Ford’s $3.5B Battery Plant Pause & Market Insights for September 26, 2023

Market Highlights for September 26, 2023

Today's essential updates include Ford's decision to pause construction on a $3.5 billion electric battery factory amid union tensions, alongside anticipated declines in consumer confidence and new home sales. Investors should stay informed on these developments and other significant corporate news.

1. Ford Halts $3.5 Billion Electric Battery Plant Amid Union Disputes

Ford Motor Company (F) announced a temporary suspension of work on its Michigan-based $3.5 billion electric battery plant. This move comes amid ongoing contract negotiations with the striking United Auto Workers (UAW), raising concerns about the plant's future operations. UAW President Shawn Fain condemned the decision, viewing it as a potential threat to jobs. Ford’s shares dipped slightly by 0.15% in pre-market trading.

2. Consumer Confidence and New Home Sales Expected to Decline

The Consumer Confidence Index for September is forecasted to decrease to 105.5 from August's 106.1, with data releasing at 10 a.m. ET. Additionally, new home sales for August are projected to fall to 695,000 units, down from 714,000 in July. Earlier at 9 a.m. ET, the S&P Case-Shiller 20-City Home Price Index is anticipated to show a 0.3% increase for July, rebounding from a 1.2% decline in June.

3. Thor Industries Shares Drop 2.4% After Lower-Than-Expected Guidance

Recreational vehicle manufacturer Thor Industries (THOR) saw its shares fall 2.4% following a full-year profit and sales forecast that missed analyst expectations. Thor projects revenue between $10.5 billion and $11 billion, with earnings per share ranging from $6.25 to $7.25, compared to analysts’ estimates of $10.86 billion in revenue and $7.12 EPS. The forecast reflects anticipated softer consumer demand in upcoming months.

4. Intel Shares Slip Amid Challenges in German Factory Expansion

Intel Corporation (INTC) shares declined by 0.4% after reports highlighted difficulties in recruiting and training staff for its semiconductor plant in eastern Germany. The expansion faces additional hurdles due to elevated energy costs, impacting the company's growth plans in Europe.

5. Pfizer Warns of Supply Constraints Following Facility Restart

Pfizer Inc. (PFE) shares dropped nearly 0.4% pre-market after the pharmaceutical giant resumed operations at its North Carolina manufacturing site, which was damaged by a tornado in July. This facility produces approximately 50 medications, accounting for about 8% of the U.S. hospital supply of sterile injectable drugs. Pfizer cautions that full medication availability may not return until next year.

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