For frequent readers of the TheStreet, this probably comes as no surprise.
Both fellow contributor Ted Reed and I have been pounding the table, saying that Mulally would stay put. But there was always doubt since Mulally wouldn't confirm that fact himself.
Maybe there was no one around to pick up the news. Maybe it came as no surprise. But the piddly 1.5% move higher in Tuesday's after-hours trading session came as a bit of a surprise to me.
Maybe the price action will be different in Wednesday's pre-market action, or perhaps shares will drift higher throughout Wednesday's session as more casual investors catch wind of it.
Still, there is a lingering, almost eerie feel to the sluggish price action. Of course, it came as no surprise that shares of Microsoft (MSFT) fell on the announcement. Mulally has been rumored for months to be in line to replace CEO Steve Ballmer at Microsoft.But Ford investors were surely hoping for a bigger pop in the share price.
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