GM adding $4B to stock buyback program, raising quarterly dividend

DETROIT -- General Motors says it will add $4 billion to its stock buyback program and raise its quarterly dividend 6 per cent to 38 cents per share.

See Full Article

The dividend increase starts in the first quarter, and the share buybacks will run through 2017.

GM shares climbed 5 per cent in premarket trading Wednesday.

Company executives also announced that GM expects to make an adjusted profit of $5.25 to $5.75 per share this year. That's up from previous guidance of $5 to $5.50 per share. GM also expects improved adjusted earnings before taxes.

The company also says it will post online its entire inventory of 30,000 company-owned used cars online. The inventory includes cars coming off leases and from rental car companies and company employees.

All will have factory warranties and can be ordered online and purchased through dealerships.

GM shares climbed $1.60, or 5.3 per cent, to $31.90 in premarket trading about an hour before the market open.



Advertisements

Latest Economic News

  • Royal Bank reports $2.8-billion profit for Q3, announces dividend increase

    Economic CTV News
    TORONTO -- Royal Bank of Canada (TSX:RY) is reporting nearly $2.8 billion of net income for its fiscal third quarter and an unexpected increase to its quarterly dividend. RBC's net income was down three per cent from last year when its bottom line was boosted by the sale of an insurance business, which also reduced the bank's overall revenue. Source
  • Wealthsimple launches investment portfolio for observant Muslims

    Economic CTV News
    TORONTO -- Robo-adviser Wealthsimple has launched a new investment portfolio for observant Muslims, a move the company says builds off its success targeting smaller, underserviced groups of investors. The Toronto-based wealth management firm says its Halal investing portfolio is designed for those adhering to Islamic laws that prohibit investing in certain companies and financial products. Source
  • CPP reform to help lift plan's assets above $15B by 2090: analysis

    Economic CTV News
    OTTAWA - The upcoming enrichment of the Canada Pension Plan will help fuel a 48-fold boost to the public fund's assets over the long haul - to more than $15.8 trillion by 2090, according to federal calculations. Source
  • Asian markets rise after Wall Street's sharp gains

    Economic CTV News
    SEOUL, Korea, Republic Of - Most Asian markets staged modest gains on Wednesday after overnight gains on Wall Street as geopolitical risks and turmoil at the White House that have dented investor sentiment in the past few weeks abated while investors eyed the annual gathering of central bankers. Source
  • B.C. seeks intervener status in court cases against Trans Mountain pipeline

    Economic CTV News
    VANCOUVER -- The British Columbia government has applied for intervener status in court challenges against the Trans Mountain pipeline expansion. The NDP government announced earlier this month that it would be joining the legal fight against Ottawa's approval of the $7.4-billion project and hired former judge Thomas Berger to provide legal advice. Source
  • Rising old age security spending dampened by CPP increases: report

    Economic CBC News
    A mandatory review of the country's largest seniors benefit program is predicting all-time highs in spending over the coming years with waves of baby boomer retirements — spending levels that could have been even higher if not for changes to the public pension program. Source
  • Calgary airport to convert Lexus-only stalls back to accessible parking

    Economic CTV News
    Calgary International Airport has apologized for moving accessible parking stalls and setting up a Lexus marketing campaign in their place. The pavement in the parking spots was painted to indicate they were reserved for drivers of the luxury car. Source
  • Rowdy Korean Air passenger's 3-year prison sentence reversed

    Economic CTV News
    HAGATNA, Guam -- A U.S. appeals court has struck down the three-year prison sentence of a rowdy Korean Air passenger convicted of interfering with flight attendants last year on a flight to Guam. The 9th U.S. Source
  • Striking ground crew at Toronto airport to vote on new offer from employer

    Economic CTV News
    TORONTO - The union representing striking ground crew workers at Canada's busiest airport says it has received a new contract offer that will be voted on tomorrow. About 700 baggage handlers, cabin cleaners, and other ground crew employed by Swissport at Toronto's Pearson International Airport have been on strike since late July. Source
  • June retail sales a bright spot for Canadian economy: economists

    Economic CTV News
    OTTAWA - Canadian retail sales rose slightly in June and continue to be a bright spot in the economy. Statistics Canada says in a report issued Tuesday that the retail sector's growth was 1.1 per cent, excluding automotive and gasoline sales. Source