Ford Shares Plunge Almost 8% After Q3 Earnings Despite Beating Estimates

Benzinga

Ford Motor Co (NYSE:F) shares dropped 7.74% during pre-market session on Tuesday after the company released its third-quarter financial results post-market on Monday, according to Benzinga Pro.  Ford reported a revenue of $46.2 billion, surpassing the consensus estimate of $41.88 billion. The company’s earnings per share were 49 cents, exceeding the expected 47 cents.

Transcript

00:00Ford reported an EPS of 49 cents that beat the 47 47 cent estimate

00:07But and sales also beat forty six point two billion against the forty one point eight eight

00:13Billion dollars this shares were initially trading higher after those numbers came out, but then Ford came in and lowered

00:21guidance

00:22they said that net income drops on pre-announced EV charges, so

00:28Either way they got the the numbers themselves for the previous quarter were good

00:31But then the forward-looking guidance not so good

00:35You're seeing Ford down on that guidance down six point six percent down to around ten dollars and sixty cents

00:42Barclays came out and lowered the price target from fourteen dollars to thirteen dollars this morning after the report so

00:50Ford Ford gets an F for this report for that guy

00:54It popped up actually the earnings were okay it popped up it traded up for a good five minutes

01:00And I think they were getting a hint to the guidance and obviously weren't liking it stock just started leaking here

01:05It's kind of the day though where you report you're like yeah, they're gonna sell you anyways

01:10You know so Ford kind of led that off and now it's just filled in everything because we actually have some okay reports here this

01:17Morning, and we've got some stocks getting hit on okay reports

01:20And then we have some bad reports and stocks getting hit on bad reports here, too

01:23It's definitely to Joel's point when he started the show not a good day to report here so for Tesla

01:29We know firing on all cylinders after their report Ford apparently firing on no cylinders here all the way back down

01:361065 will throw to our technical analyst. Oh man. Oh, man. Oh, man

01:41Well, there is potential support here

01:44And I'll just give you the the area and I have to call it like 1030

01:50Because these lows are it like 10

01:5218 10 20 and then these lows are so I'll call like 10 20 to 10 40 you know

02:00Potential support I can't just remember on this report. I'm like oh the big drop it might hold 12

02:06I couldn't have been more wrong. I mean they just got a hammered it this day. I'm pretty sure it was a report

02:12I mean here's your support. You're back at the low of the move

02:15I don't know how many times you can make money short for down 75 cents

02:19But I'm sure people are gonna be trying it keep an eye for that 10 20 area coming back on the upside now

02:25They're all big old gap to fill and very disappointing after GM's report

02:30GM hold it in there if it breaks 52

02:33I don't know if it's gonna hold in there Tesla good report people not buying force. I mean, that's yeah

02:38I mean, yeah a little bit of the bar cuz GM obviously set the bar higher

02:42I don't know if they're comparing them to Tesla at all anymore

02:45It seems like Tesla's its own animal and doesn't move any of the other car companies

02:48But definitely GM's have to borrow a little bit higher

02:50So Ford comes in can't get over that higher bar and I mean the value traffic remains the value trap people

02:56How do you go wrong five six times earnings? They were saying that a 14 it's 10 now

03:01So that's how you go wrong value trap central

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