rtmark
LearnBonds.com

Ford and GE to make 50,000 ventilators in 100 days – GE stock rises, Ford falls

Ford Motor Company (NYSE: F) and GE Healthcare (NYSE: GE) said they will produce 50,000 ventilators over the next 100 days at a plant in Michigan, to treat people struck down by coronavirus. The two groups added that they will also produce 30,000 venerators every month as needed.

The GE/Airon Model A-E ventilator is licensed and designed by GE Healthcare from Florida-based Airon Corp with the potential to operate on air pressure without electricity.

Ford has closed its manufacturing plants due to the outspread of the virus; the company is likely to reopen the plants in May as US President Donald Trump has extended the lockdown date to April 30. Ford stock price currently trades around $5 after bottoming around $3 a share last week. Its shares are down by almost 50% since the beginning of this year. It closed down 3% at $5.03 on Monday.

Ford and GE to...

Meanwhile, GE stock price rose sharply in the past couple of sessions as the company is working hard to increase the manufacturing capacity of medical devices that can combat the disease- including ultrasound devices, CTs, patient monitors, mobile X-ray systems, and ventilators. It lifted by 3.5% to close at $7.89 on Monday, though its stock is down 33% this year.

The company has also said it will slash $1bn of costs and lay off 10% of aviation workers. It has also closed the sale of its BioPharma business to Danaher, which the company said will enhance its cash position in this critical time.

“With regard to our financial position, our company is sound. However, what we don’t know about the magnitude and duration of this pandemic still outweighs what we do know. Closing the sale of BioPharma to Danaher will help us solidify our financial position further,” chief executive officer Larry Culp says.

However, some analysts are still showing concerns over the short-term performance as its aviation and capital aviation services units account for 75% of GE’s profit. It’s still unclear whether GE would tap into government loans in the future; the company had received billions in government assistance during the 2008 financial crisis.

 

Trusted & Regulated Stock & CFD Brokers

Rating

What we like

  • 0% Fees on Stocks
  • 5000+ Stocks, ETFs and other Markets
  • Accepts Paypal Deposits

Min Deposit

$200

Charge per Trade

Zero Commission

Rating

64 traders signed up today

Visit Now

75% of investors lose money when trading CFDs.

Available Assets

  • Total Number of Stocks & Shares5000+
  • US Stocks
  • German Stocks
  • UK Stocks
  • European
  • ETF Stocks
  • IPO
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 Zero Commission
  • NASDAQ Zero Commission
  • DAX Zero Commission
  • Facebook Zero Commission
  • Alphabet Zero Commission
  • Tesla Zero Commission
  • Apple Zero Commission
  • Microsoft Zero Commission

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
  • Paypall
  • Skrill
  • Neteller

Rating

What we like

  • Sign up today and get $5 free
  • Fractals Available
  • Paypal Available

Min Deposit

$0

Charge per Trade

$1 to $9 PCM

Rating

Visit Now

Investing in financial markets carries risk, you have the potential to lose your total investment.

Available Assets

  • Total Number of Shares999
  • US Stocks
  • German Stocks
  • UK Stocks
  • European Stocks
  • EFTs
  • IPOs
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 $1 - $9 per month
  • NASDAQ $1 - $9 per month
  • DAX $1 - $9 per month
  • Facebook $1 - $9 per month
  • Alphabet $1 - $9 per month
  • Telsa $1 - $9 per month
  • Apple $1 - $9 per month
  • Microsoft $1 - $9 per month

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
Users should remember that all trading carries risks and users should only invest in regulated firms. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
Avatar

Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.