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Thursday, October 09, 2008
J.D. Power Issues Gloomy Forecast For Auto Sales
Shawn Langlois
MarketWatch Pulse
SAN FRANCISCO -- Retail sales in the U.S. auto industry this year are tracking to come in 2 million units below 2007 results, as beleaguered consumers are keeping their vehicles about 4 months longer, according to a report from J.D. Power and Associates on Thursday. The forecasting and research firm is looking for retail sales, with reduced leasing activity another headwind, to fall to 10.8 million cars and trucks, down from 12.8 million in 2007. As for total new light-vehicle sales in the U.S., J.D. Power is targeting 13.6 cars and trucks sold this year, down 16% from 16.1 million a year ago. The firm now sees 2009 sales dropping to 13.2 million vehicles. A J.D. Power analyst also said that the global auto market "may experience an outright collapse" in 2009. General Motors Corp. shares plunged as much as 22% in early trades while Ford Motor Co. was off 9% at last check.
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A specialist is a member of a stock exchange who works as an auctioneer for a specific stock and/or stocks. It can be an individual, partnership, corporation or group of firms.
The specialist works to maintain a "fair and orderly market" for respective stocks, matching up buyers and sellers by displaying the best "bid" and "ask" prices at its trading post. If buys are not equal to sells, the specialist evens the scale by buying or selling shares, accordingly. However, they cannot make their own transactions until all investor orders have been placed.
Gauging supply and demand, the specialist sets an opening price for the stocks in its domain. If a price has not been set by the time the market opens, the specialist can delay that particular stock's opening.
Specialists make money off the "spread," which is the difference between bid and ask prices on orders.
