According to a statement by Ford Motor Company (F) on Thursday, it intends to shut down its Blanquefort gearbox facility located in Bordeaux, France, in case no buyer for the plant emerges.
Ford shares closed higher for a fifth consecutive trading session in New York on Thursday. The stock went up 0.50% ($0.06) to $12.03, after touching an intraday high at $12.15, or a price level not seen since January 17th ($12.44).
Shares of Ford Motor Company have retreated 3.68% so far in 2018 compared with a 3.62% gain for the underlying index, S&P 500 (SPX).
In 2017, Ford’s stock surged 2.97%, thus, it again underperformed the S&P 500, which registered a 19.42% return.
Ford also said its management had presented a closure plan to unions at the French plant, which involves layoffs and early retirements that may come into effect from September next year.
As many as 900 employees work at Fords Blanquefort facility.
According to Reuters, citing a spokesperson for the US auto maker, negotiations are currently held between Ford and one potential buyer for the site, who remains unidentified due to a non-disclosure agreement.
Meanwhile, unconfirmed reports in the French press stated that transmissions supplier Punch Powerglide was in talks with Ford in relation with the Bordeaux facility.
According to CNN Money, the 20 analysts, offering 12-month forecasts regarding Ford Motor Company’s stock price, have a median target of $12.50, with a high estimate of $16.00 and a low estimate of $8.00. The median estimate is a 3.91% surge compared to the closing price of $12.03 on June 7th.
The same media also reported that 16 out of 23 surveyed investment analysts had rated Ford Motor Company’s stock as “Hold”, while 5 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, today’s levels of importance for Fords stock are presented as follows:
R1 – $12.047
R2 – $12.065
R3 (Range Resistance – Sell) – $12.082
R4 (Long Breakout) – $12.135
R5 (Breakout Target 1) – $12.196
R6 (Breakout Target 2) – $12.221
S1 – $12.013
S2 – $11.995
S3 (Range Support – Buy) – $11.978
S4 (Short Breakout) – $11.926
S5 (Breakout Target 1) – $11.864
S6 (Breakout Target 2) – $11.839
By using the traditional method of calculation, the weekly levels of importance for Ford Motor Company (F) are presented as follows:
Central Pivot Point – $11.613
R1 – $11.867
R2 – $12.023
R3 – $12.277
R4 – $12.530
S1 – $11.457
S2 – $11.203
S3 – $11.047
S4 – $10.890