Money Matters: Moody's Downgrades Ford to Near Junk

Ford’s been wringing its corporate hands over stock prices for ages. While the market itself is generally rising, the Blue Oval seems to perpetually find itself in Wall Street’s basement. It is arguable that lackluster performance on this front cost Mark Fields his job earlier this year.

Things are not looking up in that department. Yesterday, FoMoCo’s credit rating was cut to Baa3 by Moody’s Investors Service, just a single notch above junk status.

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Tesla Stock Price Dives After Moody's Downgrades Credit Rating Over Model 3 Delays, Liquidity Concerns

Tesla has been Wall Street’s fair-haired boy as the electric car startup’s share price soared over the past few years. Production figures have not kept pace with Tesla’s market cap, and now problems getting assembly up to speed on the company’s vitally important Model 3 and concerns about its cash burn have resulted in a downgrade of its credit rating from Moody’s Investor Service. That report from Moody’s was issued late on Tuesday.

When trading began on Wednesday morning, Tesla stock opened at $264.76, down 5 percent from the day before. That is almost 14 percent lower than it was at the beginning of the week, and 31 percent lower than in September of 2017, when Tesla’s stock price apparently peaked at $385 a share.

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The Revenge Of The GM Bondholders

Want in on GM’s IPO without being a sovereign wealth fund or Goldman Sachs? Join the BDSM lifestyle for fun and (possible) profit. Buy the very much troubled pre-bankruptcy bond, and you could make out like a banshee. Reuters has the surprising news that bonds issued by GM’s bankrupt predecessor are a good investment. “GM’s 8.375 percent bonds due July 2033, which were issued by old General Motors Corp. and convert to shares in the new GM, rose 0.375 cent to 35.875 cents on the dollar at 4:29 p.m. in New York.” The day before, the bonds had jumped 2.25 cents, the biggest gain since June 14.

Why the sudden interest in the converting bond?

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  • Conundrum All that verbiage for a brake fluid reservoir cap that sorta kinda fails over time? That's all it is, right? The vent hole gets plugged up or something. Quelle horreur, it's the end of civilization as we know it. What happens when Micky D's doesn't put enough extra ketchup in your order at the take-out window? You must have an existential histrionic fit!Cue the cheapskate commenter: "Jeez. I drove my 1987 Corolla 734,562 miles, the last 83K with the emergency spare on the left rear, and it didn't even use up all the tread! Plus, I never had brake failure and it never used a drop of oil even though I used Walmart $1.88 stuff in a plastic gallon jug. I guess Toyota could teach those Ferrari guys sump'n about how to build cars!"
  • Skippity Noticeable as an Paseo. Maybe I'll see it differently live.
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