Ford’s stock is on pace for its worst day in more than 11 years, after the company pre-released part of its third-quarter earnings report.
While no major Wall Street analysts downgraded the stock in light of the update, several were caught off guard by Ford's announcement. Expectations were that supply chain problems were easing. What's more, Ford had recently been avoiding such problems better than some of its competitors.
BofA Securities analyst John Murphy echoed those feeling in a note to investors Tuesday:"Ultimately, this news is somewhat surprising as broader macro news suggest supply chains have gotten incrementally better over the last few months."
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