Monday, October 23, 2006

Car News

Ford is chugging right along. Bloomberg (10.23.06):
"Ford Motor Co., the second-biggest U.S. automaker, said it will restate more than five years of earnings and reported a preliminary $5.8 billion third-quarter loss on writedowns and job-cutting costs. It was Ford's biggest loss in 14 years." U.S.
"'It was a pretty awful quarter,' Pete Hastings, a fixed-income analyst at Morgan Keegan & Co. in Memphis, Tennessee, said before earnings were released." As opposed to absolutely abysmal. Ford proves once again that making stuff no one wants to buy really does negatively impact the bottom line.


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