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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: James Hutton who wrote (200508)	5/6/2009 11:12:23 AM
From: RockyBalboa	Read Replies (1) \| Respond to of 306849

Correct - net cash $12, cash $24. however, 10:07AM Magna misses by $0.20, misses on revs, suspends dividend (MGA) 36.91 0.00 : Reports Q1 (Mar) loss of $1.79 per share, $0.20 worse than the First Call consensus of ($1.59); revenues fell 46.0% year/year to $3.57 bln vs the $3.86 bln consensus. "We have taken a number of actions to offset the vehicle production declines, and have initiated further cost-saving measures that we expect will benefit our financial results for the remainder of this year and continue into next year. However, General Motors (GM) and Chrysler have both recently announced extended shutdowns of certain of their assembly plants and significant production cuts at other plants over the coming months. As a result, our sales and earnings will continue to be negatively impacted in the short term. This ongoing period of extremely low auto production in North America is expected to further reduce our cash resources. However, it will likely have a more severe impact on other suppliers whose financial condition is substantially worse than ours. This should provide us with further opportunities to gain additional business, either through acquisitions or takeover business, and position us for recovery when North American auto production returns to more sustainable levels." Co voted to suspend the quarterly dividend with respect to Class A Subordinate Voting Shares and Class B shares. ----------------------- for a stock I can ´t imagine worse news. Yet it trades up