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Monday, January 23, 2006 

Ford gave some fresh air to the market

Chart courtesy of stockcharts

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

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  • I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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