General Motors Company
) plans to open a new information technology ("IT") innovation
center in the Phoenix suburb of Chandler in order to support
all its information technology needs, including Web
technologies, dealer and factory systems, and new vehicle
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The Phoenix center will be the fourth IT center for GM aimed at
bringing its IT work in-house. It is expected to be operational
by the first quarter of 2014.
GM intends to hire 1,000 high-tech employees for the Phoenix
center beginning in April. It has already hired more than 1,000
new employees at the three other locations: Austin, TX,
Roswell, GA and Warren, MI.
The automaker expects to fill its four IT centers with 10,000
staffs in the next three to five years. It has already hired
3,000 people from
) and shifted 1,500 of its current IT workforce to these
GM plans to hire another 4,000 people in the near future for
these centers. The company plans to recruit software
developers, database administrators and system analysts.
GM, a Zacks Rank #3 (Hold) stock, posted a rise in profits to
$0.8 billion or 48 cents per share in the fourth quarter of
2012, missing the Zacks Consensus Estimate by a penny, compared
with $0.7 billion or 39 cents in the same quarter of 2011. The
results excluded net gain from special items of $0.1 billion or
6 cents in the 2012-quarter and net loss from special items of
$0.2 billion, or 11 cents in the 2011 quarter.
Revenues in the quarter scaled up 3.4% to $39.3 billion, which
was higher than the Zacks Consensus Estimate of $38.6 billion.
Unit sales escalated 4.2% to 2.3 million vehicles. The
automaker occupied a market share of 11.5% during the quarter,
down from 11.6% in the year-ago quarter.
GM expects to boost its top-line in 2013 with the help of new
vehicle launches. At the same time, the company believes cost
control measures will boost its bottom line growth. It expects
2013 capital expenditures to be at the 2012-level.
Few stocks that are performing well in the industry where GM
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) . They carry a Zacks Rank #1 (Strong Buy).