As per a retraction or a correction, CNBC’s Phil LeBeau has just retracted (or corrected) his statement that Ford Motor Co. (NYSE: F) is going to post a loss for the quarter. The report was standing out so much that it seemed almost unlikely from the start. He noted that the automaker still expects a $0.26 EPS report. It is apparently the Asia-Pacific region that is expected to post a loss.
You have to love the power of a bad news break, but unfortunately it is going to happen no matter how you cut it. It has happened in the past and it will happen in the years ahead whether workers are human or bots… It would be generally expected that a company such as Ford would break news of this magnitude either in a formal press release or at least in an SEC filing rather than in a presentation not being watched openly as widely held as the stock is.
Ford shares went from up over 1% to down over 1% after the first CNBC report and now the stock is trading back up $0.07 at $11.87 on the day. We have also now traded over 74 million shares and that is well over the average of the 57 million shares traded on a full normal trading day in the markets. The 52-week trading range is $9.05 to $18.97.
JON C. OGG
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