In a statement at the Bloomberg business forum conference in New York City on Wednesday, Ford Motor Company’s CEO James Hackett noted that metals tariffs were costing the US auto maker $1 billion.
Ford shares closed lower for a fourth consecutive trading session in New York on Thursday. The stock went down 0.43% ($0.04) to $9.23, after touching an intraday low at $9.20, or a price level not seen since August 7th 2012 ($9.18).
Shares of Ford Motor Company have retreated 26.10% so far in 2018 compared with an 8.99% gain for the underlying index, S&P 500 (SPX).
In 2017, Ford’s stock went up 2.97%, thus, it again underperformed the S&P 500, which registered a 19.42% return.
In March, the Trump administration said that a 25% tariff would be imposed on imported steel in the US and a 10% tariff would be imposed on imported aluminum. In response, auto makers warned such a move would lead to higher vehicle prices, as manufacturers would face higher commodity costs.
Ford had said that although it purchased most of the steel and aluminum for its production in the US from local suppliers, the new tariffs might lead to higher commodity prices locally.
In July, Ford revised down its full-year earnings forecast because of shrinking sales and trade tariffs in China. Earlier this month, the auto maker said that its total vehicle sales in China had registered a 36% annual drop in August.
According to CNN Money, the 20 analysts, offering 12-month forecasts regarding Ford Motor Company’s stock price, have a median target of $12.00, with a high estimate of $15.00 and a low estimate of $7.00. The median estimate represents a 30.01% upside compared to the closing price of $9.23 on September 27th.
The same media also reported that 16 out of 22 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 – $9.242
R2 – $9.254
R3 (Range Resistance – Sell) – $9.266
R4 (Long Breakout) – $9.302
R5 (Breakout Target 1) – $9.343
R6 (Breakout Target 2) – $9.360
S1 – $9.218
S2 – $9.206
S3 (Range Support – Buy) – $9.194
S4 (Short Breakout) – $9.159
S5 (Breakout Target 1) – $9.117
S6 (Breakout Target 2) – $9.100
By using the traditional method of calculation, the weekly levels of importance for Ford Motor Company (F) are presented as follows:
Central Pivot Point – $9.740
R1 – $10.050
R2 – $10.250
R3 – $10.560
R4 – $10.870
S1 – $9.540
S2 – $9.230
S3 – $9.030
S4 – $8.830
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