Monday headlines include: Electrolux winning the bidding for General Electric's appliance unit, Tesla's Musk saying he wouldn't be surprised to sign another deal with Toyota, General Motors planning a nearly self-driving car, Campbell Soup disappointing on earnings and guidance and more struggles at SandRidge Energy.
Industrial conglomerate General Electric (GE) has found a buyer for its appliance unit. Swedish firm Electrolux has agreed to pay $3.3 billion for the business that invented the electric toaster. The deal will give Electrolux a greater presence in the U.S. market and make it more competitive with Whirlpool (WHR).
Elon Musk, the CEO of Tesla Motors (TSLA) said Monday that a new deal with Toyota (TM) in the next two or three years would not surprise him. The company is currently supplying batteries for Toyota's electric RAV4, but that program is expected to end in 2014.
Recall-plagued automaker General Motors (GM) plans to offer cars that can communicate with each other and will be nearly autonomous driving at highway speeds in two years. The company said a system called “Super Cruise” will be available on Cadillac's starting in 2016. All models of the Cadillac CTS will also receive car-to-car communication systems during the same time frame.
Campbell Soup Co.
Canned-goods giant Campbell Soup Co. (CPB) said Monday that it earned 43 cents per share in its fourth fiscal quarter, on $1.85 billion in sales. Analysts had been expecting 49 cents per share on $1.87 billion in sales. Looking forward, the company said it expects earnings of $2.45 to $2.50 on an adjusted basis for fiscal 2015. Analysts had been expecting $2.57 per share.
Shares of SandRidge Energy (SD) have given back most the gains they made after activist investors convinced the board to fire then CEO Tom Ward in June of 2013. Output has dropped below expectations and the company's COO, David Lawler, left to work for BP (BP). A restructuring plan that would have saved the company money in taxes has also been held up by the IRS.