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Ford Stock Rebounds On Earning News
Filed under EconomyJul 23Ford’s loss of only $638 million dollars this last quarter helped Ford’s stock rise on the unexpected news.
Ford is one of the few American car companies that have not received a government bailout in the last year. Due to cost cutting, accounting maneuvers, and a gain in market share throughout the world, Ford was able to cut losses in the last quarter. Company officials expect to return to profitability sometime in 2011.
Ford actually turned a $86 million profit in Latin America and $138 million profit Europe – largely due to gains in market share. The North American market is still a sore spot for sales, but Ford saw a smaller domestic sales drop than rivals GM and Chrysler. Ford is actually positioned quite well to make a turn around.
As of 2 PM EST the stock gained 0.51 or (8.01%).
Tagged as: Ford Stock
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