While few companies have been spared as the stock market tanks in the United States today, Ford Motor Company’s shares seem to have been hit the hardest – so far. In early trading today, Ford’s stock hit its lowest point since the early 1980s (on an adjusted basis) – just over $3.30.
Though the market hasn’t closed yet, Ford’s stock is still floundering under $3.40, down about 16.5 percent from Friday’s close. Fitch Ratings downgraded Ford and Ford Credit to CCC (from B-), the “poor quality” rating meaning that the agency thinks Ford has a good chance of defaulting. Both CCC and B- are what the firm calls “noninvestment” or junk grade.
General Motors shares are down about 8.5 percent but are still hanging around $8.25 a share. GM was downgraded to CCC about a month ago.
10/06, 3:03 PM
posted by:
autonut
I kinda saw that one coming. My guess it will follow Lehman, if Ford is really lucky and and have lobbyists all over DC we will own this junk just like we own AIG (I would prefer not to own either).
10/06, 3:10 PM
posted by:
beemerdude
“While few companies have been spared as the stock market tanks in the United States today…”
Huh?
LLN’s writing is getting worse instead of better.
“Ford’s stock is still floundering under $3.40, down about 16.5 percent from yesterday’s close.”
Uh… aren’t the markets closed on Sundays?
10/06, 3:26 PM
posted by:
autonut
Markets are closed on Sundays, but on Mondaya they are open. Today is Monday, comes right after Sunday.
10/06, 3:38 PM
posted by:
1c3d0g
LMAO…autonut!
Well said. Sounds like “beemerdude” got one too many kegs of beer in his system…
10/06, 3:39 PM
posted by:
NRG
Also beemrdude, it would help if you actually read word for word what LLN stated. “Ford’s stock is floundering under $3.40, down about 16.5 percent from Friday’s close.” Where do you come up with “yesterday’s close”.
10/06, 3:48 PM
posted by:
yarddog82abn
EVERY ONES SHARES ARE DOWN…..
$700 billion did not make the effect Wall Street expected, the money is in the bank but it’s not moving, so mush protest made the consumers not believe in the bail-out, so the market is not moving, there for numbers go down… Heck, the barrel of oil went under $90 bucks, the market will be bad for a few days but it will get back up, once gas hit’s a low mark and everyone starts filling up there tanks every thing els will fallow… you’ll see…
10/06, 3:48 PM
posted by:
beemerdude
Autonut and NRG: LLN fixed it (thankfully). It originally said “yesterday’s close.” All I did was copy and paste!!
And yesterday was Sunday. The market was closed. Hence my comment.
10/06, 3:53 PM
posted by:
NRG
Then I stand corrected.
10/06, 5:37 PM
posted by:
Lariat Luxury Locomotive Liner No.3
Thankfully I have no money invested in Ford any longer. Ford will probably be the starting domino of American automobile manufacturer failures.
10/06, 8:23 PM
posted by:
RTT10
Lariat Luxury Locomotive Liner No.3 is right.. just wait until they all start crashing down
10/07, 1:52 AM
posted by:
howsmydriving
This is what happens when a company goes out of its way to make the most boring automobiles on the planet.
10/07, 6:59 AM
posted by:
ricky_b
These next couple of years are really going to be the end of make-or-break for Ford in NA. We’ll see if they can pull it off.
10/07, 1:12 PM
posted by:
TomF
We’ve been saying that for the last ten years at least, ricky_b. Bill Ford was the make-or-break CEO, remember? And he broke. All this time, Ford has studiously ignored the marketplace and all the macro trends that are coming home to roost right now, from oil price trends to customers running out of credit. The company has earned the fix it’s in, pure and simple.
We’ll be all right, eventuallly, in a post-Ford world. I remember when we couldn’t imagine getting along without Pan Am, either.
10/07, 5:00 PM
posted by:
muttonchops
Toyotas aren’t exactly brimming with excitement.
And the stock is at 2.92 at tuesday’s close…