Ford Sharpens Focus; Ford Stock Spikes

(TheStreet) -- Ford F stock is spiking Monday as the company announced the completion of its Volvo unit sale and related assets to Chinese automaker Zhejiang Geely, which will boost the company's balance sheet. Shares of Ford have jumped 2.8% to $13.13 in midday trading. Geely bought Volvo and related assets for $1.8 billion, including a $200 million note and the balance in cash. Geely on Monday issued the note and paid $1.3 billion in cash to complete the sale. The deal was signed in March. Geely's purchase of Volvo is China's largest acquisition of a foreign automaker, and takes place after China overtook the U.S. last year as the word's largest auto market. To read the rest, head over to TheStreet.com