December 1, 2022

GM, Ford shares tumble after UBS downgrades citing

GM Ford shares tumble after UBS downgrades citing

GM Ford shares tumble after UBS downgrades citing

The Basic Motors world headquarters workplace is seen at Detroit’s Renaissance Middle.

Paul Hennessy | LightRocket | Getty Photos

DETROIT – UBS on Monday downgraded shares of Basic Motors and Ford Motor on expectations for weakening demand amid inflationary pressures, sending the shares tumbling to start the week.

UBS downgraded Ford to “promote” from “impartial” and GM to “impartial” from “purchase.” Ford’s inventory was down by roughly 8% throughout buying and selling Monday morning, whereas GM shares had been off by about 7%.

Analyst Patrick Hummel expects the U.S. automotive trade to be difficult for the foreseeable future following report earnings amid low provides and excessive demand throughout the coronavirus…

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