Ford shares are trading higher Tuesday. The stock appears to be moving in sympathy with shares of General Motors, which surged following strong quarterly results from the automaker.
After Ford Motor (NYSE: F) decided to cut the output of its electric F-150 pickup, the Lightning, pickup tonneau cover maker, Worksport (NASDAQ: WKSP), continues to defy the EV downshift trend.
GM reported Q4 FY23 sales decline of (0.3)% to $42.98B, beating estimates. Adjusted EPS of $1.24 also beat expectations. Market share fell in US & China.
General Motors dealers voice concerns over exclusive focus on electric cars, urging hybrid models. Despite industry trends, GM executives remain non-committal.
Companies Reporting Before The Bell
• CommVault Systems (NASDAQ:CVLT) is estimated to report quarterly earnings at $0.73 per share on revenue of $208.06 million.
The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, while the index remained in the "Extreme Greed" zone on Monday.