Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Blue Oval no longer in hock as Ford credit rating upgraded]]>http://www.autoblog.com/2012/05/22/blue-oval-no-longer-in-hock-as-ford-credit-rating-upgraded/http://www.autoblog.com/2012/05/22/blue-oval-no-longer-in-hock-as-ford-credit-rating-upgraded/http://www.autoblog.com/2012/05/22/blue-oval-no-longer-in-hock-as-ford-credit-rating-upgraded/#commentsFiled under: ,

Ford badge

Moody's upgraded Ford's credit rating to investment grade today, the final step for the company to be able to reclaim its Blue Oval. Ford had offered its globally recognized trademark as part of a 2006 loan package. According to the Detroit Free Press, the collateralized logo and the rest of Fod's assets and intellectual property would not return to the automaker until it achieved an investment-grade credit rating with at least two of the three major agencies. Last month, Ford's credit was upgraded by Fitch.

At the time the loan was issued, the move was viewed as bold and risky, as Ford literally bet the farm that it could pay back the $23.5 billion. But as it turned out, the automaker's head start on restructuring allowed it to weather the financial crisis and resultant industry downturn in 2008 without declaring bankruptcy and needing government intervention like its cross-town rivals.

The upgrade from Moody's is said to potentially help Ford by lowering its borrowing costs, and certainly having its assets back should allow everyone in Dearborn to sleep peacefully tonight.

Scroll down to read Ford's official statement.

Continue reading Blue Oval no longer in hock as Ford credit rating upgraded

Blue Oval no longer in hock as Ford credit rating upgraded originally appeared on Autoblog on Tue, 22 May 2012 18:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>blue ovalfitchfordford credit ratingford investmentford stockMoodysstandard and poorsstocksTue, 22 May 2012 18:30:00 EST http://www.autoblog.com/feed/20243025/article-comments.xml http://www.autoblog.com/feed/2012/05/22/blue-oval-no-longer-in-hock-as-ford-credit-rating-upgraded/20243025/article-detail.xml 20243025 http://www.blogcdn.com/www.autoblog.com/media/2012/05/ford-badge_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/05/ford-badge.jpg <![CDATA[Ford books $1.4B, profits dragged down by Europe and Asia]]>http://www.autoblog.com/2012/04/27/ford-books-1-4b-profits-dragged-down-by-europe-and-asia/http://www.autoblog.com/2012/04/27/ford-books-1-4b-profits-dragged-down-by-europe-and-asia/http://www.autoblog.com/2012/04/27/ford-books-1-4b-profits-dragged-down-by-europe-and-asia/#commentsFiled under: , , ,



What a difference a few years make. Back in 2009, Ford Motor Company's North American operations were dragging down its earnings. The company reported a net loss of $1.4 billion in that year's first quarter when market share in the U.S. was falling but rising overseas. The situation today, however, is the mirror opposite.

Today Ford reported a first-quarter net income for 2012 of $1.4 billion on the strength of sales in the States. While that's a 180-degree turnaround compared to the same quarter in 2009, it's still a decline in earnings compared to the $2.6 billion earned just last year. This time, however, the blame for the fall lies with Ford's operations in Europe and Asia.

In Europe, Ford reported an operating loss this quarter of $149 million, blaming the continent's shrinking markets and weaker demand for parts and accessories. The company's Asian operations reported an operating loss of $95 million, which can be attributed more to investments in new plants for increased production than shrinking sales. Ford attributes the rest of its losses during the first quarter to higher tax expenses and special charges.

Fortunately, Ford's North American operations were able to offset most of the company's losses elsewhere. The region reported a pre-tax operating profit of $2.1 billion, up from $1.8 billion last year and the highest quarterly profit here since 2000. Revenue in this region alone was $18.6 billion, up $700 million from the same quarter last year and the largest chunk of the automaker's global quarterly revenue of $32.4 billion, which was down $700 million.

Continue reading Ford books $1.4B, profits dragged down by Europe and Asia

Ford books $1.4B, profits dragged down by Europe and Asia originally appeared on Autoblog on Fri, 27 Apr 2012 10:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>earningsfirst quarter 2012fordford earningsford motor companyford profitsford stocklossprofitq1 2012quarter 1 2012Fri, 27 Apr 2012 10:30:00 EST http://www.autoblog.com/feed/20225761/article-comments.xml http://www.autoblog.com/feed/2012/04/27/ford-books-1-4b-profits-dragged-down-by-europe-and-asia/20225761/article-detail.xml 20225761 http://www.blogcdn.com/www.autoblog.com/media/2012/04/ford-logo-wall_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/04/ford-logo-wall.jpg <![CDATA[Ford no longer junk at Fitch as bonds return to investment grade]]>http://www.autoblog.com/2012/04/25/ford-no-longer-junk-at-fitch-as-stock-returns-to-investment-grad/http://www.autoblog.com/2012/04/25/ford-no-longer-junk-at-fitch-as-stock-returns-to-investment-grad/http://www.autoblog.com/2012/04/25/ford-no-longer-junk-at-fitch-as-stock-returns-to-investment-grad/#commentsFiled under: ,



No doubt Ford has seen the light shining at the end of its turnaround plan for a while, but now The Blue Oval is getting so close to the daylight it might even be able to smell the fresh air. By the end of 2005, Ford bonds were rated so low by the three major ratings agencies they was floating in the cistern below the basement of junk status. After Mulally came onboard, the company put up everything to get the money to work his plan, from the company logo to its real estate. In order to get it back, two of the three agencies need to rate Ford bonds as investment grade, and one, Fitch, has just done so.

Fitch has certified Ford bonds as BBB-, the first investment-grade level, and issued a stable outlook for the company and its finance arm. Ford remains just one step below investment worthy with both Standard & Poor's and Moody's, but with "a solid Q1" predicted by by Citigroup and Morgan Stanley analysts (they expect earnings to match Q1 2011 in spite of European and Asia-Pacific sales doldrums), the final turn might not be far away.

When it does, Ford will have achieved what it laid out as Job One for 2012. As well as getting its assets out of hock, Dearborn will also greatly reduce its borrowing costs. Ford's head of investor relations, Michael Seneski, vowed in December that Ford would return to investors' good graces by showing "authoritative and highly credible insight into our automotive business and Ford Credit." We're of the opinion that an increasing flow of good products haven't hurt, either.

Ford no longer junk at Fitch as bonds return to investment grade originally appeared on Autoblog on Wed, 25 Apr 2012 13:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>fitchfordford investmentford junkford loanford stockmoodysstandard and poorsstocksWed, 25 Apr 2012 13:01:00 EST http://www.autoblog.com/feed/20223714/article-comments.xml http://www.autoblog.com/feed/2012/04/25/ford-no-longer-junk-at-fitch-as-stock-returns-to-investment-grad/20223714/article-detail.xml 20223714 http://www.blogcdn.com/www.autoblog.com/media/2012/04/alan-mulally-at-stock-exchange_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/04/alan-mulally-at-stock-exchange.jpg <![CDATA[Mulally awarded $58.3M in stock for succesful turnaround]]>http://www.autoblog.com/2012/03/07/mulally-awarded-58-3m-in-stock-for-succesful-turnaround/http://www.autoblog.com/2012/03/07/mulally-awarded-58-3m-in-stock-for-succesful-turnaround/http://www.autoblog.com/2012/03/07/mulally-awarded-58-3m-in-stock-for-succesful-turnaround/#commentsFiled under: ,

Ford CEO Alan Mulally looking happy

Ford CEO Alan Mulally has been awarded $58.3 million in company stock for his hand in righting the automaker's fortunes. After taxes, the CEO will receive $34.5 million. According to Automotive News, Mulally will also receive salary and benefits for 2011 on top of the his stock incentives. The stock was handed out as part of an incentive plan associated with the company's performance in 2009. The report says Ford has earned $29.5 billion since then after suffering through $30.1 billion in losses between 2006 and 2008. All told, Mulally has been awarded $100 million in stock in the past two years.

Ford, meanwhile, says that the company believes in a compensation philosophy that ties executives to the interests of the company's shareholders. That's all fine and good, but Mulally's pay scale brought the ire of the United Auto Workers last year, when UAW President Bob King said the compensation was "morally wrong." Zing.

Morally wrong or not, it's hard to argue with Mulally's performance at Ford. The CEO nailed nearly all of his performance targets for 2009 and kept Ford afloat without delving into the federal government's infamous Troubled Asset Relief Program.

Mulally awarded $58.3M in stock for succesful turnaround originally appeared on Autoblog on Wed, 07 Mar 2012 16:19:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>alan mulallyalan mulally stockceofordford ceoford ceo stockford stockWed, 07 Mar 2012 16:19:00 EST http://www.autoblog.com/feed/20188232/article-comments.xml http://www.autoblog.com/feed/2012/03/07/mulally-awarded-58-3m-in-stock-for-succesful-turnaround/20188232/article-detail.xml 20188232 http://www.blogcdn.com/www.autoblog.com/media/2012/03/mulally-happy_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/03/mulally-happy.jpg <![CDATA[GM leads worst performing auto stocks of 2011]]>http://www.autoblog.com/2012/01/03/gm-leads-worst-performing-auto-stocks-of-2011/http://www.autoblog.com/2012/01/03/gm-leads-worst-performing-auto-stocks-of-2011/http://www.autoblog.com/2012/01/03/gm-leads-worst-performing-auto-stocks-of-2011/#commentsFiled under: ,

GM cars outside of NYSE

In spite of General Motors standing poised to retake the top sales spot, Chevrolet perhaps breaking its all-time sales record, and an anticipated Buick and two new Cadillac models coming, GM's stock price got beat like a goat in 2011. On January 2, 2011 the stock traded at $37.06, on January 2, 2012, it hovered a few dimes above $20, making GM the worst-performing auto-industry stock of 2011: with a 46.1-percent drop, it edged out Cooper Tire (-41.7), TRW Automotive (-40) and Ford (-37.3).

The Motley Fool suggests the decline could be due to the Treasury's ownership of hundreds of millions of shares, keeping investors wary about buying. Europe is also considered a sore spot, with GM's operations on The Continent still in the red and there being no clear plan to turn that around (particularly with the Euro threatening to implode).

However, there is most likely more to it than that: many investors likely remaining unsure about company fundamentals, and they are likely concerned that GM (like Ford) is rated just below investment-grade by Moody's rating service, which keeps some large institutional investors out of the pool. The good news for 2012: The General' stock is trading at five times less than earnings and the outlook from all observers is uniformly positive.

GM leads worst performing auto stocks of 2011 originally appeared on Autoblog on Tue, 03 Jan 2012 10:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>auto stockscar stockschrysler stockford stockgeneral motorsgm stockmotley foolnprnysestock pricestocksTue, 03 Jan 2012 10:29:00 EST http://www.autoblog.com/feed/20138922/article-comments.xml http://www.autoblog.com/feed/2012/01/03/gm-leads-worst-performing-auto-stocks-of-2011/20138922/article-detail.xml 20138922 http://www.blogcdn.com/www.autoblog.com/media/2012/01/gm-cars-at-nyse_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/01/gm-cars-at-nyse.jpg <![CDATA[Ford reinstates dividend, first one in half-decade]]>http://www.autoblog.com/2011/12/08/ford-reinstates-dividend-first-one-in-half-decade/http://www.autoblog.com/2011/12/08/ford-reinstates-dividend-first-one-in-half-decade/http://www.autoblog.com/2011/12/08/ford-reinstates-dividend-first-one-in-half-decade/#commentsFiled under: ,




In another sign of its success, Ford has announced that it will be paying out a quarterly dividend, the first time it will do so in over five years. The five-cents-a-share dividend will begin on March 1, 2012.

According to The Detroit Free Press, the move will cost Ford about $200 million per quarter. Ford is the first Detroit carmaker to pay a dividend on common stock since General Motors suspended its dividend in 2008. GM has been paying dividends on preferred stock this year.

Ford's stock remains just below investment grade, but Ford officials think resuming paying a dividend should help signal the company's financial strength.

Continue reading Ford reinstates dividend, first one in half-decade

Ford reinstates dividend, first one in half-decade originally appeared on Autoblog on Thu, 08 Dec 2011 15:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>dividendfordford dividendford stockstockstock dividendstocksThu, 08 Dec 2011 15:29:00 EST http://www.autoblog.com/feed/20123858/article-comments.xml http://www.autoblog.com/feed/2011/12/08/ford-reinstates-dividend-first-one-in-half-decade/20123858/article-detail.xml 20123858 http://www.blogcdn.com/www.autoblog.com/media/2011/12/fordlogo-opt_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/12/fordlogo-opt.jpg <![CDATA[Ford's Big Goal in 2011: Get out of junk status, lower loan rates]]>http://www.autoblog.com/2010/12/31/fords-big-goal-in-2011-get-out-of-junk-status-lower-loan-rate/http://www.autoblog.com/2010/12/31/fords-big-goal-in-2011-get-out-of-junk-status-lower-loan-rate/http://www.autoblog.com/2010/12/31/fords-big-goal-in-2011-get-out-of-junk-status-lower-loan-rate/#commentsFiled under: ,

Ford grille closeup

2010 was a banner year for Ford Motor Company. Market share and profits were as good as they've been in years, and there is genuine buzz surrounding the Blue Oval's cars and trucks. Heck, even Ford's stock has been a monumental success. But not all that glitters is gold, as Ford is still mired in junk bond status, which in turn makes it more expensive to borrow money. That makes it more pricey for Ford to offer incentives to customers, and lease terms are less attractive than they would otherwise be.

K.R. Kent, Ford's new executive director of investor relations, is charged with getting Ford out of Junk status. Automotive News reports that Ford has been in junk status since 2005 and is currently four grades below junk status after being upgraded by two levels back in August. Ford CFO Lewis Booth admits that the company still has "a lot of steps to go before we get to investment grade." Making the matter more urgent for Ford is the fact that Ally Financial, the finance arm for General Motors and Chrysler, became a bank holding company in the second quarter of 2009. Since that time, AN says that it has been cheaper for Ally to secure loans than Ford Credit.

We're thinking that Ford has a big job in the year ahead, and getting out of junk status will likely take improved auto sales and continued quarterly profits. Booth says Ford will reach its junk-free goal by showing the investment community "authoritative and highly credible insight into our automotive business and Ford Credit."

[Source: Automotive News - sub. req.]


Ford's Big Goal in 2011: Get out of junk status, lower loan rates originally appeared on Autoblog on Fri, 31 Dec 2010 10:01:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>ally financialblue ovalford financesford junk statusford loanford stockjunk bondjunk statuskr kent junk status fordFri, 31 Dec 2010 10:01:00 EST http://www.autoblog.com/feed/19782234/article-comments.xml http://www.autoblog.com/feed/2010/12/31/fords-big-goal-in-2011-get-out-of-junk-status-lower-loan-rate/19782234/article-detail.xml 19782234 http://www.blogcdn.com/www.autoblog.com/media/2010/12/ford-logo-explorer_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2010/12/ford-logo-explorer.jpg <![CDATA[Ford posts sixth consecutive quarterly profit]]>http://www.autoblog.com/2010/10/26/ford-posts-sixth-consecutive-quarterly-profit/http://www.autoblog.com/2010/10/26/ford-posts-sixth-consecutive-quarterly-profit/http://www.autoblog.com/2010/10/26/ford-posts-sixth-consecutive-quarterly-profit/#commentsFiled under: ,

Lincoln Mercury sign

Ford has posted its sixth consecutive quarterly profit with a net income of $1.7 billion. That figure marks the largest third-quarter earnings for the company since 1990, sailing well above the $997 million Ford earned during the third quarter of 2009.

As a result of its earnings, the automaker said it will move to pay down its substantial debt sooner than anticipated and step up production for the fourth quarter by 20,000 units. Originally, Ford had said that it aimed to have zero net debt by the end of 2011. Now the Blue Oval is aiming for the same goal by the end of this year. That means that the company will have the same amount of debt as it has funds to pay it.

Of course, those numbers all hinge on excluding Volvo from the picture. Total revenue for the third quarter of 2010 was $29 billion, which is around $1.3 billion less than the same period of 2009. If you nix Volvo revenue from the picture, however, the Ford bottom line increases by the $1.7 billion mentioned above. Hit the jump for the full press release.

[Sources: Ford, Automotive News, The Detroit Bureau | Image: AP/Paul Sakuma]

Continue reading Ford posts sixth consecutive quarterly profit

Ford posts sixth consecutive quarterly profit originally appeared on Autoblog on Tue, 26 Oct 2010 09:27:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>fordford earningsFord quarterly earningsford stockvolvoTue, 26 Oct 2010 09:27:00 EST http://www.autoblog.com/feed/19689551/article-comments.xml http://www.autoblog.com/feed/2010/10/26/ford-posts-sixth-consecutive-quarterly-profit/19689551/article-detail.xml 19689551 http://www.blogcdn.com/www.autoblog.com/media/2010/10/ford-earnings_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2010/10/ford-earnings.jpg <![CDATA[Report: Bill Ford admits Blue Oval may lose investors to GM IPO, seems unconcerned]]>http://www.autoblog.com/2010/08/20/report-bill-ford-admits-blue-oval-may-lose-investors-to-gm-ipo/http://www.autoblog.com/2010/08/20/report-bill-ford-admits-blue-oval-may-lose-investors-to-gm-ipo/http://www.autoblog.com/2010/08/20/report-bill-ford-admits-blue-oval-may-lose-investors-to-gm-ipo/#commentsFiled under: , ,

Bill Ford dons sunglasses

Bill Ford, executive officer for Ford Motor Co., seems to be taking a fairly realistic stance when it comes to arch-rival General Motors releasing its IPO. While speaking at the kickoff of this weekend's Woodward Dream Cruise, Ford said that he was certain that some of his company's investors would likely move to GM, but he isn't entirely concerned. Even though Ford stock has slid off from its 52-week high of $14.57 recently, the company's executive officer said that he doesn't spend his time fretting over stock prices, preferring instead to worry about steering the company in the best direction possible.

This week, GM filed paperwork to issue an IPO, thought to be one of the largest offerings in America's history. Until then, Ford had enjoyed the privilege of being the only publicly-traded domestic auto manufacturer after both GM and Chrysler filed bankruptcy in 2009. With a new kid on the block, odds are some money is bound to move toward The General and away from FoMoCo.

[Source: Bloomberg, The Detroit Free Press | Image: Scott Olson/Getty Images]

Report: Bill Ford admits Blue Oval may lose investors to GM IPO, seems unconcerned originally appeared on Autoblog on Fri, 20 Aug 2010 17:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Bill FordBillFordFordFord stockford stock priceFordStockFordStockPriceGeneral MotorsGeneralMotorsGeneralMotors IPOGeneralmotorsIpoGMGM IPOGmIpoFri, 20 Aug 2010 17:29:00 EST http://www.autoblog.com/feed/19602201/article-comments.xml http://www.autoblog.com/feed/2010/08/20/report-bill-ford-admits-blue-oval-may-lose-investors-to-gm-ipo/19602201/article-detail.xml 19602201 http://www.blogcdn.com/www.autoblog.com/media/2010/08/bill-ford-630_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2010/08/bill-ford-630.jpg <![CDATA[REPORT: Billionaire investor Soros buys $53M in Ford stock, sends it soaring]]>http://www.autoblog.com/2009/11/18/report-billionaire-investor-soros-buys-53m-in-ford-stock-send/http://www.autoblog.com/2009/11/18/report-billionaire-investor-soros-buys-53m-in-ford-stock-send/http://www.autoblog.com/2009/11/18/report-billionaire-investor-soros-buys-53m-in-ford-stock-send/#commentsFiled under: ,

About a year ago, when Ford's stock dropped to just above $1 per share, we had a total Ralph Kramden-style get rich quick epiphany. Take all our money and buy Ford stock. Why? Having driven Ford's new, excellent products (like, say, the 2010 Ford Fusion), we knew that barring some weird disaster, that its stock could only, would only rise. Talk about easy money - we'd just sit back and get rich(ish). Trouble was A) we didn't have very much money B) we... forgot to buy any Ford stock.

Now, billionaire with a B investor and philanthropist George Soros has lots of money. Tons, quite literally. So much, in fact, that his holding group bought 7.3 million shares of Ford stock yesterday. All in, those shares are valued at about $53 million. Because of Mr. Soros' confidence in Ford, the price of the company's stock shot up briefly over $9.00, before ending the day valued at $8.98 a share. All in all, it's up 3.1% since Soros said "go." Imagine if we would have sunk $1,000 or so into Ford back when the share price was $1.26 last November. Nearly $8,000 smackeroos of cold, hard, profit! Maybe next recession.

[Sources: Reuters; Auto News - sub req | Image: Paul J. Richards/AFP/Getty]

REPORT: Billionaire investor Soros buys $53M in Ford stock, sends it soaring originally appeared on Autoblog on Wed, 18 Nov 2009 17:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>FordFord StockFordStockGeorge SorosGeorgeSorosSorosWed, 18 Nov 2009 17:29:00 EST http://www.autoblog.com/feed/19243947/article-comments.xml http://www.autoblog.com/feed/2009/11/18/report-billionaire-investor-soros-buys-53m-in-ford-stock-send/19243947/article-detail.xml 19243947 http://www.blogcdn.com/www.autoblog.com/media/2009/11/investor-soros-250-right-getty_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/11/investor-soros-250-right-getty.jpg <![CDATA[Mullaly awarded option to buy 5 million shares of Ford stock]]>http://www.autoblog.com/2009/03/17/mullaly-awarded-option-to-buy-5-million-shares-of-ford-stock/http://www.autoblog.com/2009/03/17/mullaly-awarded-option-to-buy-5-million-shares-of-ford-stock/http://www.autoblog.com/2009/03/17/mullaly-awarded-option-to-buy-5-million-shares-of-ford-stock/#commentsFiled under:

When Ford Motor Company CEO Alan Mulally joined team Ford back in 2006, Blue Oval stocks were trading at $8.36 per share. But a very bad recession and an especially hard hit auto market have torpedoed Ford shares to their lowest levels in decades. With stocks hovering around the Mendoza line, Mulally has the opportunity to make some real coin, as he's been awarded the option to purchase five million shares of common Ford stock.

The shares, should Mulally decide to buy, would be offered at $1.96 each. The shares are already valued at $2.19 each, but Mulally wouldn't be able to cash out his stock options like a traditional share. He would be eligible to cash in one third of the stocks after one year, two thirds after two years, and all the stocks after three. If Mulally makes good on his plan to turn the company around, the stock value could skyrocket in the meantime. That would help Mulally make up some of his 30% pay cut in 2009.

[Source: Automotive News, sub. req'd | Photo by ROBYN BECK/AFP/Getty]

Mullaly awarded option to buy 5 million shares of Ford stock originally appeared on Autoblog on Tue, 17 Mar 2009 07:59:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>alan mulallyAlanMulallyford motor companyford sharesford stockFordMotorCompanyFordSharesFordStockTue, 17 Mar 2009 07:59:00 EST http://www.autoblog.com/feed/1489632/article-comments.xml http://www.autoblog.com/feed/2009/03/17/mullaly-awarded-option-to-buy-5-million-shares-of-ford-stock/1489632/article-detail.xml 1489632 http://www.blogcdn.com/www.autoblog.com/media/2009/03/mulallyphone_opt_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/03/mulallyphone_opt.jpg <![CDATA[Kerkorian sells off another load of Ford shares]]>http://www.autoblog.com/2008/10/29/kerkorian-sells-off-another-load-of-ford-shares/http://www.autoblog.com/2008/10/29/kerkorian-sells-off-another-load-of-ford-shares/http://www.autoblog.com/2008/10/29/kerkorian-sells-off-another-load-of-ford-shares/#commentsFiled under: ,

Just four months ago, Kirk Kerkorian had a cup out and was asking passers-by for some spare Ford shares. Although he only wanted 20 million of them, he was offered one billion. Turns out those folks trying to get out of the Ford ownership business might have been a bit more prescient than the Tracinda billionaire. After a couple more weeks of watching Ford's share price begin digging toward the center of the earth, Kerkorian seems to want out of Ford himself.

A week ago Tracinda shed 7.3 million shares, and now it has unloaded another 26.4 million at an average price of $2.01 per share. That's about $6 less than he paid for them. Kerkorian used a $600 million line of credit from Bank of America to finance the original billion dollar investment in Ford, using shares in his MGM casino for collateral. In addition to the loss on the Ford investment, MGM's stock price hasn't held up either, and that means he's had to commit more of the casino to B of A. Kerkorian's latest divestment takes him under 5% ownership of The Blue Oval, which means he doesn't have to divulge any more share sales, but we have a feeling it won't be the last.

[Source: Bloomberg]

Kerkorian sells off another load of Ford shares originally appeared on Autoblog on Wed, 29 Oct 2008 10:01:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>earningsfinancialsford share saleford sharesford stockFordSharesFordShareSaleFordStockkerkoriankirk kerkorianKirkKerkorianstock marketStockMarkettracindatracinda corp.TracindaCorp.Wed, 29 Oct 2008 10:01:00 EST http://www.autoblog.com/feed/1355274/article-comments.xml http://www.autoblog.com/feed/2008/10/29/kerkorian-sells-off-another-load-of-ford-shares/1355274/article-detail.xml 1355274 http://www.blogcdn.com/www.autoblog.com/media/2008/10/ker_mfsg_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2008/10/ker_mfsg.jpg <![CDATA[Ford to sell $500m in new stock]]>http://www.autoblog.com/2008/08/15/ford-to-sell-500m-in-new-stock/http://www.autoblog.com/2008/08/15/ford-to-sell-500m-in-new-stock/http://www.autoblog.com/2008/08/15/ford-to-sell-500m-in-new-stock/#commentsFiled under: ,

In an effort to secure more capital and reduce debt, Ford plans to sell $500m in new stock. Ford will use the cash infusion to buy bonds from Ford Motor Credit, which has been struggling with the slow economy and nation-wide credit crunch. Goldman Sachs is handling the stock sale, and Ford has given no timetable for when the stocks will enter the market. Ford has already exchanged debt for equity to the tune of $927m in the past year. With shares of Ford stock at under $5 per share right now, anybody can own a share of the Blue Oval for the price of a value meal.

[Source: Automotive News (subs req'd)]

Ford to sell $500m in new stock originally appeared on Autoblog on Fri, 15 Aug 2008 14:01:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>ford creditford stockFordCreditFordStockstock saleStockSaleFri, 15 Aug 2008 14:01:00 EST http://www.autoblog.com/feed/1285507/article-comments.xml http://www.autoblog.com/feed/2008/08/15/ford-to-sell-500m-in-new-stock/1285507/article-detail.xml 1285507 http://www.blogcdn.com/www.autoblog.com/media/2008/08/ford-logo_250op_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2008/08/ford-logo_250op.jpg <![CDATA[Ford stock up thanks to Kerkorian, Volvo remains "not for sale"]]>http://www.autoblog.com/2008/05/05/ford-stock-up-thanks-to-kerkorian-volvo-remains-not-for-sale/http://www.autoblog.com/2008/05/05/ford-stock-up-thanks-to-kerkorian-volvo-remains-not-for-sale/http://www.autoblog.com/2008/05/05/ford-stock-up-thanks-to-kerkorian-volvo-remains-not-for-sale/#commentsFiled under: , , , ,

Kirk Kerkorian's associate Jerry York stated last Thursday that Ford would do well to sell Volvo and extinguish Mercury. Coincidentally (or not) Ford's stock zoomed up to one of the highest price levels it's seen in the last six months. Tracinda Corporation, Kerkorian's firm, has expressed faith in Mulally's leadership and his plan to strengthen the automaker. There has been speculation about a sale of Volvo in the past, and punditry has been begging the Blue Oval to do something with Mercury, or put it out of its misery, for years.

While York seems certain that Volvo will be on the market in less than two years time, Ford continues to state that the Swedish subsidiary is not for sale. Looking at the Premier Auto Group shuffle of the last year, though, it could certainly be deduced that Volvo will indeed go on the market soon. Moving the brand out of the PAG location in Irvine, CA and back to Rockleigh, NJ, where Volvo had set up shop when it first started selling cars in the United States, is a move that set off whispers of impending sale. While it might be nothing more than right-sizing office space for Volvo now that the rest of the Premier Auto Group is gone, a cross country move is a deft way to trim operational fat without layoffs, and divorcing Volvo's North American operations from Ford locations makes an ownership transition easier, too. While Ford and Volvo products share a lot of engineering and parts, a well-negotiated deal wouldn't preclude a sale that gently phases out the currently entwined platforms as they age and replacements are brought to market.

[Source: Automotive News - sub req. - Photo: Bloomberg]

Ford stock up thanks to Kerkorian, Volvo remains "not for sale" originally appeared on Autoblog on Mon, 05 May 2008 19:32:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>fordford motor companyford pagford premier auto groupford stockFordMotorCompanyFordPagFordPremierAutoGroupFordStockkirk kerkoriankirk kerkorians tra...kirk kirkorkianKirkKerkorianKirkKerkoriansTra...KirkKirkorkianpremier auto groupPremierAutoGrouptracindatracinda corptracinda corp.TracindaCorpTracindaCorp.volvovolvo saleVolvoSaleMon, 05 May 2008 19:32:00 EST http://www.autoblog.com/feed/1186476/article-comments.xml http://www.autoblog.com/feed/2008/05/05/ford-stock-up-thanks-to-kerkorian-volvo-remains-not-for-sale/1186476/article-detail.xml 1186476 http://www.blogcdn.com/www.autoblog.com/media/2008/05/kerkorian_bloomberg_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2008/05/kerkorian_bloomberg.jpg -1 2