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1. Ford Moving Higher
4/3/2009 12:47 PM EDT
Interesting to see Ford (F) heading higher on heavy volume -- on a flattish day for the Dow. Shares are back to levels briefly touched in early December. You'd have to go back to early October for a time when they were sustainably higher than current levels.I stopped by two Ford dealerships in my area yesterday. Neither salesman I spoke to thought he was seeing a noticeable increase in traffic, and if April sales levels don't show sequential gains from March, then the stock looks ripe for a pullback. Conversely, signs of improvement could lead to short-covering (shares are still heavily shorted). One dealer mentioned that they are not getting many hybrid allotments. Ford is probably losing money on every hybrid it makes, and probably sees the technology as a halo. Indeed the upcoming slate of new models will have "eco-boost" engines that use turbochargers and direct injection and are said to have equivalent horsepower as bigger engines, but with good fuel economy.
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