Russia’s industry ministry said on Wednesday that Ford Motor Company (F) was expected to review its business operations in the country by the end of 2019.
Ford shares closed lower for a second consecutive trading session in New York on Wednesday. It has also been the steepest daily loss since February 21st. The stock went down 2.17% ($0.19) to $8.58, after touching an intraday low at $8.56, or a price level not seen since February 22nd ($8.56).
Shares of Ford Motor Company have risen 12.16% so far in 2019 compared with a 10.56% 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.
According to Reuters, citing a statement by the industry ministry, Fords shareholders are reviewing the auto maker’s business plans in Russia.
The ministry also said that, at present, Ford’s Russian factories are operating normally.
According to an earlier report by Reuters, the US auto maker intends to shut down two facilities in Russia as part of global restructuring efforts.
According to CNN Money, the 18 analysts, offering 12-month forecasts regarding Ford Motor Company’s stock price, have a median target of $9.25, with a high estimate of $12.00 and a low estimate of $6.00. The median estimate represents a 7.81% upside compared to the closing price of $8.58 on March 6th.
The same media also reported that 14 out of 21 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 – $8.78
R1 – $8.95
R2 – $9.12
R3 – $9.29
R4 – $9.47
S1 – $8.61
S2 – $8.44
S3 – $8.27
S4 – $8.11