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DaimlerChrysler Recommendation Lowered

BRIEFLY / AUTOS

November 17, 2000|Bloomberg News

DaimlerChrysler lost the support of Goldman Sachs Group Inc., as the investment bank cut its recommendation and profit forecast for the German auto maker. DaimlerChrysler, facing losses at its U.S.-based Chrysler unit, was downgraded to "market perform" from "market outperform" on concern about rising costs. Chrysler, which posted a $513-million loss in the third quarter, is likely to lose money in the fourth quarter, analysts said, contradicting company claims last month that it would be profitable. Moody's Investors Service said it put DaimlerChrysler on review for a possible downgrade of its rating on about $40 billion in debt securities.

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