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2 Automotive Stocks Move Thursday

Shares of Ford Motor Co. (NYSE:F) fell more than 6% on Thursday after the company posted third-quarter results on Wednesday afternoon. Revenue declined 2.1% from the prior-year quarter to $33.93 billion, but beat expectations by $50 million. The company posted earnings of 34 cents per share, topping estimates by 8 cents.

The GAAP operating cash flow rose 8% year over year, while the adjusted free cash flow increased 80% to $207 million. Further, the earnings before interest and taxes increased 10% and the adjusted Ebit inched up 8% to $1.8 billion.The increase was due to higher mark-to-market investment gains, improvement in the company's businesses in North America, Europe and China as well as strong performance from Ford Credit.


Looking ahead to the full year, the company expects adjusted Ebit to be between $6.5 billion and $7 billion, compared with $7 billion in 2018. It also projects full-year adjusted earnings per share to be between $1.20 and $1.32, versus $1.30 in 2018.

During the quarter ended June 30, Ken Fisher (Trades, Portfolio) reduced his holding by 12.5% to 75,645 shares, Richard Pzena (Trades, Portfolio) curbed his stake by 15% to 33,066,188 shares and Mario Gabelli (Trades, Portfolio) trimmed his position by 24% to 60,900 shares.

Shares of Tesla Inc. (NASDAQ:TSLA) advanced more than 17% on Thursday after reporting third-quarter revenue of $6.3 billion and earnings of $1.91 per share on Wednesday. It fell short $180 million short of revenue expectations, but beat earnings estimates by $2.14.

The total GAAP gross margin was 18.9%, down from 22.3% a year ago. Further, the adjusted Ebitda was $876 million versus consensus estimates of $646 million. The Ebitda margin increased from 5.8% in the second quarter to 13.9%.

Looking ahead to fiscal 2020, the company expects to deliver more than 360,000 vehicles.

During the second quarter, Spiros Segalas (Trades, Portfolio) boosted his stake to 1,464,787 shares and Ken Fisher (Trades, Portfolio) increased his position by 38% to 1,087 shares. On the other hand, Jim Simons (Trades, Portfolio) reduced his holding by 78% to 102,675 shares.

Disclosure: The author holds no positions in any stocks mentioned.

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This article first appeared on GuruFocus.