The calls for one of the most talked-about recessions in history are starting to recede. Meanwhile, the S&P 500 ( ^GSPC) dropped 1.1%, while the Dow Jones Industrial Average ( ^DJI) fell around 0.7%īank of America no longer sees a recession coming The Nasdaq Composite ( ^IXIC) was a trending ticker on Yahoo Finance during afternoon trade as the tech-heavy average led the losses on the day for the three major averages. The company attributed the weaker forecast to softer consumer spending. Previously Generac had expected sales declines of no more than 10%. Shares of Generac ( GNRC) tanked, falling more than 23% as the company said it expected sales full-year 2023 sales declines of 10% to 12%. Consensus estimates among Wall Street analysts had expected third quarter revenue of $5.85 billion. AMD forecasted revenue of $5.4 billion - $6 billion. AMD ( AMD) shares are also down on the day, losing more than 7% after reporting earnings after the bell on Tuesday. Nvidia ( NVDA) leads the list with shares down more than 5% amid a broader market sell-off. Stocks are falling after Fitch's downgrade on US credit, leading some of the days biggest losers to the top of Yahoo Finance's trending ticker's page. You can follow him on Twitter and on Instagram. Pras Subramanian is a reporter for Yahoo Finance. It's possible the continued sales success of Rivian's R1T pickup, rising inventories, and the impending release of Tesla's Cybertruck played a part in the decision. However, Ford did say Mach-E sales "quickened" at the end of Q2.įord also drastically cut the prices of its F-150 Lightning EV pickup earlier this month, claiming falling raw material costs and "continued work on scaling production and cost" at its Rouge factory allowed for the price reductions. Somewhat worrying for Ford and investors was a dip in EV sales, with the company noting EV sales dropped 2.8% for the quarter, with Mustang Mach-E sales down 21.1% and its E-Transit electric van sales down 23.8%. Total Ford truck sales were up 26.2%, which Ford says makes it the top-selling truck maker in the US. In particular, Ford trucks, with its crown jewel F-150 pickup lineup, notched a 34% sales jump. The Dearborn, Michigan-based automaker saw sales gains across most of its truck and SUV portfolio. (NDZ/STAR MAX/IPx/AP Photo)įrom a deliveries standpoint, earlier this month Ford reported Q2 sales rose 9.9% from a year ago to 531,662 vehicles. “EV customers are brand loyal and we’re winning lots of them with our high-volume, first-generation products we’re making smart investments in capabilities and capacity around the world and, while others are trying to catch up, we have clean-sheet, next-generation products in advanced development that will blow people away.”įord F-150 Lightning during the 2022 New York International Auto Show (NYIAS) at the Javits Center on Apin New York. “The near-term pace of EV adoption will be a little slower than expected, which is going to benefit early movers like Ford,” Ford CEO Jim Farley said in a statement. $8 billion in EBIT for Ford Pro (from $6 billion)Ī full-year loss of $4.5 billion for its Model e unit (from $3 billion)įord said the higher loss projection for Ford Model e reflected "the pricing environment, disciplined investments in new products and capacity, and other costs." Ford also now expects to reach a 600,000-unit EV production run rate during 2024, instead of the end of this year, on the way to achieving a 2 million annual run rate. $8 billion in EBIT for Ford Blue (from $7 billion) Segment level EBIT expectations for 2023 now stand at: For its business level full-year projections, Ford boosted profit guidance for Ford Blue and Ford Pro, but increased its loss projection for Ford Model e.
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