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Ford stock jumps 6%

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Ford stock jumps 6%

Detroit automaker's stock jumps 60 cents after $4B debt-cutting plan unveiled

BY BRENT SNAVELY

FREE PRESS BUSINESS WRITER

Ford’s stock price rose 60 cents, or 6%, today after the company announced it would reduce its total debt by more than $4 billion, much of through earlier than required payments to a UAW health care trust fund.

Ford’s stock was trading at $10.48 per share by mid-morning today after closing Tuesday at $9.88 per share — its lowest mark since Dec. 21.

In a research report issued after Ford’s announcement Wall Street analyst Joseph Amaturo said he is encouraged by Ford’s debt reduction actions and said he expects Ford will continue to gain market share in the U.S. this year.

“We believe management’s actions to reduce its gross automotive debt levels are very encouraging,” Amaturo said in the report. “It is a meaningful reversal from management’s decision to “hoard” cash given concerns about the capital and automotive markets in 2009.”

Ford’s stock had dropped by $4.69 per share, or 32%, since April 26 — the day before it reported a $2.1-billion first-quarter profit and signaled that quarterly profits for the rest of the year could be smaller.

link:

http://www.freep.com/article/20100630/BUSINESS0102/100630022/1210/BUSINESS01/Ford-stock-jumps-6

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