Unusual Options Activity Fri 1/31/25

The following options are exhibiting notable trading, potentially indicating changing sentiment toward the underlying stocks, and/or potentially representing positioning for increased volatility.

Bullish Call Activity

• CELH Weekly Jan31 27 calls (volume: 6.6K, open int: 8.0K, implied vol: ~79%, prev day implied vol: 62%). We noted activity in the weekly Jan31 26 calls earlier this week (See 1/29 13:39 OPTNX). Co is expected to report earnings late February.
• CVNA Weekly Jan31 260 calls (volume: 13.3K, open int: 1.4K, implied vol: ~75%, prev day implied vol: 69%). 1,2K traded in a single transaction. Co is confirmed to report earnings February 19 after the close.
• FCX Weekly Feb07 38 calls (volume: 14.6K, open int: 5.5K, implied vol: ~35%, prev day implied vol: 32%). 5.2K traded in a single transaction. Stock was downgraded to Hold from Buy at Argus.  Co is expected to report earnings mid-April.
  

Bearish Put Activity

• LYFT Weekly Jan31 13.5 puts (volume: 8.3K, open int: 11.6K, implied vol: ~87%, prev day implied vol: 59%). Co is confirmed to report earnings February 11 after the close.
• F Weekly Jan31 10 puts (volume: 11.5K, open int: 35.8K, implied vol: ~42%, prev day implied vol: 36%). Co is confirmed to report earnings February 5 after the close.
  

Sentiment: The CBOE Put/Call ratio is currently: 0.69, VIX: (14.94, -0.90, -5.7%).
February 20 is options expiration -- the last day to trade February equity options.

===Ford Motor (F) reported earnings on Tue 6 Feb 24 (a/h)

 

Ford Motor beats by $0.17, beats on revs; guides to FY24 adjusted EBIT of $10-12 bln; announces supplemental dividend of $0.18/sh

• Reports Q4 (Dec) earnings of $0.29 per share, excluding non-recurring items, $0.17 better than the FactSet Consensus of $0.12; automotive revenues rose 3.5% year/year to $43.21 bln vs the $43.06 bln FactSet Consensus.
  • Ford Pro segment revs rose 11% to $15.4 bln. Commercial customers and Ford are benefiting from the 2023 launches within Ford Pro's primary vehicle franchises: all-new Super Duty trucks in North America and Transit Custom vans in Europe. In Q4, software subscriptions increased by nearly 50% yr/yr; orders for mobile repairs more than doubled.
  • Ford Blue segment (gas- and hybrid-vehicles) revenue was flat (0)% at $26.2 bln in Q4.By the end of 2024, 60% of Ford Blue's global vehicle lineup will have been recently refreshed. That includes a new version of the F-150 coming soon -- part of the company's F-Series of trucks, the best-selling vehicle in the U.S. for 47 straight years.
  • Ford Model e's segment wholesales and revenue were both up at double-digit full-year rates. The start-up segment incurred a full-year EBIT loss of $4.7 billion, reflecting an extremely competitive pricing environment, along with strategic investments in the development of clean-sheet, next-generation EVs. Sales volumes of the F-150 Lightning pickup and Mustang Mach-E SUV both were up year-over-year and respectively the top-selling electric pickup and No. 3 most popular EV of any type in the U.S. for 2023.
• Co guides to FY24 adjusted EBIT of $10-12 bln; co guides to FY24 adjusted FCF of $6-7 bln; co guides to FY24 cap-ex of $8.0-9.5 bln.
• Co declares Q1 dividend of $0.15/sh and supplemental dividend of $0.18/sh.
• "EVs are here to stay, customer adoption is growing, and their long-term upside is central to Ford+."

Earnings this week : Feb 5 - 9, 24 (wk 6)

Monday (Feb 5)

• Morning: AMG APD ALGT CAT CNA EL IDXX MCD NSSC ON SPHR TKR TSN
• Afternoon: ACM AMKR BRBR CBT CHX CHGG COHR CCK FN FMC GBDC HI JJSF KFRC KRC NXPI PLTR  RMBS SPG SSD SKY SYM VRNS VRTX

Tuesday (Feb 6)

• Morning: AGCO AME ARMK ARCB ATHM BP CARR CNC CRNC CHKP CTS CMI DCPH DD LLY ENR FSV FI ULCC IT GEHC HLNE HTZ HIMX INGR J KKR LEA LIN MSGS NJR NVT PJT PDS PINC SCSC ST SPR SPOT TW VVV WAT WFRD WTW XYL
• Afternoon: ATEN AEIS AB AOSL DOX AFG AMGN ARWR AZPN AIZ ATO AZEK CSL CMG CINF CRUS CNO CTSH DHT DIOD DEI ELF EW ENPH EQH ESS EXEL F FTNT FRSH GILD HRB HIW ICHR IEX INSP INTA JKHY KD LUMN MRCY MSTR MODN NBR OI OMC PRU QGEN REXR SIMO SNAP SONO TENB UDR VFC VREX VLTO VSAT VOYA WERN WU YUMC ZWS

Wednesday (Feb 7)

• Morning: ADNT BABA ARCC BERY BG CG CDW CRTO CVS DAY EPC EMR EEFT FOXA GPRE GFF HAIN HLT KMT MAC MSGE MCFT NBIX NYT OMF PAG PFGC PERI RDWR REYN RITM RBLX SMG SLAB TGI TTMI VSH XPO YUM
• Afternoon: ALL ARM ASGN ACLS AZTA BKH CFLT CPA CXW COTY CUZ CSGS EGP EHC ENS NVST EFX EG FAF FR FLT FLNC FORM GL GPRO HMN KN MAT MMS MCK MAA MKSI MC MOH MPWR MUSA NFG NTGR NWSA ORLY OHI OSCR PAYC PYCR PYPL PDM QNST RDN RPD RRR RRX STE STC SU TTGT UBER VKTX DIS WYNN

Thursday (Feb 8)

• Morning: WMS APO MT ARES ARW ABG AZN AXTA BAX BCE BDC BTU BWA CIGI COP CYBR DTE DUK DT GTES HAE HOG HSY NSP ICE IPG ITT K KVUE KIM LSPD LNC LITE MAS MDU NNN PATK PM PBH RL RBC RXO SPGI SNA SWI SPB SAVE TROW TPX TPR THC TDG UAA WMG WEX ZBH
• Afternoon: AFRM ATR BAP BILL BYD CDP CLSK CPRI DOCS DXCM ESE EXPE FE FLO G ILMN LEG MHK MSI MTD MWA NET OMCL ONTO OWL PCTY PEAK PECO PI PINS POWI PRO RAMP REG SPSC STEP SYNA TEX TFII TTWO VRSN

Friday (Feb 9)

• Morning: AMCX CTLT ROAD EMBC ESNT MGA COOP NWL PEP PAA PRLB SXT WPC

===Ford Motor (F) lowers the MSRP of F-150 Lightning for all customers

• Ford (F) is also on the weaker side today after announcing that it is going to cut prices for its F-150 Lightning on some trims by nearly $10,000. That disclosure has raised demand concerns that are also impacting the stock of EV maker Rivian (RIVN 23.84, -0.99, -4.0%).  

Ford Motor lowers the MSRP of F-150 Lightning for all customers

• Ford is taking advantage of increased plant capacity, continued work on scaling production and cost, and improving battery raw material costs to help lower the MSRP of F-150 Lightning for all customers.
• The Rouge Electric Vehicle Center in Michigan is temporarily closed to complete final plant upgrades to triple the plant's annual run rate to a targeted 150,000 F-150 Lightning trucks beginning this fall.
• The upgrades at the plant, combined with improving battery raw material costs and continued work on scaling production and cost, help make it possible to lower pricing across the F-150 Lightning line. Customers will now have greater availability of their built-to-order truck as early as October at an MSRP closer to initial Lightning pricing.
• The 2023 MotorTrend Truck of the Year, most F-150 Lightning models are also eligible for as much as $7,500 in potential Inflation Reduction Act consumer and commercial electric vehicle tax credits, making it an even more enticing option for eligible customers considering an electric pickup truck.

===Ford Motor (F) reported earnings on Thur 2 Feb 23 (a/h)

 

Ford Motor misses by $0.11, beats on revs, misses FY22 adjusted EBIT outlook; expects FY23 adjusted EBIT of $9-11 bln, mild recession in U.S. and moderate recession in Europe

• Reports Q4 (Dec) earnings of $0.51 per share, excluding non-recurring items, $0.11 worse than the S&P Capital IQ Consensus of $0.62; automotive segment revenues rose 18.4% year/year to $41.8 bln vs the $40.73 bln S&P Capital IQ Consensus.
  • FY22 adjusted EBIT grew 4% yr/yr to $10.4 bln, below prior guidance of $11.5 bln.
    
  • Co added, "We should have done much better last year. We left about $2 bln in profits on the table that were within our control, and we're going to correct that with improved execution and performance."
• Outlook: Co anticipates FY23 adjusted EBIT of $9-11 bln and adjusted free cash flow of about $6 bln.
  • Behind its estimates are a variety of likely tradeoffs:
    • Headwinds include mild recession in the U.S. and moderate recession in Europe; higher industrywide customer incentives as vehicle supply/demand rebalances; lower profit from Ford Credit; continued strong U.S. dollar.
    • Tailwinds include supply chain improvements and higher industry volumes; lower costs of goods sold.
• In North America: EBIT for FY22 was up $1.8 bln to $9.2 bln, with a margin of 8.4%, on higher net pricing and increased volume, partially offset by commodities and other inflation-related cost increases.
• In Europe: EBIT for FY22 was slightly above break-even, but below its expectation.
• Co reported a FY22 loss of about $600 mln in China.
• Declared Q1 dividend of $0.15/share plus supplemental dividend of $0.65/share, enabled by strong FCF and nearly complete monetization of stake in Rivian (RIVN).

Earnings this week : Jan 30 - Feb 3, 23 (wk 5)

Monday (Jan 30)

• Morning:  BEN GEHC PHG SOFI
• Afternoon: AGNC ARE CADE ELS GGG HLIT HTLF HP JJSF NXPI PCH PFG SANM WHR WWD

Tuesday (Jan 31)

• Morning: AOS ALGM CAT CVLT GLW DOV AQUA XOM GM HUBB IMO IP KEX LII MAN MPC MCD MDC MCO MPLX MSCI NYCB NVR PNR PFE PSX PBI PII PHM ST SPOT SYY UBS UPS
• Afternoon:  AMD DOX AMGN APAM ASH BXP CP CB CACC EW EA HA IEX JNPR MTCH MRCY MDLZ NATI OI RNR SNAP SYK SMCI UNM VREX WDC

Wednesday (Feb 1)

• Morning:  MO ABC ATKR BSX EAT GIB CMCO DT EPD EVR FTV HUM JCI NVS ODFL OTIS PTON SMG SLAB SR TMUS TMO TGI WM WRK
• Afternoon:  EGHT AFL ALGN ALGT ALL AFG AVT BHE BDN CHRW CCS CHX CLB CTVA DXC ELF ENVA GL THG HOLX KRC KLIC LSTR LFUS MXL MCK MTH META MET MTG MAA MUSA NTGR PTC QRVO RYN RRX SLM SITM TTEK TBI UGI VSTO

Thursday (Feb 2)

• Morning: FLWS ABB WMS APD ATI AME APTV ARW ABG AVY BALL BCE BDX BERY TECH BMY BR BIP BC GOOS CAH CMS CNHI COP DLX DGII LLY EL RACE FCFS GWW HBI HOG HSY HON ITW ICE JHG LANC LAZ LEA MTSI MMP MRK NJR PH PENN PBH DGX RCI SBH SNDR SIRI SNA SWK TW TT WNC WEC
• Afternoon:  TWOU ATGE GOOG AMZN AAPL TEAM BZH BILL BYD CPT CRUS CLX CTSH COLM CNMD DECK DLB EXPO F GEN GILD GPRO HIG HUBG KMPR LESL LPLA MANH MEOH MCHP MSTR MTX MWA NFG OHI OTEX PCTY PFSI POST QCOM RGA SIGI SKX SKYW SBUX SNCY SYNA X VIAV WWE

Friday (Feb 3)  

• Morning:  AON ARCB AVTR BEP CBOE CHD CI EAF LYB MOG.A PIPR REGN SAIA SNY TWST WT ZBH

=Ford Motor (F) reported earnings on Wed 28 Apr 21 (a/h)

 

Ford Motor beats by $0.68, beats on revs; reaffirms FY21 EBIT guidance; expects to lose about 50% of planned Q2 production due to the shortage, but Q2 should be the trough

Reports Q1 (Mar) earnings of $0.89 per share, excluding non-recurring items, $0.68 better than the S&P Capital IQ Consensus of $0.21; automotive revenue (not total revs) rose 7.1% year/year to $33.55 bln vs the $32.72 bln S&P Capital IQ Consensus.

• Quarterly adjusted EBIT was a record $4.8 bln and included a noncash gain of $902 mln on Ford's investment in Rivian. Adjusted EBIT additionally benefited from robust customer demand for the company's new products, tight vehicle inventories and favorable year-over-year cost performance.
• Q1 revenue in North America increased 5% to $23.0 billion, benefiting from strong customer demand for Mustang Mach-E, the all-new 2021 F-150 and Bronco Sport and tight vehicle inventories related to semiconductor-related production declines. SUVs and pickups both accounted for increased shares of regional sales.

Chip Shortage: Co says semiconductor availability, which was exacerbated by a fire at a supplier plant in Japan in March, will get worse before it gets better. Currently, co believes that the issue will bottom out during Q2, with improvement through the remainder of the year.

Outlook: Co reaffirms full year EBIT outlook at $5.5-6.5 bln, which had been previously lowered from $8-9 bln earlier in the year. Co says it was among the first automakers to identify the potential for a 10-20% adverse effect on manufacturing volumes from increasing constraints on global semiconductor supplies entering 2021. Chip shortage was made worse by the recent supplier fire in Japan.

Chip shortage Impact on Q2: Ford now expects to lose about 50% of its planned Q2 production, up from 17% in Q1 -- again, implying that Q2 will be the trough of the issue. Ford anticipates the flow of semiconductors from the Japan supplier to resume by the end of Q2 - but, like many others in the industry, that the broader global semiconductor shortage may not be fully resolved until 2022. Co now assumes that it will lose 10% of planned 2H21 production. All told, Ford now expects to lose about 1.1 mln units of production this year to the semiconductor shortage.

Earnings this week : Apr 26 - 30, 2021 (wk 17)

Monday (Apr 26)

• Morning:  ACI BOH CHKP CBU DORM FBP LII OTIS PHG
• Afternoon: AGNC ARE AMP AMKR AXTA BRO CDNS CNI CATY WIRE HSTM HTLF IBTX JJSF JBT LXFR MASI MEDP MKSI NXPI OMF PKG PCH RRC SBAC SSD SSNC SUI TSLA TNET TBI UHS WRI

Tuesday (Apr 27)

• Morning: MMM ABB ADM AWI ABG BP CNC GLW CEQP CROX DTE ECL LLY ENTG FCF FSV FISV FELE GE GPK HEES HAS HUBB IVZ JBLU LECO MMC MSCI NVS PCAR PPBI PII PHM RTX ROP ST SHW SSTK SF SYF TRU TPB UBS UMBF UPS WDR WM
• Afternoon:  ACCO AMD GOOG AMGN ACGL APAM ATRC BXP BYD CHRW CALX COF CHE CB CSGP EGP EIX EHC ENPH EQR ESS FFIV FEYE FCPT HA HIW HOPE IEX ILMN JNPR LBRT MANH MATX MXIM MSFT MDLZ MRC NAVI NCR NOV OLN OKE PINS PPD PFG QTS RNST RRD SBUX SYK FTI TENB TER TX TXN TRMK UDR USNA V WSBC YUMC

Wednesday (Apr 28)

• Morning:  AER ALKS APH ARCC ADP AVY BXMT BA BSX EAT BCO CAMT GIB CHEF CIT CME CSTM DAN DISCA DRVN ETR EVR EXTR GRMN GD HELE HES HUM IART IPG LFUS LIVN MHO MAS MLCO MCO NYCB NSC OSK OC PAG BPOP PB ROK ROL RES R SAIA SNY SC SHOP SLGN SLAB SIRI SIX SPOT SWK SHOO TECK TDY TEVA TKR TNL UMC VRT WNC WING YUM
• Afternoon:  TWOU AFL AGI ALGN ALSN ATUS AMED NLY AM AR AAPL ASGN AZPN AVB AVTR AVT AXS NTB BHE BLKB BCOV CHX CAKE CINF CNO CDE FIX CYH CNMD CLR CREE CONE DRE EBAY ECHO ESI EQIX EEFT RE EXR FB F FORM GRUB HNI HOLX PI IR NGVT INOV ISBC INVH JAKK KALU KBR KRC LC LOGI MTDR MXL MGRC MTH MEOH MGM MAA MC MOH MSA MUSA MYRG ORLY OI OII OIS PGRE PEGA PDM PPC PTC PSA QCOM RJF RNR SIGI NOW SSB SRI TDOC TTEK TROX TTMI TYL UCTT URI VVV WRE WCN WELL WERN WH AUY

Thursday (Apr 29)

• Morning: FLWS AOS ABMD AGCO AGIO ATI ADS AB ALNY AIMC MO AMRN AMT AIT ARES ATKR BAX BCE BLMN BPMC BMY BC CWT CG CRS CARR CAT CBZ CBRE CLS CHD CTXS CLVT CMS CNX CCOI COHU CFX COLB CMCSA COR CTS CFR DPZ ERJ EME EXLS FBC FCN GNRC THRM GPI HSY HGV IDA IMAX IP ITGR ICE JHG KDP KIM KEX KHC LH TREE LKQ MTSI MMP MA MTRN MCD MDC MPW MRK MDP TAP COOP NEM NOC NVCR NVT OSIS OSTK PH PATK PTEN PBF BTU PRFT PCG PRG RLGY RCL RDS.A SPGI SNDR SWI SAH SO STM STRA SYNH TROW TMHC TFX TPX TXT TMO TW TRS TRTN VLY VC WAB WST WEX WLTW XEL
• Afternoon:  ACHC ATGE AEM MDRX AMZN ATR ACA AJG TEAM AX BZH BIO BMRN COG CPT CWST CRUS CXP COLM OFC CUZ CVA CRY CUBE DVA DXCM DLR DRQ EMN EHTH EBS ENVA ERIE ETH EVTC EXPO FHI FSLR FIVN FTNT FTV FTAI FBHS FWRD GLPI GNW GILD GFF THG HP HTGC KMPR KNSL KLAC LMAT LLNW LPLA MATW MERC MMSI MVIS MITK MHK NATI NPTN NIO NDLS OMCL ONTO PACB PEB POWI PFPT RMD SGEN SKYW SWKS SM SWN SPSC TEX TXRH TRUP TWTR X VRTX VICI VCRA WDC WSC INT ZEN

Friday (Apr 30)  

• Morning:  ABBV AON AZN AVNT BCPC B CBOE CHTR CVX CLX CL XOM GT GWW HRC HUN ITW IMO JELD JCI LAZ LYB MGP MOG.A NWL PSX PSXP PBI PNM POR PFS SHLX SLCA WPC WY WETF

Earnings spotlight: 

• Albertsons (NYSE:ACI), Tesla (TSLA) and NXP Semi (NASDAQ:NXPI) on April 26; BP (NYSE:BP), UPS (NYSE:UPS), General Electric (NYSE:GE), Alphabet (NASDAQ:GOOG), Microsoft (OTCPK:MFST) and Starbucks (NASDAQ:SBUX) on April 27; 

• Humana (NYSE:HUM), Boeing (BA), Apple (NASDAQ:AAPL), Ford (NYSE:F), Qualcomm (NASDAQ:QCOM) and General Dynamics (NYSE:GD) on April 28; 

• Comcast (NASDAQ:CMCSA), Merck (NYSE:MRK), Caterpillar (NYSE:CAT), Northrop Grumman (NYSE:NOC), Amazon (NASDAQ:AMZN), Nio (NYSE:NIO) and U.S. Steel (NYSE:X) on April 29; 

• Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX) and AbbVie (NYSE:ABBV) on April 30.

=Ford Motor (F) reported earnings on Tue 28 Apr 20 (a/h)

Ford Motor misses by $0.17, beats on revs 

Reports Q1 (Mar) loss of $0.23 per share, excluding non-recurring items, $0.17 worse than the S&P Capital IQ Consensus of ($0.06); revenues fell 14.9% year/year to $34.32 bln vs the $31.73 bln S&P Capital IQ Consensus.

Ford Credit delivered $30 million in first-quarter earnings before taxes, down $771 million from the same quarter a year ago. Strong portfolio performance was offset by about $600 million from increased credit-loss reserves, and higher depreciation on off-lease vehicles awaiting sale and anticipated operating lease defaults -- all reflecting estimated impact of the coronavirus in future periods.

In March, the company withdrew guidance for 2020 financial performance it had given in early February. That outlook excluded possible implications of the coronavirus, which at the time had not yet reached pandemic stage. According to CFO Stone, today's economic environment remains too ambiguous to provide full-year 2020 financial guidance. He said the company expects second-quarter adjusted EBIT to be a loss of more than $5 billion, as year-over-year industry volumes decline significantly in every region.

To maximize cash and preserve financial flexibility through and beyond the pandemic, Ford:

• Is lowering operating costs, reducing capital expenditures and deferring portions of executive salaries.
• Recently borrowed more than $15 billion from existing lines of credit, and this month issued $8 billion in unsecured bonds, and...
• Suspended its regular quarterly dividend and antidilutive share repurchase program.

Earnings this week : April 27 - May 1, 20 (wk 18)

Monday (April 27)

• Morning: AMG AWI CHKP CMS CNXM CNX DORM LECO EGOV UMC
• Afternoon:  ARE AMKR APY AVT BRO CNI CATY CE CINF CGNX FIX CR FFIV HLIT HSTM HTLF PI IBTX JJSF LRN KDP NOV NXPI OGS OMF PKG PCH PPG PFG QTS SANM SSD STL TCT UHS WSBC

Tuesday (April 28)

• Morning: MMM ABB AB AXE BP CAT CNC CIGI CBSH GLW CMI DHI DTE ECL FCF FBC FELE HOG IQV IRDM MRK MSCI NEO NVS NUE PPBI PEP PFE PII ROK ROP SPGI SC SSTK SIRI LUV TROW TAL TEL TRU TPB UBS UMBF UPS WDR XRX YNDX ZBRA 
• Afternoon: AMD AKAM GOOG A CA APAM AGR BXMT BXP BYD CHRW CERN CYH CSGP DXCM EHC WIRE ENVA EEFT FEYE F HWC THG HELE HIW HOPE IRBT JNPR LSCC MASI MXIM MEDP MRCY MTH MKSI MDLZ MPWR MRC OI OKE PAYC RNST SIMO SBUX SYX TENB TX TRMK UIS WERN WW YUMC 

Wednesday (April 29)

• Morning:  APRN ALKS AMT  ANTM AZN ADP AVY AZZ BANC BKU BDC BA BSX EAT CADE CLS CVE GIB CLH CME CSTM CRTO DIN EPD FSS FDP GRMN GD GE HAS HUM LH LIVN MHO MKTX MAS MA NYCB NSC NOC NVT OSK OC PB ROL RES R SAIA ST SHW SLAB SITE SAH SPOT SUM UTHR VLO YUM
• Afternoon: AEGN AFL AGNC AGI ALGN ADM BHE BMRN BCOV CACI WHD CHDN CMPR CNMD CREE CCI CONE DRE EBAY FB GIL JBT KLIC MXL MSFT PPC PS PRI PTC QCOM RJF RYN SCI NOW TDOC TSLA TTEK RIG TRN TYL UCTT URI HCC

Thursday (April 30)

• Morning: FLWS ABMD AGIO AIMC MO AAL AIT ARW BAX TECH BC CWT CG CRAI CHD CI COLB CMCSA COP COR CFR DAN DOW DNKN ETN FCN GNRC GT HBI HGV HUBB IDXX IMAX IP ICE ICE JHG K KHC LNTH LAZ LKQ MMC MCD MTOR MGPI TAP MCO NLSN NVCR ONDK PH PATK PNR PRGO SNDR SITC SIX SO SPB SWK SYNH TPR TFX TPX TXT TRS TWTR UBSI VLY VC GRA WCC  RDS.A
• Afternoon: TWOU AEM ALEX ATUS AMZN AMGN AAPL ATR AJG ASGN TEAM BAND NTB BL BRKS BLDR COG CDNA CXP COLM CXO OFC CUZ CRY EGP EMN EIX LOCO EBS FTV FTAI FBHS FWRD GLPI GILD HP HTH HUBG LMAT MGM MTX MITK MOH NATI NTUS NCR NPTN OTEX PRAH PVG PTCT PSA RRC RMD SILK STAG SYK TNDM TRUP X V WDC ZEN

Friday (May 1) 

• Morning: ABBV AON APO BCPC CBOE CHTR CVX CLX CL EL XOM HRC HON HUN IMO ITT JCI LYB MMP MINI NWL PSX TRP TKR SLCA WPC WY WSC WETF

Earnings spotlight:

• Keurig Dr Pepper (NYSE:KDP) and F5 Networks (NASDAQ:FFIV) on April 27; 
• UPS (NYSE:UPS), 3M (NYSE:MMM), Alphabet, Southwest Airlines (NYSE:LUV), Ford (NYSE:F), Caterpillar (NYSE:CAT), AMD (NASDAQ:AMD), PepsiCo (NASDAQ:PEP), Starbucks (NASDAQ:SBUX) and Merck (NYSE:MRK) on April 28; 
• Microsoft (MSFT), eBay (NASDAQ:EBAY), Facebook, Yum Brands (NYSE:YUM), Boeing (NYSE:BA), Mastercard (NYSE:MA), General Electric (NYSE:GE) and Tesla (NASDAQ:TSLA) on April 29; 
• Amazon, Apple, Dunkin' Brands (NASDAQ:DNKN), Gilead Sciences (NASDAQ:GILD), Dow (NYSE:DOW), Cigna (NYSE:CI), McDonald's (NYSE:MCD), Altria (NYSE:MO), Twitter (NYSE:TWTR), Kraft Heinz (NASDAQ:KHC) and Visa (NYSE:V) on April 30; 
• Apollo Global Management (NYSE:APO), Chevron (NYSE:CVX), Clorox (NYSE:CLX), Exxon Mobil (NYSE:XOM), Phillips 66 (NYSE:PSX) and AbbVie (NYSE:ABBV) on May 1.

====Ford Motor (F) reported earnings on Tue 4 Feb 20 (a/h)

Ford Motor misses by $0.05, beats on revs; guides FY20 EPS below consensus 

Reports Q4 (Dec) earnings of $0.12 per share, excluding non-recurring items, $0.05 worse than the S&P Capital IQ Consensus of $0.17; revenues fell 5.0% year/year to $39.7 bln vs the $36.55 bln S&P Capital IQ Consensus.

Co issues downside guidance for FY20, sees EPS of $0.94-1.20, excluding non-recurring items, vs. $1.30 S&P Capital IQ Consensus.

According to Ford, it is too early to estimate implications of the coronavirus outbreak on its business. Excluding any possible effects from the issue, for full-year 2020, the company anticipates:

• Adjusted free cash flow of $2.4 billion to $3.4 billion
• Adjusted EBIT of $5.6 billion to $6.6 billion, which assumes at least nominal growth in the Automotive business, offset by lower EBT from Ford Credit and modestly higher investment in Mobility
• An adjusted effective tax rate in the mid-to-high teens, producing an adjusted EPS of 94 cents to $1.20 per share
• Capital expenditures of $6.8 billion to $7.3 billion -- as much as $800 million below the level of 2019, reflecting benefits from the company's fitness initiatives
• Funded pension contributions of $600 million to $800 million, and
• Regular quarterly dividends of 15 cents per share, subject to board approval each quarter.

In the first quarter, Ford expects adjusted EBIT to be down more than $1.1 billion from Q1 2019 as a result of the continuation of higher warranty costs seen during the second half of 2019, lower vehicle volumes, lower results from Ford Credit, and higher investment in Mobility. The company expects its Q1 adjusted effective tax rate to be at the high end of its full-year guidance range.

Earnings this week : Feb 3 - 7, 20 (wk 6)

Monday (Feb 3)

• Morning: ACM AMG ABG CTLT CHKP NSSC ON SASIA SYY
• Afternoon: ARE GOOG AFG BECN CBT EZPW FN HLIT HIG HP HXL HLI KMT KRC LEG MTSC NXPI PAHC PCH RBC SSD SXI VVV WWD

Tuesday (Feb 4)

• Morning: ATI AXE ARMK ATKR BDC TECH BP CNC CLX CMCO COP CSWI CTS CMI EXP ETN EMR ENTG AQUA IT HAE HLNE HUBB JHG LHX LANC LII LITE MCK MTG MSGN PBI PINC RL ROLL RCL SPG SIRI SNE TDG VSH GRA WDR WAT ZBH

Mon pm & Tue am (by vol) : https://finviz.com/screener.ashx?v=211&t=ARE,GOOG,AFG,BECN,CBT,EZPW,FN,HLIT,HIG,HP,HXL,HLI,KMT,KRC,LEG,MTSC,NXPI,PAHC,PCH,RBC,SSD,SXI,VVV,WWD,ATI,AXE,ARMK,ATKR,BDC,TECH,BP,CNC,CLX,CMCO,COP,CSWI,CTS,CMI,EXP,ETN,EMR,ENTG,AQUA,IT,HAE,HLNE,HUBB,JHG,LHX,LANC,LII,LITE,MCK,MTG,MSGN,PBI,PINC,RL,ROLL,RCL,SPG,SIRI,SNE,TDG,VSH,GRA,WDR,WAT,ZBH&ta=0&o=-volume

• Afternoon: EGHT ATGE AFL ALL DOX AINV APAM ATO BOOT CDK CERN CMG CB TCS CCK ESE ETH FISV F GTES GNW GILD GL THG HIW IPHI JKHY KLAC KN MANH MTCH MDU MCHP MODN MWA NBIX NEWR OI OLN PCTY CNXN PDM PAA PAGP PLT PWL PRU QGEN RRR RNR SCSC STX SNAP SWI TENB UNM USNA VIAV DIS YRCW ZAYO

Wednesday (Feb 5)

• Morning: ABB AME BMI BSX CPRI CG COTY DTE ENR FSV GM GPI HUM KFRC MHO MCFT MRK NS NVT BTU PAG PFGC SR SPOT SUM TMHC TKR UMC WD
• Afternoon: ADTN AOSL UHAL ANGI AVB ACLS CCMP CENT CDAY CINF CTSH COHR CUZ CSGS CUB DHT ECHO ELF ENS FEYE FLO FMC FORM FOXA GLUU GPRO GRUB HI ICHR IAC IRBT LCI LNC RAMP MTRX MXL MET MC MPWR NTGR NUAN ORLY OHI PAYC PTON QCOM  QNST RDN RYN RGLD SONO SAVE SU TBI TTMI TWLO TWO UGI WERN YUMC ZNGA

Thursday (Feb 6)

• Morning: ABMD WMS AGCO ALNY MT ARCH ARW BLL BCE BDX BGCP BV BCO BMY CAH CDW CI COR DNKN EIGI EL FCAU GLOP GLT HL  EAF HAIN ICE K KEM MAC MMS MPW MDP NRX NYT NGL NJR NOK ODFL PTEN PENN PM PBH PRLB REGN SPGI SNY SNA TPR TGI TWTR TSN USX VSTO WLTW WWE XYL YUM
• Afternoon: TWOU ATVI ASYS BIDU BHE BILL BKH BRKS CSL CCS COLM OFC DLX DXC EGP EGAN ENTA EHC EXPO FLT FSCT FTNT FTV FWRD G HUBG IQ LMAT LGND LFG.A MTW MTD MOBL MSI MYGN NOV NTUS UEPS NWSA NLOK OMCL ONTO PMT PINS POST PRO SGEN SIMO SKX SYNA TTWO TDC TSE UBER VRSN VVI VSAT VRTU VCRA WYNN ZEN

Friday (Feb 7) 

• Morning: ABBV AVTR CAE CCJ CBOE CNHI GOOS ROAD UFS FE GRC HMC

=Ford Motor (F) reported earnings on Wed 23 Oct 19 (a/h)

Ford Motor beats by $0.08, reports revs in-line; lowers top end of FY19 EPS guidance due to Q4 headwinds

Reports Q3 (Sep) earnings of $0.34 per share, excluding non-recurring items, $0.08 better than the S&P Capital IQ Consensus of $0.26; revenues (automotive only) fell 2.1% year/year to $33.93 bln vs the $33.88 bln S&P Capital IQ Consensus.

• Adjusted EBIT margin in Q3 was 4.8%, up from 4.4% last year.

Co issues in-line guidance for FY19, sees EPS of $1.20-1.32, excluding non-recurring items, vs. $1.26 S&P Capital IQ Consensus and vs prior guidance of $1.20-1.35.

Co continues to expect lower full-year structural costs in its Automotive business, excluding pensions and other post-employment benefits, and sustained strength in Ford Credit. The company still anticipates full-year growth in adjusted free cash flow, its most important financial measure, driven by Automotive.

However, Q4 headwinds (higher warranty costs, higher than planned incentives in North America, and lower volumes in China) have intensified since Ford last gave financial guidance for 2019. As a result, Ford is lowering its guidance for full-year company adjusted EBIT to between $6.5-7.0 bln.

Market update: Trade slams stocks as Fed takes wait-and-see stance (23 August 2019)

Nasdaq Composite +16.8% YTD
S&P 500 +13.6% YTD
Dow Jones Industrial Average +9.9% YTD
Russell 2000 +8.2% YTD

The stock market sold off on Friday after President Trump ordered companies to find an alternative to China in response to Beijing announcing retaliatory tariffs against the U.S. The S&P 500 (-2.6%), Dow Jones Industrial Average (-2.4%) , the Nasdaq Composite (-3.0%) and Russell 2000 (-3.1%).

Worries about trade tensions with China following a combative tweet earlier in the day from President Trump, who was squawking back at China for its tariff announcement this morning and "ordering" U.S. companies to find alternatives to China, have catalyzed today's sell-off.

The day started with investors looking forward to Fed Chair Powell's speech from Jackson Hole, Wyoming. Attention quickly shifted to trade, however, after China announced tariffs on $75 billion of goods imported from the U.S on Sept. 1 and Dec. 15, which are the same dates the U.S. has planned for its tariffs on China. The tariff rate will range from 5-10%, including a separate 5-25% on autos and auto parts starting Dec. 15.

Modest selling ensued, but stocks quickly recouped losses after Mr. Powell reiterated comments that upheld the market's view for further economic stimulus. The day had barely begun, though, and President Trump took to Twitter to lash out against both the Fed Chair and China. Stocks fell noticeably on the president's declaration that companies find alternatives to China.

Amid the uncertainty and growth concerns, investors flocked to safe-haven assets like gold ($1537.25/oz, +$28.75, +1.9%), the Japanese yen, and U.S. Treasuries. In addition, expectations for further downside in equities contributed to a 17.8% spike in the CBOE Volatility Index (19.65, +2.97).

The 2-yr yield dropped seven basis points to 1.53%, and the 10-yr yield dropped eight basis points to 1.53%. The U.S. Dollar Index fell 0.5% to 97.73. WTI crude fell 2.0%, or $1.12, to $54.16/bbl.

President Trump also indicated he would officially respond to Beijing's actions in the afternoon. No response was announced by session's close, which may have contributed to some reservations to step into the action during the day.

U.S. Treasuries ended the week on a sharply higher note.
Yield Check:

• 2-yr: -7 bps to 1.53%
• 3-yr: -8 bps to 1.45%
• 5-yr: -8 bps to 1.41%
• 10-yr: -8 bps to 1.53%
• 30-yr: -8 bps to 2.03%

Commodities:

• WTI crude: -2.0% to $54.16/bbl
• Gold: +1.9% to $1537.50/ozt
• Copper: -1.2% to $2.53/lb

Currencies:

• EUR/USD: +0.6% to 1.1146
• GBP/USD: +0.3% to 1.2288
• USD/CNH: +0.6% to 7.1337
• USD/JPY: -1.0% to 105.31

=Ford Motor (F) reported earnings on Wed 24 July 2019 (a/h)

Ford Motor misses by $0.03, beats on revs; guides FY19 EPS below consensus 

Reports Q2 (Jun) earnings of $0.28 per share, $0.03 worse than the S&P Capital IQ Consensus of $0.31; revenues rose 0.4% year/year to $35.91 bln vs the $35.21 bln S&P Capital IQ Consensus.

Co issues downside guidance for FY19, sees EPS of $1.20 to $1.35 vs. $1.39 S&P Capital IQ Consensus.

• Co continues expecting CapEx around $7.7 bln and shareholder distributions of about $2.6 bln.
• Ford reported adjusted EPS of $0.28, but excluding a $181 million mark-to-market valuation adjustment loss from its Pivotal Software (PVTL) investment, adjusted EPS would have been $0.32 vs. the $0.31 consensus.
• Ford also guided for FY19 EPS of $1.20-1.35 vs. $1.39 consensus, including a $0.12-0.16 headwind from an expected 18-20% tax rate.
• Adjusted EBIT is expected to be between $7.0 and $7.5 billion, compared with $7.0 billion in 2018. The range presumes further strength in market factors and improved costs, particularly in North America, China and Europe; launch-related effects; and strength in Ford Credit.

=Ford Motor (F) reported earnings on Thur 25 April 2019 (b/o)

Ford Motor beats by $0.17, beats on revs

• Reports Q1 (Mar) earnings of $0.44 per share, $0.17 better than the S&P Capital IQ Consensus of $0.27; revenues fell 3.9% year/year to $40.34 bln vs the $37.37 bln S&P Capital IQ Consensus.
  • EBIT margin improved 100 bps yr/yr to 5.4%
• CFO says results put co on track to deliver better results than in 2018

Earnings this week : Apr 22 - 26, 19 (wk 17)

777 companies reporting, 155 companies in the S&P 500 index.

Monday (April 22)

Markets closed in Europe, Canada, Hong Kong and Australia for Easter Monday holiday

Europe:

• STOXX Europe 600: closed
• Germany's DAX: closed
• U.K.'s FTSE 100: closed
• France's CAC 40: closed
• Italy's FTSE MIB: closed
• Spain's IBEX 35: closed

Asia: Hang Seng  CLOSED  Shanghai  open  Nikkei open

• Morning: AVX BOH CBU GWW HAL HNI KMB LECO LII NVR ONB STLD TCF
• Afternoon:  ACC ALSN BEDU BRO CDNS CE CMRE EGP ELS HLX HSTM IBTX MINI NBTB RMBS RRC SFNC WAL WHR ZION

Tuesday (April 23)

• Morning:  ABCB ABG ARCH ASTE ATI AXE BANC CIT CNC DGX EDU FBC FCF FELE FITB FNB GPK HAS HOG IRDM JBLU KO LMT MTG NEE NTRS NUE PG PHM PII PPBI SHW SNV STT TECK TRU TWTR UMBF UTX VZ WAT WSO
• Afternoon:  AMTD BXMT CHFC CP CSGP CSL EBAY EW FCPT FE FMBI FR HA HIW HXL IRBT KALU LRN LTXB MANH MMSI MTH NAVI NBHC NWE RHI RNST SITC SIX SNAP SPN SYK TER TRMK TSS TXN UCBI VMI WRB

Wednesday (April 24)

• Morning:  ANTM APD APH AVY AXTA BA BCO BIIB BKU BOKF BSX CAT CSTM CVE DPZ DTE EVR FBP FCFS FLIR FSV GATX GD GNTX IART KNX LAD MCO MHO MKTX NDAQ NOC NSC NVS OC PB RES ROL SAP SIRI SLAB SLGN STM SWK SXC T TDY TEL TMO TROW TUP UMC
• Afternoon:  AGNC AGR AKR ALGN ALGT AMP ARI ASGN AVB AXS AXTI AZPN BCOV BDN BHE CHDN CINF CLB CLGX CMG CNMD COR CTXS CUBI CUZ CVBF DRE ECHO EIG ESRT ESS FB FBHS FFIV FNF FWRD GGG HP ISBC KN KRA LRCX LSTR MEOH MSA MSFT NOW NTGR OIS ORLY PKG PTC PYPL QEP RJF ROIC SAM SAVE SCI SEIC STL SUI SWI TILE TRN TSLA UFPI V VAR WCN WPG WRE XLNX

Thursday (April 25)

• Morning:  AAN AB ABBV ADS AEP ALKS ALLE ALXN ASPS AUO BAX BC BMY BWA CBZ CFR CLF CLS CMCS.A CMS CNSL COLB COWN CRR CRS CTS CWT DHI DLX ENTG EQT FAF FCN FCX GLOP GNC GPI GRA GRC HBAN HEES HES HSY HZO IBKC IP IRM ITW IVZ LANC LAZ LKQ LUV MAS MDCO MMC MMM MO NCI NEM NOK NTB NVT ODFL ORI PAG PATK PDS PRLB PTEN ROK ROP RS RTN SAH SHOO SSTK TAL TPH TSCO TZOO UBSI UPS VC VLO VLY WAB WEC WM WNS WST WWE XEL XRX YNDX
• Afternoon:  AEM AFL AJG ALK AMZN ASB ATEN ATRC AVT BABY BEAT BGG BJRI BMRN BOOM BYD CERN CIR COF COLM CUBE CVA CXP CY DFS DLR EHC EMN ENVA F FET FFBC FHB FII FIX FTI FTV GCAP GRUB HTA HTH IEX ILMN INT INTC JNPR KNL LMAT LOGM MAT MHK MOBL NOV NR OMCL PEB PFG PFPT PKI POWI PRO RSG SBCF SBUX SFLY SGEN SIVB SKYW SPSC SWN TMUS UHS VCRA VLRS VRSN VVI WERN  (finviz charts)

Friday (April 26) :

• Morning:  AAL ADM AIMC AIT ALV AN AON ARD AZN B BEN BLMN CIGI CL COG CVX GT GVA HELE HRC IMAX IMO IPG LEA LYB MOG.A PFS POR SBSI SNE SNY TREE TYPE VRTS VTR WBC WETF WY XOM ZBH
• Afternoon: 

What's in a name?: Weight Watchers (NASDAQ:WTW) begins trading under its new ticker symbol WW on April 22. The company has also rebranded its corporate identity to WW to fall in line with its transition to a global wellness company. Shares of Weight Watchers have been in a downward skid, down 51% YTD and 71% lower over the last 52 weeks.

Notable earnings reports: Halliburton (NYSE:HAL), Whirlpool (NYSE:WHR) on April 22; Twitter (NYSE:TWTR), Snap (NYSE:SNAP), eBay (NASDAQ:EBAY), Coca-Cola (KO), Verizon (VZ), Procter & Gamble (PG), Texas Instruments (NASDAQ:TXN) and United Technologies (UTX) on April 23; Tesla (TSLA), Facebook (NASDAQ:FB), Microsoft (MSFT), Visa (V), Caterpillar (CAT), AT&T (NYSE:T), Chipotle (NYSE:CMG), PayPal (NASDAQ:PYPL) and Boeing (BA) on April 24; Amazon (NASDAQ:AMZN), Intel (NASDAQ:INTC), Starbucks (NASDAQ:SBUX), Ford (NYSE:F), Comcast (NASDAQ:CMCSA), UPS (NYSE:UPS), AbbVie (NYSE:ABBV) and Altria (NYSE:M)) on April 25; Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Archer Daniels Midland (NYSE:ADM) and IMAX (NYSE:IMAX) on April 26.

Some implied moves for earnings this week (777 companies reporting):

$IRBT 12.9%
$AMZN 4.3%
$FB 6.0%
$TWTR 10.4%
$MSFT 3.6%
$TSLA 9.0%
$PYPL 5.6%
$V 3.1%
$CMG 7.7%
$ALGN 9.5%
$LRCX 6.6%
$XLNX 8.2%
$FFIV 5.9%
$ORLY 6.5%
$SAM 9.4%
$CTXS 6.3%
$MMM 3.5%
$ABBV 4.5%
$INTC 4.5%
$INTC 4.5%
$SBUX 4.1%
$GRUB 14.6%
$F 4.7%
$ILMN 6.0%
$GWW 6.7%
$WHR 7.2%
$LMT 3.3%
$HOG 6.4%
$SHW 4.3%
$SNAP 15.5%
$EBAY 5.7%
$EW 6.4%
$AMTD 3.6%
$SYK 6.2%
$BA 4.6%
$CAT 5.0%
$DPZ 8.7%
$BIIB 5.2%
$GD 3.7%
$SWK 5.6%
$ANTM 7.0%
$BSX 4.9%

=Ford Motor (F) reported earnings on Wed 23 Jan 2019 (a/h)

Ford Motor (F) reports EPS in-line, beats on revs

• Reports Q4 (Dec) earnings of $0.30 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.30; revenues rose 0.5% year/year to $38.7 bln vs the $36.83 bln S&P Capital IQ Consensus.
  • As covered earlier this month, Ford provided preliminary EPS figures for Q4 that fell short of analyst estimates.
• While auto operations reported a lower EBIT than a year ago, driven by China and Europe, all regions continued to focus on improving operational fitness while building on core company strengths. In Europe, Ford posted record SUV sales, while Ranger was the region's best-selling pick up, and Ford once again was the best-selling commercial vehicle brand. In the Asia Pacific region, India and Thailand achieved record full-year sales, and Lincoln set a new annual sales record for the fourth consecutive year in China.
• Bob Shanks, Ford CFO, said Ford expects to be able to fully fund its business needs and capital plans in 2019, while maintaining cash and liquidity levels at or above its target levels. He added Ford sees the potential for year-over-year improvement in the company's key financial metrics as it works to close the gaps versus targets.
• Q4 Slide Deck
• For 2019 outlook, co calls for potential improvement from 2018

Ford Motor Q4 Earnings Preview

Automaker Ford will report its Q4 results today at 16:15 ET, followed by a conference call at 17:30 ET.

• The current Capital IQ consensus calls for Q4 earnings of $0.30 per share (vs $0.39 one year ago) on a 4.9% year-over-year decline in revenue to $36.62 billion.
• Last week, Ford issued preliminary results for fiscal 2018, which implied Q4 earnings of $0.31 per share.
• Ford commented on its turnaround plan in last week's release, but the market has been disappointed with the lack of specifics. CEO Jim Hackett noted that turnaround efforts have already been underway for 19 months.
  • Ford's North American unit is shifting its focus away from sedans and toward SUVs and trucks-two markets that have shown relative strength.
  • In Europe, Ford hopes to capitalize on its standing as the leading seller of commercial vehicles.
  • The company expects to introduce more than ten new Ford and Lincoln models in China in 2019.
• In last week's release, the company said it sees a potential for revenue, EBIT, and adjusted operating cash flow growth during fiscal 2019. This outlook implies flat industry sales in 2019 compared to 2018.
• Shares of Ford rebounded alongside the broader market from their late-December swoon, but the January rebound ran into resistance near the 50-day moving average (8.71). The stock remains up 8.5% for the year, but is down 6.1% since the company issued its preliminary results on January 16.

Earnings this week : Jan 21 - 25, 19 (wk 4)

Earnings confirmed to report this week:

Monday (Jan 21)    

• Market closed for Martin Luther King Jr. Day

Tuesday (Jan 22)

• Morning: ATI FITB GATX HAL HMST JNJ LOGI EDU PETS PLD SWK TRV
• Afternoon: AMTD CNMD COF FMBI HOPE IBKR IBM LRN LTXB NAVI RNST SFNC TBK UCBI WTFC ZION

Wednesday (Jan 23)

• Morning:  ABT APH ASML BKU BPOP CBU CMCSA HZO KMB NTRS PG PGR RES ROL SYF TDY TEL UTX WAT
• Afternoon:  ADTN AZPN BGG BXS CATY CCI CMRE CNS CP CTXS CVBF F FFBC FFIV HXL LRCX  LVS NXGN PTC RJF SLG SLM STL TCBI TER TRMK TXN UMPQ URI VAR XLNX

Thursday (Jan 24)

• Morning:  AAL AEP AIT AVX BANC BMY COLB DLX EWBC FCX GWW HBAN ISCA JBLU LUV MKC MMYT ORI RCI STM TAL TXT UNP VIVO WBS
• Afternoon: ALK ASB AVT CUBI DFS  ETFC FHB FII HTH INTC ISRG NBHC NSC OSIS RMD SBCF SBUX SIVB WAL WDC

Friday (Jan 25)

• Morning: ABBV ABCB APD CL DHI ERIC HRC IBKC LEA MOG.A NEE

=Ford Motor (F) sees Q4 EPS below consensus

Ford Motor sees Q4 EPS below consensus

• Co issues downside guidance for Q4 (Dec), sees adjusted EPS of $0.30 vs. $0.33 S&P Capital IQ Consensus.
• 2018 results also will include the impact of a non-cash pre-tax remeasurement loss of $877 million related to the year-end revaluation of global pension and other postretirement employee benefits plans, also known as pension mark-to-market adjustment.
• The company strategy centers on high-growth product segments, electrified propulsion, autonomous vehicles, mobility services, operational fitness, and high-performance culture.
• "We are now beginning to see the results of our capital shift away from traditional sedans to trucks and SUVs with new utility nameplates globally, including Territory in China, Bronco, and a slightly smaller, yet-to-be named off-roader in North America."
• North America: In the next 24 months, Ford is refreshing 75% of its lineup, fortifying the company's successful truck franchise and renewing and expanding the range of SUVs.