Ford's Stock Sinks To 4 1/2-year Low
Shares of Ford Motor Co. slid to a 4 1/2-year closing low Wednesday, after the auto maker confirmed that it was slashing its workforce by about 10%, or about 1,400 jobs, in a cost-cutting move. The stock dropped 1.7% to end the day at $10.76, the lowest close since it closed at $10.50 on Nov. 16, 2012. In comparison, rival General Motors Co. shares slid 3.0% to close at a 6-month low. Ford's stock has now tumbled 14.5% over the past three months, during which Ford issued a profit warning in mid March. Over the same time, GM shares have lost 12.9%, while the S&P 500 has inched up 0.3%.
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