car-making partnership if the U.S. automaker is interested. Billionaire investor Kirk Kerkorian, whose company controls about 10% of GM's stock, has proposed the tie-up in a letter to GM and Renault-Nissan officials. On Friday, GM said it would take the idea under advisement, but that it has received no proposal for a three-way alliance. See full story.
BMW said June U.S. sales rose 2.7% to 27,735 vehicles, compared with 26,999 vehicles in the same month last year. Sales of the German automaker's Z4 series were up 49.8% at 1,633 vehicles compared with 1,090 vehicles, while 3 Series sales rose 10.2% to 10,561 from 9,582. Mini June sales fell 1.4% to 3,556 from 3,607.
Doral Financial Corp. (DRL) said it has entered into an agreement with Westernbank Puerto Rico, a unit of W Holding Company Inc., to restructure all outstanding mortgage loan sale transactions. As of May 31, the unpaid principal balance of all mortgage loans previously sold by Doral Financial to Westernbank was $954 million.
Honda (HMC) subsidiary American Honda Motor Co. said total June vehicle sales rose to 126,449 from 126,416 during the same period in the prior year. Car sales rose to 75,008 from 72,243 last year, while truck sales fell to 51,441 from 54,173. Honda divisional sales rose 3.4% to 111,342 from 107,672 in the prior year. Acura divisional sales fell to 15,107 from 18,744 in the prior year.
Kia Motors America (KIMTF) said it posted a 1.3% rise in June sales, to 27,443 units from 27,095 units during the year-ago period. Sales of the Spectra model surged 32% to 7,532 units, the automaker said.
Maxim Integrated (MXIM) said it has received a subpoena from the U.S. Attorney for the Northern District of California asking for documents relating to stock-option grants and practices. The Sunnyvale, Calif.-based maker of analog and mixed-signal integrated circuits said it plans to cooperate with the request. Maxim also said it has authorized a review of its stock-option grant practices, which is being conducted by a special committee of the board with the assistance of outside legal counsel.
Mitsubishi Motors North America Inc. (MMTOF) reported June sales of 10,004 units, down 5.8% from 10,621 last year. The company said Eclipse coupe sales were 2,186, up 2.1% from last year.
NetGuru Inc. (NGRU) said it has received a "going concern" opinion in an audit of its fiscal 2006 financial statements. The audit stated that losses and negative cash flows from operations, as well as the sale of a significant portion of NetGuru's operating assets, among other factors, raise doubt about the company's ability to continue as a going concern.
Nissan North America (NSANY) reported its total June sales fell 19% from last year to 75,154 vehicles. Sales of the Japanese automaker's luxury Infiniti line fell 20% from last year to 9,300 units, while Nissan-brand sales dropped 18.9% to 65,854 units.
Toyota Motor Corp. (TM) posted a 14.4% rise in June U.S. sales to 223,018 vehicles from 194,875 vehicles during the year-ago period. Sales were up 6.3% at Toyota's luxury Lexus division to 27,686 cars and trucks from 26,043 a year ago. Sales of the Toyota Corolla surged 38.7% to 37,111 units, the automaker added.
Subaru of America Inc. said its U.S. June sales rose 3% to 18,476 vehicles, compared with 17,946 vehicles in the same period last year. The carmaker said Legacy Sedan sales were up 14% to 2,528 from 2,210, while Legacy Wagon sales were down 4% at 6,354 from 6,620.
Zoran Corp. (ZRAN) said it has received a grand jury subpoena from the U.S. Attorney for the Northern District of California, requesting documents from 1995 to present related to stock options. The Sunnyvale, Calif.-based provider of digital solutions for applications also said it has received a notice of informal inquiry from the Securities and Exchange Commission requesting documents related to stock-option grants. Zoran said a special board committee is reviewing its stock-option practices.