Why Ford Shares Sank Then Recovered Today
Ford (NYSE: F) reported its October sales numbers Wednesday, and initially, the market wasn't impressed. Shares of the U.S. automaker dropped by as much as 2.4% in early trading. But investors saw a positive side to the report too, and by 11:45 a.m. ET, Ford shares had rebounded and were up by 1.2% for the session.
The initial drop likely was prompted by the report's headline number, which showed Ford's U.S. sales had dropped by 10% versus last October. That slump was due to ongoing supply chain constraints, and Ford badly underperformed relative to the general auto industry. CNBC reported that in October, total U.S. auto sales increased by 9.1% year over year to almost 1.2 million units, citing data from Edmunds.
Image source: Ford.
Source Fool.com
