Friday, October 5, 2012

Stocks In News: General Motors Company (NYSE:GM) & PriceSmart (PSMT)

The hydrogen fuel-cell research operation for General Motors Company(NYSE:GM) plans to move from Rochester, New York, to Michigan.

Offering a chance to most of the 220 salaried workers in Honeoye Falls in New York to move to General Motors engine and transmission research unit in Pontiac, Michigan, is the company.

Spokeswoman Kimberly Carpenter said that the company will save money by not renewing a building lease in New York, and that the move will pull together all of its experts on ways to move vehicles.

The move will take place early next year.

Testing fuel-cell vehicles that run on hydrogen with no harmful emissions, the company continues to focus on electric vehicles and fuel cell development.

This morning, PriceSmart, Inc.(NASDAQ:PSMT) reported a 10% jump in sales growth for the month of September.

A 14 percent rise in total sales at $167 million and a rise of 10 percent in sales at warehouse clubs open for 13 ½ months was reported.

 Results at stores that opened or closed in the last year were excluded from sales at locations. Hence it is considered a key measurement for retailers.  

Clubs opened for at least 13 ½ months were only considered for measurement base by PriceSmart.
The company has 29 clubs, and 28 have been open for at least that long.

The company has five warehouse clubs in Costa Rica, four in Panama, four in Trinidad, and others in Guatemala, the Dominican Republic, El Salvador, Honduras, Aruba, Barbados, Colombia, Jamaica, Nicaragua, and the U.S. Virgin Islands.

Shares of PSMT were trading lower by 0.22% to $78.71

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