Ford gave some fresh air to the market
After a SELL OFF on Friday today Ford gave some fresh air to the market.
Shares of Ford Motor Co. rose as much as 5% to $8.32 after the company's fourth-quarter profit outstripped analysts' expectations and as management outlined its latest restructuring plans. The company have reported higher-than- expected fourth-quarter profit of $124 million, or 8 cents a share, compared with a year-ago profit of $104 million, or 6 cents.
Ford Motor said that it will cut 26% of manufacturing capacity in North America and between 25,000 and 30,000 of its plant-related staff in a move to return its automotive business in the region to profitability by no later than 2008. The automotive giant will take a pretax charge of $250 million for staff reductions and $220 million for fixed asset write-offs in 2006 also Bill Ford said in the conference call that the company will cut at least $6 billion in annual costs by 2010.
According to chart above Ford is now trading in a range between 8.57 and 7.57.
RSI is now Bullish.
Keep attention : Crude Oil close above 68$ again. March crude finished down 38 cents at $68.10 a barrel.
That's All. Have a nice evening !!!
AC
