Ford may cut more than the planned 34,000 jobs from its workforce in response to dismal second-quarter earnings. Merrill Lynch analyst John Murphy upgraded Ford on Tuesday to a “neutral” rating from his previous “sell” recommendation. He said part of the reason for the upgrade is his expectations of further job cuts. Murphy said the job cut plan at Ford “is currently a repeat of the old revitalization. However, it is on the verge of being accelerated with the update expected by mid September. We believe the key is accelerating headcount reduction.”
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