Why Ford Stock Hit the Skids Today
When Ford (NYSE: F) delivered its first-quarter numbers after the bell Wednesday, it reported a $3.1 billion net loss for the period. Most of that was due to the plunging value of its investment in EV start-up Rivian Automotive (NASDAQ: RIVN). But Ford stock still took a hit in Thursday morning trading. As of 12:06 p.m. ET, Ford shares were down 3.7% after having dropped as much as 6% earlier in the session.
The market's negative reaction to the Q1 report likely stemmed from issues beyond the performance of its Rivian stake. The state of that investment will need to be reported as gains and losses on paper for as long as Ford holds it. But on the earnings conference call, CEO Jim Farley noted several items more connected to the company's core business that could be concerning to investors.
Source Fool.com
