The electric vehicle bubble continued to deflate except for Tesla (TSLA) and Rivian (RIVN). Ford (F), as previously planned, will cut production of its all-electric F-150 Lightning pickup by nearly half in 2024.
F stock bottomed below $10.00 last month and added ~ 10% since then. Investors are betting that the lower production will slow losses. Unfortunately, Ford has high costs from its core gas-powered vehicles and rising costs from EVs. It will have difficulty competing with Toyota (TM) in the hybrid vehicle market.
Hasbro (HAS) fell 4.97% in pre-market trade. The firm will cut 900 jobs to reduce expenses. It will accrue $40 million in incremental severance-related costs. However, the firm expects to save around $100 million and $350 million to $400 million by the end of 2025.
Zillow Group (ZG) added 3.13%. JMP Securities upgraded the real estate listings platform provider to Market Outperform. It expects market share gains and normalizing existing home transactions will lift Zillow’s EBITDA for 2024 to $502 million.
Crocs (CROX) added 1.56%. The stock already bottomed at $74 last month. Short interest is 9.66% as shares added 1.56% to trade at $106.23. The firm needs good holiday shopping demand to defy bears.
