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U.S. Auto Stocks Slide on 2Q Financial Reports
Wednesday’s subdued financial reports from General Motors, Ford and Fiat Chrysler Automobiles prompted slides in stock prices for all three companies.
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Wednesday’s subdued financial reports from General Motors, Ford and Fiat Chrysler Automobiles prompted slides in stock prices for all three companies.
Shares fell 5% for GM and 12% for FCA, both of which reported second-quarter results before the stock market opened. Ford, which presented its earnings report after the market closed, saw shares fall 4% in after-hours Wednesday night.
FCA’s stock decline was due in part to investor jitters following the death of CEO Sergio Marchionne earlier in the day.
All three carmakers cited the negative impact of U.S.-imposed import tariffs on aluminum and steel. All three adjusted their full-year outlooks downward, based on the uncertainties of trade conditions between the U.S. and its North American neighbors, Europe and China through the second half of 2018.
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