Ford bounces back from multiyear low
DEARBORN, Mich. (CBS.MW) -- Shares of No. 2 automaker Ford Motor bounced back from levels not seen in almost 10 years Wednesday as the broader market staged a late-afternoon advance.
Shares of Ford ended the day down 9 cents to $11.35. More than 18 million shares had changed hands in a session that saw the stock hit $10.65 a share -- average daily volume is just over 9 million shares.
The last time the stock traded this low was in December 1992.
As a policy, Ford, headquartered in Dearborn, Mich., doesn't comment on the stock price, said spokesman David Reuter.
The spreads on Ford bonds are widening, noted Ron Tadross, analyst at Bank of America Securities. "They have a better balance sheet than GM. I don't know why they'd penalize it [the stock] so much," he said.
Shares of other automakers were higher, with No. 1 automaker General Motors (GM: news, chart, profile) rising $1.63 to $44.69.
Earlier this week, Ford's top executives signed off on the company's financial results, ahead of Wednesday's SEC-mandated deadline. The company also said it will sell its Kwik-Fit European repair business at a loss. See full story.
Last week, the company hosted an analyst dinner where executives fielded questions about the company's restructuring and debt-rating prospects. UBS Warburg analyst Saul Rubin summed it up simply in a note to clients after the meeting: "Lively and entertaining; at times, rather worrying."
Source: (CBS MarketWatch)