Why Ford, ChargePoint, and Blink Charging Are Plunging This Week
Shares of many growth and technology stocks have dropped significantly this week. Most investors don't think of Ford Motor (NYSE: F) as being in that category of stocks, but it is becoming more of an electric vehicle (EV) company. Ford, and EV charging stocks ChargePoint Holdings (NYSE: CHPT) and Blink Charging (NASDAQ: BLNK), have been dropping by double digits this week. As of early Friday morning, Ford shares were down 16.4% for the week, while ChargePoint and Blink were both lower by about 19%, according to data provided by S&P Global Market Intelligence.
Ford didn't help its investing case this week when it reported that $1 billion in "inflation related supply costs" will hit its third-quarter results. On top of that, the company is losing some sales due to a shortage of parts caused by supply chain problems. Ford said that between 40,000 and 45,000 vehicles are sitting mostly finished, but still waiting on some parts. Those sales will now likely be realized in the fourth quarter.
Source Fool.com
