GM to idle Detroit-Hamtramck plant

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The markets traded mixed during the midday with the Dow slipping 3 points to 22,869. Nasdaq added 2 points to 6,605.


General Motors will idle its Detroit-Hamtramck factory that makes four sedan models beginning in mid-November for six weeks. Passenger car sales have slumped as customers purchase more sport utility vehicles and pickup trucks. When the plant resumes operations, production will be cut by approximately 20%.


Amazon plans to hire 120,000 temporary workers for the holiday shopping season. Most of the new employees will be staffing 75 fulfillment centers across the nation to assemble and package items for shipment. Amazon expects to transition approximately 14,000 temporary seasonal workers into full time jobs after the holidays.


AT&T reported a sharp loss of 90,000 video subscribers in the third quarter as less expensive streaming options have lured away customers. Approximately 300,000 new customers were added to AT&T's lower cost DirecTV Now, but the company lost 390,000 subscribers from its pricier satellite and U-verse services. AT&T also blamed customer losses on the multiple hurricanes that devastated the southern coastal states.


In the broad market, advancing issues outpaced decliners by a margin of 6 to 5 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The broader S&P 500 eased a point to 2,554. Bitcoin rocketed $465 to $5,259.


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