NEW YORK (TheStreet) -- Nothing like American muscle. Shares of Ford, (F), climbed Tuesday after the company announced its best March sales in eight years and upgrades to its signature muscle car, the Mustang.
Ford $F March US sales up 3.3% vs. Est. up 1.1%- FinancialJuice (@FinancialJuice) Apr. 1 at 09:31 AM
The ticker was among the most discussed on StockTwits.com. Investors had driven up shares 3% by 11:30 a.m. The stock had steadily gained for the past three trading days ahead of the positive sales report.
$F popping nice ride up... has to hold.- NC (@RaginBull) Apr. 1 at 09:48 AM
Ford said it sold 244,167 vehicles in March. That number was up 3% from the same period last year. Its retail sales also rose 3% to 166,030, making it the best March since 2006. The company attributed the sales growth to record sales of its Ford Fusion, which also has a hybrid electric model, and increased demand for its Ford F-Series and Lincoln MKZ.
Yesterday, Ford also announced new features for to its upcoming Mustang convertible, which will begin production in 2015. The car will have an improved suspension system, more backseat and trunk space, and a faster retracting top, among other things. Some investors believe the good news for Ford investors will continue. They see bullish signs in the company's chart and argue that recent sales growth, and corresponding stock gains, give fuel to positive momentum. Sentiment on Ford is 95% bullish, according to StockTwits analytics.
$F Wow finally! Now can we break out of the channel and retake 18!- Andrew Sapiro (@ASAP17) Apr. 1 at 10:09 AM
Many investors argue Ford is the best positioned American car company. General Motors (GM), they say, is suffering the image effects of this year's recall of 2.53 million cars which were found to have faulty ignition switches and may have resulted in accident-related deaths.
GM CEO Mary Barra told a congressional committee today that she didn't know why the company took so long to announce a safety defect in the cars. "Today's GM will do the right thing," she said, according to a published statement of her testimony on GM's Web site. "That begins with my sincere apologies to everyone who has been affected by this recall -- especially to the families and friends of those who lost their lives or were injured. I am deeply sorry."
Last week, the company announced it would replace ignition switches in 824,000 models sold in the U.S. from 2008 to 2011. The company also announced that it would replace the ignition switches in the 2007 Opel GT.
General Motors March sales were not yet available by 11:30 a.m. EDT Tuesday. On a press release on its Web site, General Motors said that March sales would be delayed due to a computer issue.
At the time of publication the author held no positions in any of the stocks mentioned.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.