|Bid||6.08 x 43500|
|Ask||6.07 x 40700|
|Day's Range||5.74 - 6.10|
|52 Week Range||3.96 - 10.56|
|Beta (5Y Monthly)||1.30|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jul. 30, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Jan. 29, 2020|
|1y Target Est||6.20|
From stay-at-home orders to manufacturing shutdowns, the auto industry had a rough start to the year.
Officials in Ontario's Windsor-Essex region called on the provincial or federal government Friday to take the reins in tackling COVID-19 outbreaks in farms, saying the situation requires more co-ordination than they can provide themselves.Windsor Mayor Drew Dilkens said there have been instances where "the left hand doesn't know what the right hand is doing," and having a lead agency would help prevent that."Everyone is doing the best they can do locally but this type of situation requires a different level of co-ordination because of the complexity involved," he said in a news conference with other local leaders Friday morning."What we want to do is make sure there are no gaps," and no duplication of efforts, he said.He noted, for example, that if migrant workers who test positive are being housed in a hotel, there must also be arrangements to deliver meals to them so they don't have to leave their rooms.Leamington Mayor Hilda MacDonald said there should be incentives for farms to have their workers tested, or fines for those who refuse."It's a prickly issue, no one seems to want to take that on but someone needs to. If we don't get somebody to do this, we'll just keep going round and round in circles," she said."There has to be something, a carrot or a stick, basically."Asked whether the province was willing to take over the COVID-19 response in the area, Premier Doug Ford would only say it's "all hands on deck" when it comes to addressing farm outbreaks.He said federal and provincial inspectors are already in the region, as are local and provincial health officials and the Ministry of Health.Farms in Windsor-Essex have been hit hard by COVID-19, with four currently in outbreak.Hundreds of migrant workers have tested positive for the virus, and three have died — two of them in Windsor-Essex and one in Norfolk County.Two more farm workers were reported to have tested positive on Friday, according to the Windsor-Essex health unit.Health officials in Lambton County said they have offered voluntary, on-site testing to farms in that region that hire temporary foreign workers or seasonal employees.Of the 86 tests completed at six farms in the last two weeks, 84 have been negative and two are still pending, the health unit said.Lambton County expects to see between 200 and 300 temporary foreign workers arrive for seasonal work at area farms, it said."The response has been good and we are having regular conversations with local farm operators on how to prevent COVID-19 transmission and manage the risk for any possible outbreak," Dr. Sudit Ranade, the county's medical officer of health, said in a statement.Ontario reported 116 new cases of COVID-19 on Friday, and seven new deaths due to the novel coronavirus.The total number of cases now stands at 36,464, which includes 32,155 marked as resolved and 2,710 deaths.The province is also reporting 178 newly resolved cases today. More than 27,484 tests for the novel coronavirus were completed over the previous 24 hours.The number of people in hospital because of the virus dropped slightly, while people in intensive care and on ventilators both slightly increased.The farm outbreaks delayed the economic reopening in the Windsor-Essex region, particularly in the towns of Leamington and Kingsville, which were the last two communities to reach Stage 2 this week.The Ontario government last week deployed a team from its emergency management agency to help co-ordinate care and housing for farm workers who tested positive for the virus.Meanwhile, Ford planned to make multiple public appearances at businesses on Friday to thank Ontario workers for their service during the pandemic.The premier, alongside Economic Development Minister Vic Fedeli, promoted a program meant to help Ontarians identify products made in the province, in an effort to boost the local economy.The Ontario Made program, which is run by the Canadian Manufacturers & Exporters organization, is receiving $500,000 in provincial funding through the Ontario Together Fund launched in April.This report by The Canadian Press was first published on July 10, 2020.Paola Loriggio, The Canadian Press
Yahoo Finance checks in with Carvana founder and CEO Ernie Garcia on car buying demand amidst the COVID-19 pandemic.
Amazon.com is launching a new fleet of bigger, boxier trucks like those favored by rival package carriers United Parcel Service Inc and FedEx Corp, as it fights to fix widespread pandemic-fueled delivery delays that sent customers into the arms of competitors like Walmart Inc. The world's largest online retailer ordered more than 2,200 heavy-duty Utilimaster "walk-in" delivery trucks from Shyft Group, a Michigan-based specialty vehicle company, an Amazon spokeswoman told Reuters. The company declined to say how many of the vehicles have been sent to Amazon delivery contractors, or where they would be deployed.
Bank lenders for high-quality US companies are taking different refinancing avenues as they seek to extend maturities on billions of US dollars in loans at a time when the Covid-19 pandemic has made liquidity a top priority. Corporations that historically kept their credit agreements intact while extending maturities are now making significant changes to the loan documents accepting risk-mitigating concessions on pricing, terms and the loans’ longevity, while others seem exempt from the new requirements. Gilead Sciences, IBM and Ford Motor Co have tapped the market recently, with transactions that have pushed maturities out and ensured their access to capital following company-specific strategies that reflect different lenders’ perceptions of the credits and the changing times.
A strong vehicle lineup and robust demand amid the lifting of coronavirus-induced lockdown restrictions in China drive Ford's (F) second-quarter sales in the country.
Ford Motor Company (NYSE:F) and Ford Motor Credit Company will release their second quarter 2020 financial results at 4:05 p.m. ET on Thursday, July 30.
The bond purchases come on top of $428 million bonds bought by the Fed in the first few days of the corporate bond-buying program, launched June 18. The facility is part of a raft of new programs set up to nurse the economy through the coronavirus pandemic.
Ford says staffing restrictions at an engine plant in Mexico are ‘not sustainable’, and the U.S. ambassador to Mexico says the company may have to start shutting down U-S plants if they can’t get enough engines. Yahoo Finance's Brian Sozzi, Alexis Christoforous, and Rick Newman discuss.
Ford Motor Co on Thursday said restrictions imposed by Mexico's Chihuahua state on staffing at factories producing vital car parts was "not sustainable", but that it would not impact production next week in Ford's U.S. plants. Kumar Galhotra, Ford president for Americas and International Markets Group, said Chihuahua had limited employee attendance to 50% in plants in a state where Ford has "several suppliers".
Ford Motor Co. could have to shut down factories in the United States next week if they don't receive engines produced for their cars in Mexico's Chihuahua state, the U.S. Ambassador to Mexico Christopher Landau said on Thursday. Landau said a senior Ford executive told him Wednesday night about his company's concerns about the engines produced by Ford in Chihuahua state, where the governor has "limited industrial capacity to 50%" due to worries about the coronavirus. "They're saying that they're going to start shutting down factories in the United States as of next week if they don't get that rolling," added Landau, in a talk organized by the Atlantic Council.
For investors who have watched COVID-19 put the global automotive industry through pain, whether it's suppliers, manufacturers, dealerships, or many others, there's a glimmer of hope that automakers could recover from China's slump sooner than originally believed. Ford sold nearly 159,000 vehicles during the second quarter. Ford's transit commercial vehicles grew 60.9% compared to the prior year, and Lincoln luxury vehicles gained 12%.
Ford Motor Co said that its vehicle sales in mainland China rebounded in the June quarter, growing 3% from the same period last year, largely driven by strong demand following the lifting of COVID-19 pandemic restrictions.
Ford Motor Co <F.N> said its China vehicle sales increased 3% in April-June from a year earlier, its first quarterly sales rise in the world's bigggest auto market in almost three years. Ford has been seeking to recover from a slump in sales unprecedented for a major global automaker in China, with sales sinking 26% last year after a 37% drop in 2018. China sales for the second quarter climbed to 158,589 units, Ford said in a statement, attributing the rise to a stronger vehicle lineup including new sport-utility vehicles and locally-made luxury Lincoln cars and "strong demand following the lifting of COVID-19 pandemic restrictions".
The White House CEO dinner on Wednesday evening with Mexican President Andres Manuel Lopez Obrador will have some notable absences among corporate invitees - one because of a positive coronavirus test. American Farm Bureau President Zippy Duvall tested positive for COVID-19 on Wednesday morning, after he experienced a fever and a cough, and will not attend the dinner, a spokeswoman for the trade group said. The dinner, in the White House's East Room, is the most prominent state-level social event hosted by the Trump administration since coronavirus lockdowns began in March.
Shares of Nikola are “starting to look attractive for long-term investors” says JPMorgan analyst Paul Coster, upgrading the stock to Overweight from Neutral.
(Bloomberg) -- Civil rights organizations criticized Facebook Inc. following a meeting with top executives Tuesday, claiming the company hasn’t taken seriously demands to better police its service from hate speech and misinformation.“Facebook approached our meeting today like it was nothing more than a PR exercise,” Jessica González, co-chief executive officer of Free Press, a non-profit media advocacy group, said in a statement following the meeting. “I’m deeply disappointed that Facebook still refuses to hold itself accountable to its users, its advertisers and society at large.”Facebook CEO Mark Zuckerberg and Chief Operating Officer Sheryl Sandberg also met with members of the NAACP, the Anti-Defamation League and Color of Change, who have organized a boycott of the company’s advertising products in seeking to prompt change. The executives didn’t “commit to a timeline” to remove disinformation and hate speech, Gonzalez said, but instead “delivered the same old talking points to try to placate us without meeting our demands.”“The meeting we just left was a disappointment,” said Rashad Robinson, president of Color of Change, on a call with reporters.The forum, which lasted about an hour and was held over video conference, was intended to be a venue to discuss proposed solutions to making the Facebook platform less toxic, such as adding executives with civil rights experience to its top ranks and fact-checking political speech, among other changes.“Today we saw little and heard just about nothing,” said Jonathan Greenblatt, CEO of the Anti-Defamation League, who was in the meeting. “The company is functionally flawed.”Since the groups called for the boycott, hundreds of advertisers, including well-known brands such as Unilever NV, Verizon Communications Inc., and Coca-Cola Co., have announced plans to pull advertising from Facebook’s properties over criticism the company doesn’t do enough to police user content. As the boycott grew, Facebook approached the civil rights organizations about a meeting, though the groups refused to meet without Zuckerberg in attendance.“They want Facebook to be free of hate speech and so do we,” Facebook said in a statement following the meeting. The company pointed to efforts it has made in recent years, including a mention of an audit of its policies and practices and noting that it has spent billions of dollars building systems to police its service. “We know we will be judged by our actions not by our words and are grateful to these groups and many others for their continued engagement.”Facebook has defended its attempts to fight hate speech and voter suppression in emails and phone calls with advertisers, talking up the company’s automated systems which find and remove these kinds of posts automatically. The company has also highlighted a voter registration initiative through which it hopes to register 4 million voters before the 2020 election.Greenblatt described Facebook’s claim that it catches 89% of hate speech automatically as an unacceptable number. “The Ford Motor Co. can’t say that 89% of our fleet has seatbelts that work,” he said, adding that it would require a recall. “Maybe it’s time we recall Facebook Groups? Maybe it’s time we recall the News Feed?”Another topic of discussion on the call was the civil rights audit of Facebook’s policies, which the company first started in mid-2018. Facebook, which has said it will publish the full report Wednesday, previewed some of the results with the civil rights groups during the meeting. The audit was carried out by a third party, meaning the results are independent of Facebook, but also that they are less likely to lead to change, Robinson said.“What we get is recommendations that they end up not implementing,” he added. Facebook will make some changes to add “long term civil rights infrastructure” to the company, but Robinson said the details were still “unclear.”What was clear from the outset was that the two sides wouldn’t likely come to a resolution on Tuesday. In a post before the meeting started, Sandberg acknowledged that Facebook needs to do more to fight hate speech, but also said that the company is unlikely to implement all the recommendations from the civil rights audit.The civil rights groups said that their fight with Facebook is far from over. “I believe this campaign will continue to grow,” Greenblatt said. “It will get more global, it will get more intense until we get the answers that I think we are looking for.”(Updates with more details from meeting starting from sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Ford Motor Co is in discussions with its lenders to extend maturities on US$5.35bn in existing credit facilities, two sources familiar with the discussions said. The second-largest US automaker has reached out to lenders within its top 20 bank group for a one-year extension of its US$3.35bn three-year main corporate revolving credit facility and US$2bn three-year supplemental revolving credit facility. The company is offering an all-in spread of 225bp over Libor, split between a drawn spread of 175bp and an undrawn fee of 50bp for the main corporate and supplemental revolving credit facilities, one of the sources said.
In a bull case, Tesla shares could surge as high as $2070, says Morgan Stanley’s Adam Jonas — though his official call is still bearish with a target of $740.
Shares of Graf Industrial (NYSE: GRAF) were trading lower on Tuesday, amid a broader sell-off of stocks in companies focused on the future of transportation. Graf is a special-purpose acquisition company that last week announced a deal to merge with Velodyne Lidar, the largest maker of lidar sensors. Velodyne's lidar sensors are used by highly automated and prototype self-driving vehicles, as well as by some types of robots.
Amid the coronavirus mayhem, which has caused motor show schedules go haywire, automakers are now aggressively switching from in-person reveals to online events.
While General Motors' (GM) defense arm secures contracts worth $223 million to manufacture infantry squad vehicle, Ford (F) ties up with Disney for the launch of its Bronco SUV.
Ford Motor Co <F.N> on Monday rolled out the product and marketing strategy for its new family of Bronco SUVs designed to take a bite out of Fiat Chrysler Automobiles' <FCHA.MI> <FCAU.N> profitable Jeep franchise. Ford's Bronco lineup, launching later this month, will include two- and four-door models, as well as a smaller Bronco Sport. The vehicles' boxy looks, their new bucking bronco logo, a "Bronco Nation" online fan club along with the "Built Wild" marketing campaign are all part of Ford's plan to muscle into the lucrative off-road adventure segment that Jeep has dominated for decades.
(Bloomberg Opinion) -- If you’re not clear on Environmental, Social and Governance investing, you’re not alone. The Department of Labor appears to be just as confused. Luckily, Facebook Inc. may serve as an example to help clarify the burgeoning investing movement. The Labor Department issued a proposed rule recently that is being widely interpreted as a ban on ESG investing in retirement accounts. A news release said the rule “is intended to provide clear regulatory guideposts” for corporate pensions and 401(k) plans around ESG investing. What it’s actually doing, however, is sowing utter confusion. “Private employer-sponsored retirement plans are not vehicles for furthering social goals or policy objectives that are not in the financial interest of the plan,” Secretary of Labor Eugene Scalia said. But ESG has nothing to do with furthering social goals or policy objectives. By definition, ESG investing is strictly a financial endeavor, an attempt to improve the performance of portfolios by limiting their exposure to companies whose environmental, social or governance policies, or lack of them, are deemed risky. In that regard, it’s no different from striking a balance between stocks and bonds, investment-grade bonds and junk, stocks of large and small companies, or any number of decisions investors routinely make to manage risk and attempt to boost risk-adjusted returns. Consider Facebook. The social media behemoth has problems. A growing number of big corporate advertisers such as Coca-Cola Co., Starbucks Corp., Microsoft Corp. and Ford Motor Co. are pulling their ads, fearing they might appear alongside hate speech, misinformation and other divisive content routinely posted on the platform. Facebook also faces a slew of antitrust inquiries from Congress, the Justice Department and a coalition of state attorneys general, as well as increasing bipartisan calls to remove legal protections that limit the company’s liability over content posted by users. Complaints about Facebook aren’t new. There have been widespread concerns about how the company handles user data since at least 2018, when news surfaced that Cambridge Analytica had obtained personal data of up to 87 million users. But Facebook has largely ignored its critics, mainly because co-founder and Chief Executive Officer Mark Zuckerberg controls the company and doesn’t appear to share the concerns, at least not enough to do anything meaningful about them. So far, Zuckerberg has made mostly symbolic gestures, such as rolling out a new voter information hub and agreeing to meet with civil rights groups who organized the advertising boycott. Zuckerberg no doubt prefers to wield absolute power, but it’s a risky proposition for Facebook’s shareholders. There is growing evidence that companies with strong governance generally perform better and are less likely to fail than those with weak governance, which also makes them a less volatile and better-performing investment over time. The best ones have policies that hold management accountable and balance the competing demands of shareholders, creditors, workers, suppliers, customers and regulators. Suffice it to say, while Zuckerberg is on the throne, Facebook has few of those checks and balances.That’s a problem because Zuckerberg is the sole arbiter of what is and isn’t a hazard for Facebook, even if all indications are to the contrary. And clearly, not everyone at the company agrees with Zuckerberg’s sanguine outlook. Facebook employees recently staged a virtual walkout, and some senior figures publicly expressed their disapproval of Zuckerberg’s laissez-faire approach to policing content. If there were a greater diversity of opinion in Facebook’s decision-making process, perhaps it would have been more attune to the many threats it now faces. The risk posed by Facebook’s strongman governance is the “G” in ESG. Not surprisingly, Facebook receives poor marks for governance. Institutional Shareholder Services, a leading provider of ESG ratings, gives Facebook a 10 for governance, the highest risk score on its 10-point scale. And according to various governance metrics tracked by Bloomberg, such as percentage of independent directors and board size, governance has weakened at Facebook over the last decade. For investors worried about the governance risk around Facebook, reducing their exposure to the company, or even eliminating it entirely, is a reasonable financial move — one that is consistent with, in fact prescribed by, the Labor Department’s “longstanding position” that retirement plans “select investments and investment courses of action based on financial considerations relevant to the risk-adjusted economic value of a particular investment.” It’s also the essence of ESG.Scalia and the Labor Department appear to confuse ESG with what would more accurately be called socially responsible investing, or SRI, which attempts to align investors’ portfolios with their values by excluding companies and industries that conflict with those values, regardless of financial impact. It’s no less odd that the Labor Department wants to ban SRI. While I suspect SRI investors will pay a price for mixing their money and their values, there’s little evidence so far that SRI is a drag on portfolios or that it would undermine the “retirement security of American workers,” as Scalia seems to fear. So if 401(k) participants and pension beneficiaries want their money aligned with their conscience, it’s not clear why the Labor Department should stand in the way, particularly when it’s part of an administration that professes devotion to deregulation, small government and religious freedom. But at the very least, the Labor Department should clarify that it’s targeting SRI, not ESG.If the rule stands, one silver lining is that it might promote a clearer separation between ESG and SRI, which would help investors navigate the growing social investing landscape. Funds that blend the two are a particular source of confusion. The iShares ESG MSCI USA ETF, for example, both invests in stocks with strong ESG scores and excludes tobacco and weapons companies. The Labor Department’s proposed rule would presumably disqualify it from inclusion in retirement plans, and thereby discourage more funds from mixing ESG and SRI. However the rule shakes out, one thing should be clear: When ESG takes issue with companies such as Facebook, it’s about money, not values. If the Labor Department finds that confusing, imagine how ordinary investors must feel. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nir Kaissar is a Bloomberg Opinion columnist covering the markets. He is the founder of Unison Advisors, an asset management firm. He has worked as a lawyer at Sullivan & Cromwell and a consultant at Ernst & Young. For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.