Why Ford Stock Suddenly Hit a Speed Bump in July
Having rallied more than 20% in just a few weeks between mid-June and mid-July, shares of Ford Motor Company (NYSE: F) looked primed to fly even higher. Instead, the auto stock suddenly hit a speed bump and ended July down 13.7%, according to data provided by S&P Global Market Intelligence.
Blame Ford's numbers.
Ford's second-quarter profits came in below analysts' expectations, what with its net income falling 5% year over year to $1.8 billion despite 6% growth in revenue. Vehicle recalls and warranty costs are costing Ford billions of dollars and eating into its profits. Meanwhile, Ford's electric vehicle (EV) business continues to lose money.
Source Fool.com
