Ford Watch: Down 7 Percent. Thanks, Kirk.
How much did nonagenarian billionaire investor Kirk Kerkorian's sell-off of his Ford shares this morning hurt the troubled automaker?
About $350 million worth.
That's the drop in Ford's value, or market capitalization (share price times number of outstanding shares) from the close of yesterday's trading to the close of today's trading.
Ford closed at $2.17 per share today, down 6.87 percent.
On Monday, Ford closed at $2.33 per share.
GM, perhaps on swirling rumors that it's going to merge with Chrysler, closed up .15 percent today at $6.54.
But it would be wrong to interpret that as meaning everyone is seeing the U.S.A. in their Chevrolet: Shares of GM were trading at $37.69 a year ago today.
-- Frank Ahrens
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Frank Ahrens
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October 21, 2008; 4:48 PM ET
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Posted by: Anonymous | October 21, 2008 7:19 PM | Report abuse
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You have to give all your employees stock options to get value up. When the people making the company work have a stake in the stock, things tend to become more focused on profit. You can't kill competition. A company needs to provide good products and services. If you have bad products and services, no bailout will matter. When a bank fails, the other bank goes forward. Today they want to spend money dragging the dead bank into the future. It's a dead future with no profits and losses multiply. Never refuse an option when you can get one.