The Associated Press

DETROIT (AP) — Investors are punishing automakers’ stocks this week after second-quarter earnings reports exposed industrywide issues of slowing sales and high prices, just as the companies are having to spend huge sums to make new electric and gas vehicles. Each auto company has unique problems, but common to many are growing vehicle stockpiles on dealer lots, requiring increased discounts to sell them to buyers with stressed-out household budgets. Ford Motor Co., which reported a drop in second-quarter earnings due electric-vehicle losses and persistently high warranty costs, led the declines. Its shares have fallen 20% this week. But others such as General Motors, Tesla, Stellantis and Nissan, all saw their shares drop about 8% or even more. Carlos Tavares, CEO of Jeep and Ram maker Stellantis, said a significant auto-industry storm he’s been warning about for several years has arrived. “We are in it,” he told reporters after releasing disappointing earnings Thursday. “For me, it’s a no brainer that this industry is going to be in turmoil.”

Automakers hit 'significant storm,' as buyers reject lofty prices at time of huge capital outlays

German Manufacturer Unveils Plans to Possibly Carve Out and List Automotive Unit. [Stay on top of transportation news: Get TTNews in your inbox.]. Continental AG shares rose after improving returns at its struggling car-parts unit, which the German company may spin off in its biggest-ever restructuring. The division’s adjusted earnings...

Continental Gains After Car-Parts Returns Turn Positive

With interest rates sitting at more than two-decade highs and inflation continuing to bear down on consumers, big banks are preparing to face more risks from their lending practices. Suggested Reading. In the second quarter, JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo all raised their provisions for credit...

Banks are bracing for consumers to stop paying off their credit cards

The New York Times

The economy’s resurgence from the pandemic shock has had a singular driving force: the consumer. Flush with savings and buoyed by a sizzling labor market, Americans have spent exuberantly, on goods such as furniture and electronics and then on services including air travel and restaurant meals.

To Avoid a Recession, Consumer Spending Is Key

Polk County, FL

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Fort Meade, FL

Uncovering Florida

The Polk County Sheriff's Office has made an arrest after conducting an investigation into a case of credit card fraud involving 28-year-old Burger King employee, Kellyn Miley. The incident was discussed in detail during this morning's briefing with Sheriff Grady Judd.

Burger King Employee Caught Using Customer's Credit Card for Food at Former Job

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Herbie J Pilato

Actor Buddy Ebsen, who died at age 95 in 2003, found fame by starring in two of the most popular classic television shows in history: The Beverly Hillbillies (CBS, 1962 to 1971) and Barnaby Jones (CBS, 1973 to 1980). On the Hillbillies, he played former Tennessee country mountain-folk-turned-wealthy Beverly Hills resident Jed Clampett. On Barnaby Jones, he was one of TV's most senior, slyest, health-conscious detectives. Ebsen, however, almost became even more famous for a certain big-screen classic film in which he ultimately did not appear.

'Beverly Hillbillies" Actor Buddy Ebsen Was "Bitter" about not playing the Tin Man in 'Wizard of Oz'

TheStreet

Mortgage lenders see more homes bought and sold when — and if — the Federal Reserve starts cutting rates.

Mortgage rates just had a huge drop

Motor1.com

Only one of 12 built, I took a ride in the massive 1939 Futurliner back in 2021, which was a good time. Few vehicles turn heads like General Motors's Futurliner. Built in the 1930s, the fleet of a dozen streamliners showcased American industrial might and GM's technological prowess. They toured across North America, taking a break for WWII, with the fleet of buses parked for good after 1956. From there, each Futurliner had its own journey to eventual restoration, dilapidation, or obscurity.

This Might Be Your Only Chance to Own GM's Ultra-Rare Pre-War Creation

Florida State

Jacksonville Today

Gov. Ron DeSantis has issued a state of emergency in Northeast Florida and across much of the state as a tropical system appears almost certain to develop. The National Hurricane Center said Friday morning that a tropical wave has a 90% chance of developing into at least a tropical depression over the next seven days. Most models show it moving into the Gulf of Mexico and then coming ashore and crossing the state, possibly moving over Northeast Florida.

Tropical system is nearly certain to develop

Hyundai has recalled the 2024 Santa Fe over a wiring problem that could deploy airbags at random. The same issue might cause the airbags to stop working altogether, meaning they may not deploy in the event of an accident. A total of 49,719 vehicles are affected, including 40,144 standard combustion SUVs and 9,575 hybrid models.

Hyundai Recalls 50,000 Cars for Airbags That Could Randomly Deploy

GOBankingRates

Housing prices have been increasing for the past decade, with median home values soaring to record highs in 2021. While the market has cooled slightly, high mortgage rates and low inventory have kept...

Will Home Prices Crash in 2026?

The 2023 Toyota GR Corolla Circuit Edition owned by Bryan Banks burst into flames on June 8. Apparently, something in the engine failed and by the time the fire department arrived, the car was a total loss. Insurance covered most of the payout, and he turned to Toyota with a warranty claim for the rest.

Two GR Corollas Burned Down. Toyota Won’t Honor the Warranties

The 2025 GR Corolla goes on sale later this year with an eight-speed automatic gearbox option, more torque, and improved cooling. The Toyota GR Corolla has been on sale for two years now with only one gearbox option—the six-speed manual. That changes for the 2025 model year, as the automaker has added an eight-speed automatic transmission as an option. The automaker has also made a number of performance upgrades to the car, including more torque and better cooling.

The GR Corolla Is No Longer Manual-Only

Most people are guilty of doing it at least once in their lives, many people do it by accident, some do it because they find it fun, and others do it for reasons like honoring loved ones. Regardless of the situation, just about everyone has released a balloon. The difference is that intentionally releasing balloons is now illegal by House Bill 321’s standards.

Law Signed By DeSantis Makes It Illegal To Release Balloons In Florida

Maryland State

Washington, DC

WashingtonExaminer

Gas prices dropped again on Friday, marking yet another day of decreases at the pumps. Friday’s dip resulted in gas prices costing over six cents per gallon less than a month ago.  Friday’s decrease meant the average price for a gallon of regular gas in the United States was $3.454, according to AAA. This was […]

Gas prices: Another decrease at the pumps heading into the weekend

PYMNTS

Digital banking platform Dave said customers are increasingly turning to its ExtraCash offering. Originations for the cash advance program reached $1.2 billion for the company’s most recent quarter, up 37% year over year, according to a Tuesday (Aug. 6) earnings press release. CEO Jason Wilk said during a conference...

Dave’s ExtraCash Advance Program Grows by 37% Amid Continued Consumer Caution

LOS ANGELES -- A recent pullback in mortgage rates is spurring more homeowners to refinance their home loan and lower their monthly payments. The Mortgage Bankers Association's refinance index, which tracks home loan application volume, surged 16% last week from the previous week to its highest level in two years, the association said Wednesday.

Homeowners race to refinance as mortgage rates retreat from 23-year highs

New Jersey State

Morristown Minute

A new initiative aims to provide housing for vulnerable Medicaid members, enhancing community wellness and support. MORRIS COUNTY, N.J. - In a significant move to tackle housing instability among Medicaid recipients, New Jersey's Human Services Commissioner Sarah Adelman, along with Community Affairs Commissioner Jacquelyn A. Suárez, today announced the availability of $95 million in funding for developers. This initiative, part of the Healthy Homes program, is designed to create affordable housing opportunities for NJ FamilyCare members who are either homeless, at risk of homelessness, or currently living in institutional settings.

$95 Million for Healthy Homes: Housing for Medicaid Members

Chicago, IL

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Foodie in Chicago

Shortly before 3 AM, people in the Chicago area may have felt their houses shake as a 3.4-magnitude earthquake occurred about 60 miles west of the city. (CHICAGO) The United States Geological Survey (USGS) reported a 3.4-magnitude earthquake around Somonauk, IL. Somonauk is in DeKalb and LaSalle Counties, 64 miles west of Chicago.

Did You Feel the Earthquake?

Missouri State

CJ Coombs

Denny's was once a staple of the American diner landscape. In recent years, it has had its ups and downs, especially post-pandemic. The dining habits of people also change. Some customers have a more discerning taste.

Denny's: a legacy of serving customers for over 65 years including 27 locations in Missouri

NewsBreak

Auto Repossessions Are Soaring

A study shows cars are being repossessed at a shockingly high rate through the first half of 2024, exceeding pre-pandemic levels. Car prices have skyrocketed in...

Auto Repossessions Are Soaring

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