According to a report by Reuters, a jury in Alabama awarded $151.8 million to Travaris Smith, a young man who remained paralyzed as a result of a rollover accident in 2015, which involved a Ford Explorer sport-utility vehicle.
The jury found on Friday that the 1998 Explorer failed to meet Fords own safety guidelines, while the company “acted wantonly” when designing the SUV, Reuters reported by citing a court document.
Ford shares closed higher for a second consecutive trading session in New York on Friday. It has also been the sharpest daily surge since February 12th. The stock went up 1.43% ($0.12) to $8.54, after touching an intraday high at $8.56, or a price level not seen since February 13th ($8.66).
Shares of Ford Motor Company have risen 11.63% so far in 2019 compared with a 10.72% gain for the benchmark index, S&P 500 (SPX).
In 2018, Ford Motor Co’s stock plummeted 38.75%, thus, it underperformed the S&P 500, which registered a 6.24% loss.
The US auto maker said it would appeal.
“Our sympathy goes out to Travaris Smith and his family. At the same time, we disagree with the jury’s conclusion in this case as well as with a series of rulings by the Alabama court that kept the jury from hearing critical evidence – and will appeal,” Monique Brentley, a spokesperson for Ford, said in a statement, cited by Reuters.
According to CNN Money, the 19 analysts, offering 12-month forecasts regarding Ford Motor Company’s stock price, have a median target of $10.00, with a high estimate of $12.00 and a low estimate of $6.00. The median estimate represents a 17.10% upside compared to the closing price of $8.54 on February 15th.
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.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Ford Motor Company (F) are presented as follows:
Central Pivot Point – $8.50
R1 – $8.70
R2 – $8.87
R3 – $9.07
R4 – $9.28
S1 – $8.33
S2 – $8.13
S3 – $7.96
S4 – $7.80
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