Afternoon Roundup: Today's Top Stories
At The Motley Fool, we know our readers like to be informed. We have scouted out today's most relevant news items and brought them to you all on one page. We hope you find this midday edition informative and useful.
Honda's tough breaks
Japanese automaker Honda Motor (NYS: HMC) has fallen on tough times, be it a strong Japanese yen, two natural disasters, or some strategic missteps. As a result of the most recent flooding in Thailand, which has caused a shortage of parts, Honda and Toyota were forced to cut production at plants in the U.S., Canada, and Asia. Beyond that, Honda posted a quarterly earnings decline of 56% and announced it would reduce exports from Japan by 50% over the next decade.
These setbacks place Honda well behind competitors General Motors (NYS: GM) and Volkswagen in the emerging Chinese market. In the U.S., GM's sales were up 2% for the month of October. Read the full story atThe Wall Street Journal.
MetroPCS shares nosedive on poor performance
Wireless provider MetroPCS (NYS: PCS) lost 4.5% of its customer base to cancellations after increased data use by smartphone customers hurt the company's network performance. As a result, the company's stock plummeted nearly 9% in early trading.
In addition, hefty costs from smartphone promotions hurt MetroPCS' bottom line. MetroPCS sells smartphones based on Google's (NAS: GOOG) Android software. Not surprisingly, the wireless company missed Wall Street estimates for the quarter, with net income falling 10% to $69.3 million from a year ago. Read the full story atReuters.
Futures fall as Greece's referendum shakes confidence
Oil fell for the third straight day after Greece announced plans to hold a referendum on its bailout. Crude oil for December delivery was down more than $3, challenging the $90 per barrel level on the New York Mercantile Exchange. The referendum risks pushing Greece into default if voters reject the plan, a bad sign considering an opinion poll published Oct. 29 showed most Greeks don't see the bailout and debt writedown package as positive. Read the full story atBloomberg.
That's a wrap
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At the time this article was published Foolish contributor Tamara Rutter does not own shares of any companies mentioned in this article. Connect with her on Twitter @TamaraRutter. The Motley Fool owns shares of Google. Motley Fool newsletter services have recommended buying shares of General Motors and Google. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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