Why Ford Stock Popped 20% in October
Shares of automaker Ford (NYSE: F) popped 20% in October, according to data from S&P Global Market Intelligence. The maker of the F-150 truck released its third-quarter earnings report on Oct. 27, beating analyst expectations, and raised guidance for its full-year results. This combination of factors, along with the recovery of the broad market at the end of October, is why the stock was up so much last month.
On Oct. 27, Ford released its financial results for the three months ending in September. Revenue was down 5% year over year in the quarter, but automotive revenue came in higher than analysts expected, at $33.2 billion versus the $32.5 billion consensus estimate. With the semiconductor shortage hurting Ford's ability to finish manufacturing cars, it was already expected that revenue would be depressed this quarter, so this result is not necessarily bad news.
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Source Fool.com
