Auto sales seen showing signs of stability

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City of Industry, CA --(www.USEquityNews.com)-- 07/01/2009 - Most Popular industry alert provided by U.S. Equity News. DETROIT (Reuters) - Major automakers are expected to report the highest sales rate of 2009 when they post results for June, as deep discounts limit industry-wide results to a 30-percent decline.


In the context of the U.S. auto industry, where sales have been slumping for four years, that would constitute good news and support the view sales are near bottom after a punishing decline to nearly 30-year lows, analysts and executives said.

All of the largest automakers are expected to post deep U.S. light vehicle sales declines for June to round out what has been the weakest market since the early 1980s.

"We continue to believe that U.S. auto sales have bottomed this cycle and are heartened by seemingly strengthening retail sales even ahead of any impact from 'cash for clunkers' ... " J.P. Morgan analyst Himanshu Patel said in a note to clients. [Read the full article]

NEW YORK (AP) -- Cassy Hayes and Jasmine Coleman were among the first fans to arrive outside the Ronald Reagan UCLA Medical Center in Los Angeles where Michael Jackson was brought and later pronounced dead.

The two young women had learned about Jackson's health like so many who get their news nowadays: by reading the ever-flowing feed of real-time information on the microblogging service.

Jackson's unexpected death at 50 was just the latest major news event where Twitter played a central role. But just as quickly as Twitter has emerged as a news source, so, too, has its susceptibility to false rumors become abundantly apparent.

The extraordinary amount of news coverage the mainstream media has recently devoted to Twitter has led some to think the press is in love with the 3-year-old microblogging service. But it's a jealous love.

Twitter's constantly updating record of up-to-the-minute reaction has in some instances threatened to usurp media coverage of breaking news. [Read the full article]

CONSHOHOCKEN, Pa. (AP) -- Wireless heart-monitoring device maker CardioNet Inc. late Tuesday slashed its profit and revenue outlook for 2009.

It now expects an adjusted profit of 30 cents to 35 cents per share and $156 million to $160 million in revenue. Previously, the Conshohocken, Pa.-based company forecast a profit of 69 cents to 73 cents per share and revenue between $170 million and $175 million.

According to Thomson Reuters, analysts expected profit of 66 cents per share and $171.9 million in revenue.

CardioNet said reimbursement rates have been lower than expected, and sales volume growth has been steady but has not been as good as the company estimated.

The company said it will reduce spending, but will continue with planned investments in its sales and marketing divisions, product development, and clinical research programs. It did not estimate the size of the cost cuts. [Read the full article]

LADSON, S.C.--(BUSINESS WIRE)--Force Protection, Inc. (NASDAQ: FRPT), a leading designer, developer and manufacturer of life saving survivability equipment and provider of total life cycle support for those products, today commented on the outcome of the M-ATV competition. As announced on June 30, 2009, U.S. Army Tank-Automotive and Armaments Command (TACOM) did not select the Cheetah Mk. II vehicle submitted by Force Dynamics, LLC, the Company's joint venture with General Dynamics Land Systems.

Michael Moody, Chief Executive Officer of Force Protection, commented, "We are grateful for the consideration given to our M-ATV submission by the customer, though of course we are disappointed to have not been selected. Even so, our business planning and ability to continue to generate growth and value for our shareholders was not dependent upon winning the M-ATV program. [Read the full article]

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