Things have been so bad at Ford (F) that there is nothing left to cause its stock to rally. High gas prices have be undermining sales of its profitable SUVs and pick-ups. It has been slow to get into the fuel-efficient gas and hybird vehicles markets
But, today Ford is up over 8%. Call it a government bail-out of sorts. Ford overpaid its taxes to the tune of $445 million. The Feds are giving it back. According to Reuters, the money is from interest owed "from tax overpayments in 1994, 1992, and the period 1983-1989."
Maybe the IRS will do the same for GM.
Douglas A. McIntyre
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