Ford is leading a decline in major U.S. automotive stocks after missing Wall Street's bottom-line earnings for the second quarter.
Shares of Ford were off by more than 17% in early trading Thursday – on pace for their worst decline since 2009 – after missing Wall Street's bottom-line earnings expectations due to warranty problems, a reoccurring issue with the company.The traditional "Detroit" automakers — Ford, GM and Stellantis — were punished partially due to industrywide uncertainty, but more so in response to individual issues.for the second quarter and increased its guidance for the year.
Ford executives made similar comments when reconfirming its 2024 guidance despite coming in a whopping 21 cents below adjusted earnings per share expectations. The automaker reported an additional $800 million in Several Wall Street analysts voiced frustration over Ford's re-emerging warranty costs, but many were still optimistic about the company's underlying business operations.