The day is starting with an explosion, Ford Motor Co. released their earnings report and to no surprise, it was horrible. They stated that they’re going through cash quicker than they could burn it. Not really , but the report states that they lost $129 million in the third quarter. Ford lost $1.34 per share which beat the street’s estimate (I mean “beat” in a bad way) of losing only $0.94 per share.
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Ford also said that it would be cutting roughly 2,260 of white collar employees.
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It’s no surprise to see Ford post such great loses since earlier in the week we heard about GM releasing a statement that they will only be able to survive another hundred days and need financial support from the federal government. Yesterday the big three automakers went in front of the Washington to inform the politicians of the severity of the situation.
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In pre-market trading the markets are poised to open higher than yesterday’s closed. It’s no surprise that it would move higher after the last two days. As I’m writing this, the markets opened and the DOW opened 100 points higher, the NASDAQ is opened 20 points, S&P500 up 8.
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