Ford AFFECTED by Slow Sales and 4 Stocks Falling to 52-Week Lows
Ford Motor Credit (NYSE:F): European care sales are worse than they’ve been in a decade, and the industry could have to deal with the overstaffed, underused factories that have dragged earnings down for years, according to the New York Times. I’ve never seen it this bad, states Fiat (FIATY) CEO Sergio Marchionne. The unresolved issues which have been plaguing the industry for several years have come forward. The shares closed at $8.96, down $0.01 or 0.11% on the day. They have traded in a 52-week range of $8.91 to $13.05.
Federal-Mogul Corp. (NASDAQ:FDML) reports Q2 revenue of $1.7 billion, consensus $1.84 billion. EPS includes $119 million of non-cash impairment charges concerning mainly brake friction business intangible assets. The shares closed at $9.01, down $0.25 or 2.7% on the day. They have traded in a 52-week range of $9.04 to $20.60.
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Heidrick & Struggles (NASDAQ:HSII) announced that Stephen Beard, currently serving as General Counsel, will also take responsibility for Strategy and Corporate Development. Valerie Germain, currently leading the company’s Functional Practices, has been labeled leader of the Strategic Partners Program and Business Development. With his new role, Beard will work with the Executive Committee as well as practice and with geographic leadership to ensure strategic execution of a unified strategy to gap the firm’s competitive position, reputation, and brand. Beard will serve as a key driver of strategic alliances, joint ventures, and M&A activity too. The shares closed at $14.81, down $0.27 or 1.79% on the day. They have traded in a 52-week range of $15.02 to $27.09.
Kemet Corp. (NYSE:KEM) announced it will take a charge to earnings in relation to severance expenses of around $8 million to $9 million of which nearly $7 million will be accrued during the current quarter which ends September 30. This move will affect nearly 420 employees worldwide representing 4 percent of the global workforce. The company predicts it will achieve cost savings in relation to these actions of nearly $16 million in its fiscal year, which ends March 31, 2013, and it will achieve an annual run rate savings of $25 million as it ends the fiscal year. The shares closed at $4.69, down $0.32 or 6.39% on the day. They have traded in a 52-week range of $4.88 to $13.10.
Molycorp Inc (NYSE:MCP): The amount of rare earth metals legally exported by China dropped 42.7 percent year-over-year to 4,908 within 2012’s first half, reports to China Daily, citing statistics from Chinese customs officials. Weak demand and smuggling are to blame for the decrease, according to the newspaper. The shares closed at $16.62, down $0.06 or 0.36% on the day. They have traded in a 52-week range of $16.50 to $66.62.
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