NEW YORK (TheStreet) -- Ford Motor (F) shares are down -1.6% to $15.91 in trading following reports of the retirement of its CEO and weak April sales numbers.
Ford reported that auto sales fell 0.7% from the year ago period. The company sold 211,126 vehicles, trailing both General Motors (GM) and Chrysler whose sales rose 7% and 14%, respectively.
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In separate news, the company announced that CEO Alan Mulally will be retiring at the beginning of July. The 68 year old former Boeing (BA) executive has been with Ford for the past 8 years.
Mark Fields, the chief operating officer, was officially named the new CEO.
TheStreet Ratings team rates FORD MOTOR CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate FORD MOTOR CO (F) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, revenue growth, attractive valuation levels, good cash flow from operations and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."