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Seeking Alpha (Free subscription) | yesterday
FP Trading Desk submits: Deutsche Bank has cut its earnings estimates and price target on Magna International Inc. (MGA) due to lower forecasted vehicle demand in North America and Europe. Analyst Rod Lache reduced his 2008 and 2009 estimates to $5.86 and $5.42 from $6.60 and $7.15, respectively, while his price target moves to $54 per share from $72. He rates Magna at “hold.” Complete Story »
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Detroit News (Free subscription) | 20 hours ago
Russian automaker GAZ marked the start of production Friday of the Volga Siber, a car based on a platform that GAZ acquired from Chrysler LLC to update its lineup and expand its passenger car sales.
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Just Auto (Free subscription) | 07/21/2008
Intier Automotive Seating is a business unit of Magna International. This business develops and manufactures complete seating systems and sealing mechanisms for the automotive industry. Matthew Beecham talked with Imtiyaz Syed, vice president, engineering and Randy Koenigsknecht, vice president, sales and marketing, Intier Automotive Seating.
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PR News Wire (Free subscription) | 07/10/2008
AURORA, ON, July 10 /PRNewswire-FirstCall/ - MI Developments Inc. (MID)
(TSX: MIM.A, MIM.B; NYSE: MIM) today announced that the Ontario Divisional
Court has dismissed Greenlight Capital's appeal of the decision of the
Ontario Superior Court of Justice dismissing the oppression application
filed by Greenlight and certain hedge funds managed by Greenlight against
MID and certain of its current and former...
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Seeking Alpha (Free subscription) | 07/08/2008
FP Trading Desk submits: Analyst Fadi Chamoun at UBS Investment Research has cut his price target and earnings estimates for Magna International Inc. (MGA), saying North America’s largest auto supplier will feel the pain of a drop in demand for new vehicles in the United States through 2010. The analyst reduced his 12-month price target on Magna shares to $77 from $103. He lowered the 2008 EPS forecast...
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Detroit Free Press (Free subscription) | 07/02/2008
Johnson Controls Inc. said Tuesday that a new joint venture it formed to buy Plastech Engineered Products Inc.'s interiors business should break even next year and earn a profit by 2010.
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PR News Wire (Free subscription) | 06/27/2008
AURORA, ON, June 27 /PRNewswire-FirstCall/ - MI Developments Inc. (MID)
(TSX: MIM.A, MIM.B; NYSE: MIM) today announced that, in light of
shareholder discussions relating to potential amendments to the
reorganization proposal received by MID's Board of Directors on March 31,
2008 (the "Reorganization Proposal"), the special meeting of MID
shareholders to consider the Reorganization Proposal, previously...
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Detroit Free Press (Free subscription) | 06/27/2008
Plastech Engineered Products Inc. CEO Julie Brown will be paid nearly $10 million as she sells the Dearborn auto supplier she founded 20 years ago.
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CBC.ca (Free subscription) | 06/26/2008
German luxury automaker Porsche AG has chosen a unit of Magna International to take over overflow production of two of its sporty cars in 2012.
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Globe and Mail (Free subscription) | 06/26/2008
Magna International Inc., North America's largest auto parts supplier, plans to open a fourth factory in India to boost sales in Asia. The parts maker will open a factory in Pune next year to make power train parts for an Indian car marker, Magna Asia president Jim Tobin said in Tokyo yesterday. Sales in the region may rise to about 10 per cent of Aurora, Ont.-based Magna's revenue by 2010, he said....
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Seeking Alpha (Free subscription) | 06/25/2008
FP Trading Desk submits: RBC Capital Markets analyst Nick Morton has cut his valuation, earnings per share estimates for Magna International Inc. (MGA), arguing Canada ’s biggest auto supplier will be hit by a potentially lengthy slump in U.S. SUV, and pickup sales as its largest customers drastically slash truck output. He maintained his “outperform” rating on the shares, arguing it remains a good...
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Business Week (Free subscription) | 06/25/2008
Analysts' opinions on stocks in the news Tuesday.
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Business Week (Free subscription) | 06/24/2008
Analysts' opinions on stocks in the news Tuesday
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Automotive Business Review (Free subscription) | 06/24/2008
Magna International, a supplier of automotive systems, assemblies, modules and components, has said that it will retrench about 400 salaried and hourly workers from its parts plant in Ontario.
