Shares of Ford Motor Co fell nearly 8% on Wednesday, a day after the automaker f...
) fell nearly 8% on Wednesday, a day after the automaker forecast a lower profit for 2020, surprising analysts who also criticized the company’s management for holding back details on the earnings shortfall.
The disappointing outlook underscores the higher costs that Ford has been spending on developing self-driving and electric cars to keep pace with pioneers like Tesla Inc . “It’s not clear to us exactly what is driving the profit lower...The lack of transparency is not likely to sit well with investors or inspire confidence,” RBC Capital Markets analyst Joseph Spak said, lowering target price on the stock to $9 from $10.
“Management declined to quantify the impact of the higher warranty, making it difficult to gauge at the moment how much or when costs should normalize lower,” said J.P. Morgan analyst Ryan Brinkman, cutting price target by a $1 to $9.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ford shares slide after weaker-than-expected 2020 forecastFord Motor Co shares nosedived on Tuesday after it handed investors a weaker-tha...
Read more »
Ford posts $1.7 billion quarterly loss, offers weak 2020 forecastFord Motor Co on Tuesday posted a fourth-quarter loss and provided a weaker-than...
Read more »
How James Mangold & Editing Pit Crew Revved Up ‘Ford v Ferrari’With ballots due at 5PM today, Disney’s 20th Century Studios Ford v. the Ferrari raced to the Oscar finish line with its final screening of the season last night. The James Mangold-directed a…
Read more »
Elon Musk is as if 'Thomas Edison and Henry Ford made a baby,' analyst says as Tesla stock soarsMorgan Stanley analyst Adam Jonas gave Tesla's Elon Musk high praise on Tuesday.
Read more »
Harrison Ford 'Can't Wait' to Return for Indiana Jones 5: 'It's Not a Reboot,' Says Kathleen KennedyLucasfilm president Kathleen Kennedy confirmed Harrison Ford is reprising his role as Indiana Jones in the fifth installment in the franchise
Read more »
Ford shares slide after weaker-than-expected 2020 forecastFord Motor Co shares nosedived on Tuesday after it handed investors a weaker-tha...
Read more »