Ford (F) is off almost 5.5% today, victim of the double whammy.
With private equity frightened of its own shadow and the $10 billion Home Deport (HD) Supply deal in trouble, it is unlikely that Ford can unload Jaguar and Rover. Jaq has lost money in the past, so any deal of the two units would probably require substantial leverage. No one is going to have an interest in that.
Over on the other side of the debt crisis, signals are the mortgage defaults are rising. Consumers who can’t sell their homes are not going to buy cars. People who have lost their homes probably aren’t in the market for a pick-up.
Yesterday, Ford had a bit of a run when its new CEO said that the company still believed that 2009 could be profitable. Today’s market could make that comment look irrational.
Douglas A. McIntyre
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