Ford Motor Co F shares are trading lower by 2.87% to $12.36 Wednesday afternoon. Shares of several auto & auto component companies are trading lower amid overall market weakness on concerns of a U.S. economic slowdown following ADP data, which showed fewer-than-expected U.S. jobs added in March.
Additionally, Reuters on Wednesday reported Jim Baumbick, Ford's product development chief, says to expect "dramatic reductions" in the complexity of its product lineup.
The reductions in vehicle options will take place starting with the 2024 model year. This news comes from a conference hosted by Bank of America.
What Going On With Economic Data?
The market got another hint of labor market weakness in the United States on Wednesday, as Automatic Data Processing, Inc. (ADP) reported 145,000 jobs added by private companies in March 2023, down from 261,000 in February and significantly below forecasts of 200,000.
"Our March payroll data is one of several signals that the economy is slowing," said Nela Richardson, chief economist, ADP.
"Employers are pulling back from a year of strong hiring and pay growth, after a three-month plateau, is inching down."...Read More
According to data from Benzinga Pro, F has a 52-week high of $16.68 and a 52-week low of $10.61.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
