Ford issued full-year guidance at the lower end of its range
Ford Motor Co (NYSE:F) stock is lower Tuesday, after the automobile manufacturer issued full-year guidance that was at the low end of its previous range, amid softening demand, rising inventory, and worries surrounding the viability of cost-cutting measures. Meanwhile, the company's third-quarter results were in line with expectations.
At last glance, F was down 9.7% at $10.27 to trade near a floor that saved its early September pullback. The equity is pacing for its worst single-session percentage loss since July, and is extending its year-to-date deficit to 13.4%.
Ford stock's options pits are brimming with activity. Already, 126,000 calls and 107,000 puts have traded hands, which is 10 times the average intraday volume. The most activity is taking place at the December 12 call, following by the 11 call from the same monthly series. Meanwhile, new positions are being sold to open at the weekly 11/1 10.50-strike call.
Analysts are also weighing in, with at least four price-target cuts rolling in before the open today. More bear notes could be on the way too, considering the 12-month average price target of $12.10 is a 17.8% premium to F's current perch.