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Why Auto Stocks Outperformed the Broader Market Last Week

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Part 3
Why Auto Stocks Outperformed the Broader Market Last Week PART 3 OF 5

Will Optimism in Ford Stock Continue?

Ford stock

In the week ended July 14, Ford (F) stock settled at $11.68 with about 3.7% gains for the week. The company’s stock posted a fresh 52-week low at $10.67 in May 2017 and turned mixed after that. In June 2017, Ford’s US sales fell 5.1% on a YoY (year-over-year) basis. The company’s fleet sales fell massively by about 13.9% YoY in June, while its retail sales remained flat for the month.

Will Optimism in Ford Stock Continue?

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Upcoming earnings results

Ford is set to release its 2Q17 earnings on July 26. The release will be the first quarterly results announcement since Jim Hackett took charge as the company’s new CEO in May this year.

During the 2Q17 earnings event, the company’s new leadership could announce some initiatives to protect the company’s profitability. Investors’ high expectations from the new management could be driving its stock ahead of Ford’s 2Q17 earnings event. Read Weak Fleet Sales Hurt Ford’s US Sales in June 2017 to learn about Ford’s 2Q17 US sales.

Previously in May 2017, Ford Motor’s US sales rose 2.2% against an industry-wide sales drop. With this, Ford’s May US sales figures were higher than its competitors (XLY) General Motors (GM), Toyota (TM), and Fiat Chrysler (FCAU).

Ford’s technical analysis

Last week, Ford stock managed to close above a prior key resistance level near $11.35, which should act as a support level this week. On the upside, a price level near $12.30 should continue to act as an immediate resistance level now.

In the next part, we’ll learn how Fiat Chrysler stock traded in the second week of July 2017.

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