Shares of auto stocks are trading lower in sympathy with Ford, which fell after withdrawing its 2023 guidance and saying it is postponing $12 billion planned for EV investment.
Portfolio Pulse from Benzinga Newsdesk
Auto stocks are trading lower in sympathy with Ford, which fell after withdrawing its 2023 guidance and postponing its $12 billion planned investment in EV. Ford's shares dropped following mixed Q3 results.
October 27, 2023 | 6:57 pm
News sentiment analysis
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NEGATIVE IMPACT
Ford's shares are trading lower after the company reported mixed Q3 results and withdrew its 2023 guidance, also postponing its $12 billion planned investment in EV.
Ford's decision to withdraw its 2023 guidance and postpone its planned EV investment is likely to negatively impact investor confidence, leading to a drop in its share price. The mixed Q3 results further contribute to this downward pressure.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Shares of General Motors are trading lower in sympathy with Ford's negative news.
As a major player in the auto industry, GM's stock is likely to be affected by significant news from its competitors. Ford's negative news could lead to a sector-wide downturn, impacting GM's share price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
Stellantis shares are trading lower in sympathy with Ford's negative news.
Stellantis, being in the same industry as Ford, is likely to see its share price affected by Ford's negative news. This is due to the potential sector-wide impact of such significant news.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60