Stocks with Major Swings: General Motors Company (NYSE:GM), Fiat Chrysler Automobiles N.V. (NYSE:FCAU), Alon Blue Square Israel Ltd (NYSE:BSI)

April 25, 2023 9:46 pm1 commentViews: 63

General Motors Company (NYSE:GM) declared on Thursday that it is recalling around 200,000 older model Hummer SUVs, mostly in the U.S., to fix problems so as to have led to 42 vehicle fires as well as three people being burned, according to company. In a separate recall, 50,731 newer model Chevrolet Spark subcompacts will be recalled because a software problem may cause safety warnings not to work, GM said. Two of the three Hummer models in which people sustained the burns were destroyed by fire, GM said. GM said late Wednesday afternoon that there have been 42 reports of fires in the recalled Hummer models, 31 of them reported to the National Highway Traffic Safety Administration and 11 to the company. General Motors Company (NYSE:GM) stock hit highest price at $31.75, beginning with a price of $31.62 to close at 31.01 by a decrease of -0.58% with a day range of $30.92-$31.75. The total market capitalization remained 49.84 Billion, total volume of 16.65 Million shares held in the session was surprisingly higher than its average volume of 14262.93 shares.

Fiat Chrysler Automobiles N.V. (NYSE:FCAU) released that it will invest over $166M in three new press lines at its Sterling Stamping Plant in Michigan, to support increased production. The new press lines previously under construction – are anticipated to begin production in the Q4 of 2015 and it will reach full volume in the first half of 2016. Fiat Chrysler Automobiles N.V. (FCAU) reported that the offered separation of Ferrari from itself, does not and will not entail a change in the tax residence of Ferrari. The announcement by Fiat is in response to comments and opinions that are now circulating regarding the shift of the fiscal residence of Ferrari S.p.A. away from Italy. Fiat said Ferrari will continue to be organized under Italian law and tax resident in Italy, Fiat said. Ferrari will pay Italian taxes on its income as all Italian tax resident corporations. According to Fiat, the IPO and the subsequent distribution of shares to Fiat shareholders will involve the parent company of Ferrari, which will be a Dutch incorporated entity. The proposed structure is no different than the structure that is in place now, with Fiat, a Dutch incorporated entity, being the parent company of Ferrari. Shares of Fiat Chrysler Automobiles N.V. (NYSE:FCAU) opened at $14.15 with 1288.28 million outstanding shares and hit to its highest price of $14.17 during the day and finally closed at $13.94 by scoring 2.35%. In the whole session, it traded on volume of 7.56 Million shares, which turned higher than its average volume.

Alon Blue Square Israel Ltd (NYSE:BSI) reported that the District Court in Lod, Israel permitted a stay of proceedings until a court hearing scheduled for July 14 for its 51% indirect subsidiary, Eden Briut Teva Market , at the ex parte request of Eden and the Company’s subsidiary, Mega Retail. The request submitted to court by Eden and Mega described obligations of Eden to its creditors of ~NIS 80.8 million plus debts to banks in the aggregate amount of ~NIS 75 million (of which bank debt is secured by guarantees in part by the Company (NIS 29 million) and in part by Mega (NIS 46 million)), in addition to Eden obligations to Mega of ~NIS 101 million for shareholder loans. On the other consideration, Alon Blue Square Israel Ltd (NYSE:BSI) begun last trade with a price of $1.64 and throughout the trading session climbed at $1.96. The day-trade ended with an increase of 12.80% to close at $1.85. The stock is going forward its fifty-two week low with 12.80% and lagging behind from its 52-week high price with -45.59%. BSI last month stock price volatility remained 4.82%.


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