US:Ford stock slips to 52-week low
Ford stock slips to 52-week low
By Amy Wilson
Ford Motor Co.'s stock price slid to a new 52-week low in the wake of the profit warning issued by the automaker late Friday.
Ford stock closed at $10.44 on Monday, down 59 cents. The automaker's previous 52-week low was $10.94.
Ford cut its expected 2005 earnings on Friday by at least 23 percent. It said full-year earnings are now expected to range between $2.3 billion and $2.76 billion, or $1.25 to $1.50 per share. Ford previously had estimated 2005 earnings of $3.21 billion and $3.58 billion, or $1.75 to $1.95 per share.
Ford also announced that it wouldn't meet its 2006 forecast of $7 billion in pretax profits, a centerpiece of its turnaround plan. Ford said higher health care and commodity costs, rising gasoline prices, lower sales of large SUVs and burgeoning price competition all contributed to the poorer outlook.
Ford was the second major automaker to announce a profit shortfall in the past few weeks. GM cut its earnings outlook on March 16.
My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.
My next Ford.....