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Sounds kind of dirty, right? Actually, it's because of a clean visual that technical analysts use this term. Technical analysts like charts (hence their nickname of "chartists"), and they like to give certain patterns they see neat little names.
Such is the case with the double bottom, which looks on a chart like, well, a double bottom. Think of three mountains (on a chart reflecting a rise in values) separated by two valleys (representing dips in value). The troughs of the valleys, and the size of the first two peaks, are generally the same, so the chart looks like the letter 'W.' The appearance of those two valleys represents a double bottom.
So what? Well, if you're one of those folks who believes in the power of the charts, seeing a double bottom suggests a long-term trend is about to reverse. So, if a stock chart shows shares falling for several months, then seeing a double bottom, chances are good (according to the chartists) that the shares will rise. And vice versa.
But, beware: charts can be a great tool, but they're more art than science. Use any charts with caution.
Home / Markets / Industries / Transportation
Wednesday, March 26, 2008
Ford Sells Jaguar, Land Rover Units to India's Tata Motors
Associated Press
DETROIT--Ford Motor Co. is selling its storied Jaguar and Land Rover businesses to India's Tata Motors Ltd. in a deal that will net
the struggling U.S. automaker about $1.7 billion -- roughly a third of the price it paid for the two luxury brands.
The
deal announced Wednesday will expand the Indian carmaker's reach around the globe.
The agreement had been in the works
for months as cash-strapped Ford sought money to fund its turnaround plan.
Tata will pay $2.3 billion for the British
brands, but at closing, Ford will pay about $600 million into the Jaguar-Land Rover pension fund, Tata's statement said.
Ford
(F) bought Jaguar for $2.5 billion in 1989 and Land Rover for $2.7 billion in 2000. But it has been struggling and wants to
focus on its main brands.
Tata said it expects no significant changes in the terms of employment for Jaguar and Land
Rover's 16,000 workers. It said the transfer of the brands would take place at the end of the second quarter.
"Jaguar
and Land Rover are terrific brands," Ford CEO Alan Mulally said in a statement. "We are confident that they are leaving our
fold with the products, plan and team to continue to thrive under Tata's stewardship.
"Now, it is time for Ford to
concentrate on integrating the Ford brand globally, as we implement our plan to create a strong Ford Motor Company that delivers
profitable growth for all."
Tata said in its statement Ford will continue to supply engines, transmissions and other
components "for differing periods." Ford also will continue to provide environmental and other technologies as well as engineering
support.
Tata Chairman Ratan N. Tata said his company will try to build on the brands' heritage, keeping their identities
intact.
"We aim to support their growth, while holding true to our principles of allowing the management and employees
to bring their experience and expertise to bear on the growth of the business," he said in a statement.
Roger Maddison,
an official with Unite, Jaguar and Land Rover's main labor union, said the deal is good news for the automakers' employees
as well as those who work for parts suppliers.
"Unite has secured written guarantees for all five UK plants on staffing
levels, employee terms and conditions, including pensions, and sourcing agreements. The sale ensures our members futures and
we look forward to working with Tata," Maddison said in a statement.
Ford shares rose 8 cents to $6.08 in premarket
trading Wednesday. Its shares have traded in a 52-week range of $4.95 to $9.70.
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