Attention Alexander Hamilton fans: Ford Motor Co. stock can be had for less than a US$10 bill.
Shares of the second-largest U.S. automaker dropped 6 per cent Thursday to close at US$9.89, after Ford slashed its profit forecast for the year and warned it could spend as long as five years and take as much as US$11 billion in charges to fix itself.
Ford last traded below US$10 in October 2012, when then-Chief Executive Officer Alan Mulally was still in the throes of the only turnaround by a Detroit carmaker during the global financial crisis that didn’t involve bankruptcy court. When Mulally retired on July 1, 2014, the stock closed at US$17.21.
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