Daimler Dumps Its Dividend
David Gardner called it. He’s up 1,334%! See what David’s recommending that you buy NEXT. Like a big silver Mercedes gliding effortlessly past lesser cars on the Autobahn, German car and truck maker Daimler (NYSE: DAI) has been sailing through the economic recovery in relatively impressive style. But even fat cats in Mercedes cars hit potholes now and then, and Mercedes’ parent is no exception: Daimler today posted a surprise net fourth-quarter loss and scrapped this year’s annual dividend.
The loss of 352 million euros looks pretty good in comparison with the 1.53 billion euro loss a year earlier, but it was still a long way off from anaylsts’ expectation of a 255 million euro profit. And of course the dividend is exactly $0.60 less than last year’s $0.60 dividend. They were looking good until they weren’t As automakers go, Daimler has looked pretty good as of late. [Read the full article]
Akio Toyoda’s appointment as the president of Toyota last June was full of promise. The grandson of the automaker’s founder, he was expected to boost morale for the rank and file and help steer the company through a brutal slump in the auto market.
Eight months later, he is being criticized as slow and indecisive as Toyota Motor Corp. grapples with the worst crisis in its 70-year history — global recalls ballooning to 8.5 million vehicles over four months. Its reputation for high-quality, reliable cars has been tarnished.
Toyoda, 53, said Thursday that he plans to testify at a U.S. congressional hearing next week about the automaker’s recalls in the United States.
The announcement came two days after he said he wouldn’t and follows an onslaught of criticism from both the Western and Japanese media about his reluctance to go to Washington. [Read the full article]