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Ford’s Stock Price Slides to 6-Year Low
Ford Motor Co.’s common stock closed at $8.95 per share on Tuesday, marking the first time the price fell below $9 since August 2012.
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Ford Motor Co.’s common stock closed at $8.95 per share on Tuesday, marking the first time the price fell below $9 since August 2012.
Ford share price, which peaked above $34 in early 1999, has plunged nearly 50% over the past four years.
In January, Ford announced it was embarking on a global “fitness” program to streamline operations and overhaul its product lineup. The company anticipates $11 billion in restructuring charges over 3-5 years. But it has struggled to articulate a coherent picture of the strategy.
Last month Chief Financial Officer Bob Shanks told the Detroit Free Press that Ford has a “very clear idea” about its direction. But he conceded the company hasn’t been clear about the specific actions it plans to take.
Skeptical investors believe Ford’s shadowy plan will take several years to gain traction. In August, Moody’s Investors Service agreed, dropping its credit rating for the carmaker to one notch above junk status.
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