Outside of a headline announcing the production of the latest Ford Police Interceptor model – which is available in both gas and hybrid models – there’s been no news on Ford (F).
That makes the move back below a critical price level even more worrisome.
Shares of Ford slashed below $10 today after a brief relief rally last week.
The automaker has suffered a massive 22% decline following its earnings report on July 24. That move resulted in a first move below $10 on August 5. The stock put in another day of panic driven selling, ultimately bottoming just above $9.50.
As is usually the case, Ford shares saw an aggressive dead cat bounce that allowed them to emerge from the sub-$10 category of stocks, but that cat has run its course.
Shares of Ford have previously traded to $9.50 four times since 2022, but never with its technical trends working against the stock the way that they are now.
Investors would be wise to consider the stock “high risk” with an increased likelihood that Ford will trade to $7 before posting a long-term bottom.
It was a rough day all around for the consumer discretionary companies with Carnival (CCL) adding to the pressure. Resorts, hotels and other travel companies have been on the decline as investors are clearly forecasting a slowdown in the consumer’s spending pace.
Shares of Carnival Cruise Line have completely reversed the rally that took the stock to almost $20 after its June 25th earnings announcement. Those earnings came in better than expected on an earnings per share basis and revenue. In addition, management increased their quarterly outlook for earnings above consensus estimates.
Shares are now trading at $14.50, about 25% lower than their July highs. With the 50-day moving average in a bearish trend for the first time since February of 2024, investors should expect that selling pressure will continue to mount on Carnival Cruise Line shares.
Carnival Cruise Lines’ outlook remains neutral to bearish with a target price of $10.
Shares of Barrick Gold (GOLD) jumped more than 9% today Sparked by a positive earnings report and a 2% spike in gold prices.
Eric gold beat their earnings per share estimate by $0.05 as well as the company’s revenue target. Revenue on a year-over-year basis came in at 11.6%. That compares to a 4% increase last quarter and 10% the quarter before.
Barrick Gold's 9% move was also driven higher by a 2% surge in gold prices. The SPDR Gold Trust ETF closed withing 1% of new all-time highs.
Demand for gold continues to increase as uncertainty around the election and a weaker economic outlook have investors looking for safe harbor holdings.
Barrick Gold shares are trading in a bull market, with their 50-day moving average in a bullish trend.
In addition, the stock saw support from its 200-day moving average last week, drawing technical buyers into the stock.
While not trading at all-time highs, Bear Gold is positioned to take out the $20 level. A move above that round Number is likely to surge another 10% move in the stock.
Barrick Gold shares remain bullish with a $25 target.
