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Jul 03, 2008 -- Latitude Industries, Inc. (OTC BB:LTDI), a manufacturer of high-performance, center console powerboats, would like to update current and prospective shareholders due to excessive phone calls, e-mails, and speculations in regards to the share structure. Latitude Powerboats' latest share structure has remained as follows: 1,979,767,839 shares outstanding with 1,347,408,357 shares free trading and 632,359,482 shares restricted. "In the following week we will be updating and clarifying our shareholders in regards to Honda and the possible Buy Out status," said Orlando Hernandez, CEO of Latitude Powerboats.
Jul 03, 2008 -- Victory Motorcycles, a division of Polaris Industries Inc. (NYSE: PII), has gone "Hollywood" teaming up with actor Tom Arnold to create a one-of-a-kind motorcycle geared to raise money for two deserving charities. A Victory Vision Street(TM) featuring a custom paint job designed by legendary special effects guru, the late Stan Winston, will be auctioned off on eBay from July 21-30 and all net proceeds will be donated to Operation Homefront, which benefits the families of American soldiers, and Camp del Corazon, a pediatric heart patient camp that hosts kids who have undergone invasive and life-changing operations. The unique paint design created by Winston, a close friend of Arnold's and a riding buddy of many years, was inspired by the recent big-screen feature, "Iron Man" -- one of the legend's last projects before his passing. In addition to the extraordinary paint scheme, the bike also has customized wheels and plates from Ness Customs, a custom 400 watt stereo system designed by Al & Eds Stereo, a custom seat and Pure Victory Gear accessories from Victory Motorcycles. "The styling of the Victory Vision combined with Stan's creative design and the generous donations of many others have created an unbelievable riding machine," said Arnold. "Motorcycles riders and movie lovers will go crazy for this bike and we are thrilled at the opportunity to help make a difference in the lives of the kids at Camp del Corazon and the families who are a part of Operation Homefront with this auction."
Jul 03, 2008 -- ArvinMeritor, Inc. (NYSE: ARM | Quote | Chart | News | PowerRating) announced today that it has entered into an agreement to acquire Trucktechnic, a major remanufacturer and distributor of commercial vehicle disc and foundation brakes and components, based in Liege, Belgium. Terms of the acquisition were not disclosed. The company's line of brake kits, components, and testing equipment will expand and complement ArvinMeritor's existing European aftermarket portfolio both in terms of product breadth and market depth. In addition, a significant portfolio of remanufactured, all-makes, complete caliper and disc brakes will add to ArvinMeritor's existing proprietary line of remanufactured disc brakes and will become integral to ArvinMeritor's remanufacturing business. As part of the acquisition, Trucktechnic's 46 full-time employees, based out of its headquarters in Liege, will become part of the ArvinMeritor team. "This acquisition represents a major step forward for our European operation in terms of brand recognition, product offering, geographical footprint and remanufacturing capability and capacity," said Maurice Haft, ArvinMeritor's managing director, Europe, Commercial Vehicle Aftermarket. "Trucktechnic's skilled engineering and technical staff understands the specific needs of the aftermarket and will assist us in achieving our growth objectives in the geographic areas we serve."
Jul 03, 2008 -- General Motors Corp. (NYSE: GM | Quote | Chart | News | PowerRating) is considering a new Chevrolet mini car for the United States as it reworks its product lineup to cope with a dramatic shift from trucks to cars linked to high gas prices, a spokesman said Thursday. GM spokesman Dee Allen said bringing the Chevrolet Beat, which is about the size of a Honda Fit or Toyota Yaris mini car, to the U.S. is among the options the company is studying. "It is certainly one of the things that is being looked at from a portfolio perspective," Allen said. The Beat, to be built in South Korea, will be rolled out in other global markets faster than it would be in the U.S., Allen said. He did not know when the car might be sold elsewhere or in the U.S. The car still must be engineered to meet U.S. safety and emissions standards, he said. GM unveiled the Beat with two other ultra-small cars as concepts at auto shows last year, saying the trio was designed to attract young buyers in urban markets around the globe. GM currently produces the Chevrolet Aveo sedan and five-door subcompact to compete in the growing mini car market. The Beat is a front-wheel-drive three-door hatchback powered by a 1.2-liter turbocharged gasoline engine. The company has declined to says what the price would be for the Beat, but Vice Chairman Bob Lutz said last year that GM mini cars ideally would start about $10,000 in the U.S. market.
Market Wrap for July 3rd
After opening appreciably higher, the stock market closed Thursday just above the unchanged mark as participants traded listlessly in a shortened session just ahead of the Independence Day holiday. The Nasdaq, however, finished with a loss as weakness in the semiconductor industry weighed on the index. Notably, the latest batch of economic data also failed to spur buying interest. The stock market fell to just above the 1250 mark shortly after opening bell, but was able to climb into positive ground amid broad-based gains. Still, the advance was limited as leadership failed to emerge. Action in the largest sector, technology (+0.1%), was offset by energy (-0.5%), which is the second-largest economic sector. While economic news did little to kick start buying, it did not turn participants away. The unemployment rate for June came in at 5.5%, exceeding the 5.4% rate that was expected. Nonfarm payrolls fell by 62,000 during the month, unchanged from the prior month, but a bit more than economists expected. Jobless claims for the week ending June 28 totaled 404,000, reflecting a loosening labor market. The week's claims topped the 385,000 claims economists expected and were up from the prior week. Importantly, the data are consistent with a modestly growing economy and are not far enough from expectations to alter such an economic outlook. As a side note, the European Central Bank increased its benchmark lending rate 25 basis points to 4.25%, but comments by the ECB's president led participants to believe another rate hike is unlikely for the time being. That notion helped the dollar gain strength, as indicated by the dollar index, which advanced 1%. The dollar's advance helped cut into oil's gains; crude futures had come close to $146 per barrel in electronic trading earlier in the morning.
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