GM Announces New Warranty Plan

Ford names Alan Mulally as CEO; Intel to shed 10,500 jobs; plus more stocks in the news Wednesday

From Standard & Poor's Equity Research

General Motors (GM) announces a new extended warranty across its entire 2007 car, light-duty truck lineup in the U.S. and Canada.

Intel (INTC) announced plans to cut 10,500 jobs, or about 10% of its workforce by mid-'07. Plans to cost costs and operating expenses by about $2 billion in 2007 and $3 billion in 2008.

Ford Motor (F) named Boeing's (BA) Alan Mulally as president, CEO, replacing Bill Ford who will continue as executive chairman.

TiVo (TIVO) Announces a follow-on public offering of 8.26 million primary shares.

Boeing (BA) named Scott Carson as president and CEO of its commercial airplanes unit after Alan Mulally left to become CEO at Ford Motor Co.

Merge Technologies (MRGE) named Kenneth D. Rardin as president and CEO. The company set a $20 million stock buyback and adopted a shareholder rights plan. Merge posted a $6.41 second quarter loss per share (including a goodwill impairment charge) on revenues of $31.7 million.

Komag (KOMG) says that based on current quarter-to-date demand, it expects third quarter revenue to be similar to up 3% from the second, and net margin to be in range of 14%-16% (including stock expense). Bear Stearns reportedly downgrades to peer perform from outperform. (PCLN) says shareholders Hutchison Whampoa and Cheung Kong sold 8.9 million shares of their holdings in the company. S&P says the sale is "somewhat worrisome," and maintains its hold rating.

Corning (GLW) narrowed its third quarter sequential LCD glass volume guidance for Display Tech business to up 10%-15%, for Samsung Corning to up 8%-12%, from previous 5%-15% guidance for both units. It also narrowed its third quarter EPS guidance to 24-26 cents (non-GAAP).

ASML Holding (ASML) expects third quarter unit orders to be at about second-quarter order intake level of 93, "substaintially higher" than it previously indicated due to strong demand from several memory makers. As a result, it sees a 2006 net sales rise of about 40%.

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