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Ford (F) shares skidded by more than 7.8% Thursday to close at $9.52 after the company suffered the fallout from weak second-quarter results and guidance that were issued Wednesday.

Ford reported second-quarter earnings of 28 cents a share on revenue of $38.9 billion vs. Wall Street's profit expectations of 31 cents a share on revenue of $38.5 billion. For the full year, the company said it expects to earn between $1.20 and $1.35 a share vs analysts' expectations of $1.40 a share.

The stock was trading on heavy volume, with 39.6 million shares changing hands by 11 a.m. ET Thursday, higher than the company's average daily trading volume of 36.88 million shares. 

Ford said its full-year guidance was "based on the current economic environment, including the status of commodities, foreign exchange and tariffs."

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