Month: September 2015

Tenneco Inc.’s stock slipped 0.8% in morning trade Wednesday, as investors continued to express concerns about the auto supplier’s exposure to Volkswagen AG’s in the wake of the German car maker’s diesel-engine emissions scandal. The stock tumbled 11% over the last three sessions to close Tuesday at the lowest level since June 24, 2013. Tenneco said in an emailed statement to MarketWatch that its actual exposure to VW’s diesel engines is minimal, as it does not supply hot-end emissions control components to the diesel engines in question. In North America, the company said it only supplies mufflers and tailpipes on the vehicles with diesel engines, and emissions control components on the gasoline engine versions of those vehicles in question. “Based on 2014 revenue, Tenneco’s revenue from its VW diesel engine business in North America was approximately $7 million,” the company stated, which is less than 0.1% of the $8.42 billion in revenue it recorded that year.

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​WASHINGTON (MarketWatch) — U.S. manufacturers matched the slowest pace of growth in September in 22 months, according to the “flash” or preliminary reading from the Markit research firm. The flash PMI was unchanged at 53.0 last month, reflecting the lowest level since October 2013. Readings over 50 indicate growth, but manufacturers have been hurt by a stronger dollar and a weaker global economy. Lower oil prices have also cut demand for expensive rigs and other equipment used by the energy industry. Also on Wednesday, Markit said its Eurozone PMI fell in September, while a similar index for China fell to a 78-month low.

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WASHINGTON (MarketWatch) – President Barack Obama on Wednesday welcomed Pope Francis to the White House, and paid tribute to the Catholic Church’s work with the poor in the United States. Obama said he used to work with Catholics while he was a community organizer on the south side of Chicago. Obama also paid tribute to Pope Francis’ spirit, saying he called on everyone to move “the least of these” to the forefront of society. The president thanked Pope Francis for helping to restore the U.S. and Cuba restore full diplomatic ties. Obama said he supported Francis’ call to all world leaders to support communities vulnerable to climate change.

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T-Mobile reported record sales for the iPhone 6s despite facing increased competition from Apple Inc. and other wireless carriers offering installment plans. The company did not provide specific sales numbers.To celebrate beating last year’s pre-orders for the iPhone 6, T-Mobile is offering subscribers of its Jump upgrade program a $5 a month installment plan for the iPhone 6s with 16 gigabytes and $9 monthly deal for the iPhone 6s Plus 16 GB with the trade-in of an iPhone 6 or iPhone 6 Plus. The iPhone 6s is available for $20 a month without a trade-in. “The crazy demand we’re already seeing tells me the carriers’ customers just aren’t buying their BS anymore,” T-Mobile CEO John Legere said. Shares of T-Mobile were up 1% to $42.78 in recent trade. They are up 8% over the last three months, outperforming the broader S&P 500, which is down 8.5%.

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European Central Bank President Mario Draghi said on Wednesday the Governing Council is ready expand its quantitative easing program to fend off the threat of low inflation. Giving his introductory remarks before the Committee on Economic and Monetary Affairs of the European Parliament in Brussels, the ECB boss warned that renewed downside risks to inflation have emerged. These risks include slowing growth in emerging-market economies, a stronger euro and a fall in oil and commodity prices. “Should some of the downwards risks weaken the inflation outlook over the medium term more fundamentally than we project at present, we would not hesitate to act,” he said. “The asset purchase program has sufficient in-built flexibility. We will adjust its size, composition and duration as appropriate, if more monetary policy impulse should become necessary,” he added. The ECB’s 1.1 trillion euro ($1.23 trillion) quantitative easing program announced in January is currently planned to run until September 2016.

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U.S. stocks opened slightly higher Wednesday, as investors digested a number of economic releases that pointed to slow but positive growth in manufacturing sector in Europe and Asia. The S&P 500 opened less than a point higher at 1,943. The Dow Jones Industrial Average opened flat at 16,234. The Nasdaq Composite began the day up 6 points, or 0.14%, at 4,762.

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Faced with a deepening emissions-tests scandal, Volkswagen AG will use the same law firm that oil giant BP PLC tapped to defend itself after the Deepwater Horizon disaster in 2010, according to media reports on Wednesday. VW has brought in Kirkland & Ellis to help it deal with a growing collection of investigations and class action law suits, a Guardian story said. In other VW news on Wednesday, the German car maker’s shares are gaining for the first time this week, and a European auto group said the VW scandal is not an industry-wide problem.

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J.C. Penney Co. Inc. said Wednesday it has promoted John Tighe to the role of chief merchant and executive vice president, effective Oct. 1. Tighe will replace Elizabeth Sweney, who will continue in an advisory role until year-end and then retire, the retailer said in a statement. Tighe most recently served as senior general merchandise manager for the men’s, children’s, footwear, handbag and intimate apparel divisions. Shares were not yet active in premarket trade, but are up 45% in the year so far, while the S&P 500 has lost 5.6%.

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Volkswagen shares on Wednesday rose for the first time this week, as selling abated after the German car maker’s stock plunged on Monday and Tuesday in the wake of its deepening emissions-test scandal. Shares were up about 3% around midday in Frankfurt. VW’s stock dived 19% on Monday and tumbled 20% on Tuesday.

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The European Automobile Manufacturers Association said on Wednesday that there’s no evidence Volkswagen AG’s alleged rigging of emissions tests in the U.S. “is an industry-wide issue.” The comments come after calls from several European officials to probe the region’s entire auto industry to investigate whether other car makers have cheated on the pollution data. “ACEA will continue to engage with the European Commission and national governments to address the current challenges and ensure that trust and confidence in the car industry and clean diesel technology are maintained,” the association said in a statement. Shares of Volkswagen and other auto makers were sent sharply lower earlier in the week on concerns the broader sector was involved in manipulating emission data. Car makers traded mixed in Europe on Wednesday.

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