Graham and Doddsville -- Value Investing In The New Era Message Board

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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era

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To: porcupine --''''> who wrote (1063)	12/27/1998 8:31:00 PM
From: porcupine --''''>	of 1722

GM's Share Buybacks Still Stalled "GM's Wagoner sees '99 U.S. market share gains" DETROIT, Dec 18 (Reuters) - General Motors Corp. President G. Richard Wagoner on Friday said the automaker expects to gain market share in the United States in 1999, as GM continues to recover from two summer strikes that shut many of its plants. Wagoner, in a briefing with reporters, said GM has not yet restarted its most recent share repurchase program, which was suspended earlier this year because of the labor strikes. The world's largest automaker had bought back $6.6 billion of its total $9 billion stock repurchase program before suspending the program. GM Chief Financial Officer Michael Losh said in October the company would give "serious reconsideration" to restarting the program by the end of 1998. Wagoner, in response to a question about shutting plants, said, "I hope not to have to take any more action on capacity next year." Wagoner said the company's Fort Wayne, Ind., full-size pickup truck plant completed its ramp-up on the new trucks this week, one month ahead of schedule. Wagoner said GM has had good discussions with the United Auto Workers union, but still has yet to resolve competitive issues separating the company and the union. He said GM would welcome the opportunity to be the first automaker the UAW selects to settle next year's labor contract. (Detroit Newsroom, 313-870-0200)

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