Report
David Whiston, CFA, CPA, CFE
EUR 147.86 For Business Accounts Only

GM's September Sales Slightly Outpace the Industry

Automakers reported September U.S. light vehicle sales to final customers that show no reason to change our thesis of a U.S. market leveling out. Total sales were about 1.43 million, falling 0.7% year over year. Automotive News put the seasonally adjusted annualized selling rate, SAAR, at 17.74 million compared with 18.17 million in September 2015. We are not seeing signs of consumers acting fearful of buying a new vehicle nor evidence of consumers trading down to sedans over light-truck models....
Underlying
AK Steel Holding Corporation

AK Steel Holding is a producer of flat-rolled carbon, stainless and electrical steels products primarily for the automotive, infrastructure and manufacturing, and distributors and converters markets through its wholly-owned subsidiary, AK Steel Corporation. The company's other subsidiaries also provide customer solutions with carbon and stainless steel tubing products, solutions, tool design, hot- and cold-stamped steel components and assemblies. The company sells its carbon steel products mainly to customers in North America, and it sells its electrical and stainless steel products primarily in North America and Europe. The company also produces metallurgical coal through its AK Coal Resources, Inc. subsidiary.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
David Whiston, CFA, CPA, CFE

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