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Ford’s progress reflected in stock
Ford’s progress reflected in stock’s rally
Posted on Tuesday, November 24th, 2009 at 2:25 PM EST. (Employee News)
A year ago, Ford Motor Co.’s stock was struggling to get back above $1.50 a share, a few days after slamming into the bottom at $1.01 a share, The Detroit News reported.
What a difference a year makes. On Monday, shares in the Dearborn automaker closed up 9 cents at $8.73, the paper said. If you had invested $1,000 in Ford a year ago, it would be worth $5,596.15 today, the News said.
If you did not, but wish you had, imagine how billionaire investor Kirk Kerkorian must feel, the paper noted. Last year, his Tracinda Corp. spent nearly $1 billion purchasing 140.8 million shares in Ford at an average price of $7.10 a share, the News said. By the end of that October, the casino mogul was cashing in his chips, dumping his Ford stake just over two bucks a share—a move that would cost him hundreds of millions of dollars, the story said. (The Detroit News)
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