General Motors Announces More Shut Downs Due To Chip Shortage

German Factory Orders Improve On Domestic Demand

Germany’s factory orders growth accelerated in February driven solely by higher demand from the domestic market, data from Destatis showed on Thursday.

Factory orders grew 1.2 percent month-on-month in February, as expected, and faster than the 0.8 percent increase in January.

Excluding major orders, new orders in manufacturing were 1.5 percent higher than in the previous month.

Manufacturers of intermediate goods reported an increase of 0.5 percent and that of capital goods registered 2.1 percent rise. Meanwhile, demand for consumer goods fell 1.9 percent.

Domestic orders climbed 4.0 percent, while foreign orders decreased 0.5 percent on month in February. Within foreign demand, orders from the euro area went up 2.7 percent. On the other hand, new orders from other countries declined 2.3 percent.

On a yearly basis, growth in industrial orders improved notably to 5.6 percent from 1.4 percent a month ago.

Data showed that real turnover in manufacturing declined 1.9 percent in February from the previous month. On a yearly basis, the decrease in turnover came in at -5.6 percent.

Destatis is slated to issue Germany’s industrial production data on April 9. Production is expected to rise 1.5 percent on month in February, reversing a 2.5 percent fall in January.

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Stocks making the biggest moves after the bell: Levi Strauss, FuboTV, WD-40 & more

Check out the companies making headlines after the bell on Thursday:

Levi Strauss – Shares of the jeans maker gained 3.2% after the company raised its guidance for the first half of the year. Sales are now expected to rise between 24% and 25% over that time period. Adjusted earnings are forecast to range between 41 cents per share to 42 cents per share. Levi also reported better-than-expected results for the previous quarter. Levi posted earnings per share of 34 cents on revenue of $1.31 billion. Analysts polled by Refinitiv expected earnings per share of 25 cents on revenue of $1.25 billion.

WD-40 – Shares of WD-40 slid 7% after the company logged weaker-than-expected results for the previous quarter. The company posted earnings per share of $1.24 on revenue of $111.9 million. Analysts surveyed by Refinitiv expected earnings per share of $1.32 on revenue of $114.3 million.

FuboTV – The sports-streaming service's stock popped 6.5% after the company it has acquired exclusive streaming rights for the South American Qatar World Cup 2022 qualifying matches.

Amazon – The e-commerce giant's shares rose marginally as workers at the Bessemer, Alabama fulfillment center vote on whether to unionize.

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Facebook, Instagram Service Down, Thousands Report Outages

Facebook and Instagram went down Thursday afternoon in a widespread outage that seemed start around 5:30 ET with thousand people reporting problems with the service on the webstie Downdetector.

The issue follows an outage three weeks ago that took Facebook and Instagram offline for a few hours.

At it’s height, 156,000 users had reported trouble with Facebook and well over 100,000 with Instagram. The reports have trended down since.

The outage also hit WhatsApp and Messenger.

It wasn’t clear yet what caused the problem as users of the social media giant griped about out outage on #facebook down.

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General Motors Announces More Shut Downs Due To Chip Shortage

Auto giant General Motors (GM), have been forced to further cut production at six North American factories as the global shortage of semiconductors continue to impact auto makers worldwide.

In recent weeks, several auto companies have announced temporary shutdown of factories because of shortage of chips to finish building vehicles. Semiconductors chips are used in the infotainment, power steering and braking systems of a vehicle. The problem was further worsened after the blockage of the Suez Canal delayed shipments of chips.

According to CNBC, GM will shutdown its Spring Hill, Tennessee; Ramos Arizpe, Mexico; Ingersoll, Ontario; Fairfax, Kansas; and Lansing, Michigan factories. The temporary plant shut down range from a week or two to several additional weeks for plants that have already been idled due to the parts disruption.

GM expects the cost of the shutdowns to negatively impact its operating profit by $1.5 billion to $2 billion this year.

“We continue to work closely with our supply base to find solutions for our suppliers’ semiconductor requirements and to mitigate impact on GM,” GM said in an statement. “Our intent is to make up as much production lost at these plants as possible.”

In addition to GM, Ford, Nissan, Stellantis, Volkswagen and Honda all are facing similar situation.