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The Fund is an actively managed exchange traded fund that, under normal circumstances, invests at least 80 percent of its net assets plus borrowings for investment purposes in income-producing, publicly traded U.S. stocks or unaffiliated ETFs purchased in the secondary market. The adviser defines an income-producing U.S. stock or ETF to be a company or ETF that invests in companies that have a history of paying dividends, appears to have the ability to continue to pay dividends, or demonstrates a history of increasing their dividends.

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Ford Motor Co. (F)

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MADE

RDIV

Ford scraps plans for large electric SUV, expects $1.9B write-down; will offer hybrid versions of SUVs instead. It also delays electric pickup truck.

Ford Scraps Electric SUV As It Adjusts To Lower Electric Vehicle Demand

News

Management

BECN

Beacon Reveals Receipt Of Notice From QXO About Nominations Of Ten Individuals To Stand For Election To Board, Says Nominations Represent Apparent Attempt to Pressure Board To Accept Offer

Guidance

Western Digital Says CEO Designate Irving Tan Shared Go-Forward Strategy At Investor Day 2025; Company Is Now Testing HAMR Technology With Hyperscale Customers

Deutsche Boerse (OTC:<a class="ticker" href="https://www.benzinga.com/stock/DBOEY#OTC">DBOEY</a>) reported quarterly earnings of $0.31 per share. This is a 29.17 percent increase over earnings of $0.24 per share from the same period last year. The company reported $1.99 billion in sales this quarter. This is a 6.54 percent increase over sales of $1.86 billion the same period last year.

Earnings

DBOEY

Deutsche Boerse Q4 Adj EPS $0.31 Up From $0.24 YoY, Sales $1.99B Up From $1.86B YoY

Upwork Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPWK#NASDAQ">UPWK</a>) shares are moving higher in Wednesday&#8217;s after-hours session after the company reported strong <a href="https://www.benzinga.com/pressreleases/25/02/g43674755/upwork-reports-fourth-quarter-and-full-year-2024-financial-results">fourth-quarter results</a>.
<ul>
<li>Q4 Revenue: $191.48 million, versus <a href="https://www.benzinga.com/calendars/earnings">estimates</a> of $180.94 million</li>
</ul>
<ul>
<li>Q4 Adjusted EPS: 30 cents, versus estimates of 24 cents</li>
</ul>
Total revenue increased 4% year-over-year. Active clients totaled 832,000 at quarter&#8217;s end. Gross services volume per active client came in at $4,815, up 1% year-over-year. 
Upwork generated $38.6 million in cash from operations and $34.7 million in free cash flow during the quarter. The company ended the period with $305.76 million in cash and cash equivalents. 
&#8220;Our 2024 results are a reflection of our strong execution driving durable, profitable growth, bringing new AI innovations to market, and building long-term shareholder value,&#8221; said Hayden Brown, president and CEO, Upwork. 
&#8220;Upwork&#8217;s superior scale and model means we are poised to continue to gain market share as a trusted source of high-quality talent and work outcomes, powered by AI, in the years ahead.&#8221;
See Also: <a href="https://www.benzinga.com/news/earnings/25/02/43676276/robinhood-q4-earnings-highlights-record-revenue-eps-beat-analyst-estimates-crypto-revenue-up-700">Robinhood Q4 Earnings Highlights: Record Revenue, EPS Beat Analyst Estimates, Crypto Revenue Up 700%+</a>
Outlook: Upwork expects first-quarter revenue to be in the range of $186 million to $191 million versus estimates of $183.4 million, per <a href="http://pro.benzinga.com">Benzinga Pro</a>. The company anticipates first-quarter adjusted earnings of 24 cents to 26 cents per share versus estimates of 26 cents per share.
Upwork sees full-year 2025 revenue of $740 million to $760 million versus estimates of $758.5 million. The company expects full-year adjusted earnings to be in the range of $1.05 to $1.10 per share versus estimates of $1.18 per share. 
Management is currently discussing the quarter on a conference call that kicked off at 5 p.m. ET.
UPWK Price Action: <a href="http://benzinga.com/quote/upwk">Upwork shares</a> were up 4.9% after hours, trading at $16.30 at the time of publication Wednesday, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: Shutterstock.

Movers

UPWK

Upwork Shares Rise On Strong Q4 Earnings: 'We Are Poised To Continue To Gain Market Share'

HubSpot, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUBS#NYSE">HUBS</a>) reported its fourth-quarter financial results after Wednesday's closing bell. Here's a look at the <a href="https://www.benzinga.com/pressreleases/25/02/b43674614/hubspot-reports-q4-and-full-year-2024-results">details from the report.&nbsp;</a>
The Details:&nbsp;HubSpot&nbsp;reported quarterly earnings of&nbsp;$2.32&nbsp;per share, beating the&nbsp;$2.19 analysts consensus estimate. Quarterly revenue came in at $703.17 million, beating the $673.32 million consensus estimate. 
<ul>
<li>Subscription revenue was $687.3 million, up 21% from the same quarter last year. </li>
<li>Professional services and other revenue was $15.9 million, up 36% year-over-year. </li>
<li>Grew Customers to 247,939 at Dec.31, 2024, up 21% from Dec. 31, 2023.</li>
<li>Average Subscription Revenue Per Customer was $11,312 during the fourth quarter, down 0.5% year-over-year.</li>
<li>Calculated billings were $767.6 million, up 16% on an as-reported basis and 21% in constant currency compared to the prior year&#8217;s quarter.</li>
</ul>
Read Next: <a href="https://www.benzinga.com/25/02/43667841/inflation-is-hot-and-getting-hotter">Inflation Runs Hot In January: &#8216;Houston We Have A Problem,&#8217; Experts Warn</a>&nbsp;
&#8220;We had a solid finish to 2024, highlighting our leadership as a platform company&#8221;, said Yamini Rangan, CEO of HubSpot. 
&#8220;2024 was a transformative year for HubSpot as we reimagined our product, our platform, and company with AI. I&#8217;m excited by the progress we&#8217;ve made in embedding AI across our hubs and the value it&#8217;s driving for customers,&#8221; Rangan added. 
Outlook:&nbsp;HubSpot sees first-quarter revenue of between $697 million and $699 million, versus the $705.71 million estimate, and EPS of between $1.74 and $1.76, versus the $2.00 estimate. 
HubSpot expects fiscal 2025 total revenue in a range of $2.98 billion to $2.99 billion, versus the $2.99 billion estimate, and EPS of between $9.11 and&nbsp;$9.19, versus the $9.14 estimate. 
HUBS Price Action: According to data from <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, HubSpot shares are up 5.06% after hours at $823.01 Wednesday.  
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/social-media/25/02/43535256/palantir-adds-elon-musks-ai-chatbot-grok-to-aip">Palantir Adds Elon Musk&#8217;s AI Chatbot Grok To AIP</a></li>
</ul>
Image: Courtesy of HubSpot, Inc.

Tech

HUBS

HubSpot Shares Climb After Solid Q4 Report: EPS Beat, Revenues Beat

Transocean Reports Total Backlog Of ~$8.3B As Of February 12, 2025

CSCO

Cisco Says Gary Steele, President, Go-To-Market, Notified His Decision To Resign, Effective April 25, 2025, For An External CEO Opportunity - Filing

<a target="_blank" href="https://www.benzinga.com/topic/artificial-intelligence" rel="noreferrer noopener">Artificial intelligence server</a> company Super Micro Computer, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) stock has risen over 1,336% in the last five years, backed by demand for AI hardware and infrastructure in line with the AI boom.
Aswath Damodaran, a Professor of Finance at the Stern School of Business at New York University, proclaimed the need for investments in infrastructure to accomplish <a target="_blank" href="https://aswathdamodaran.substack.com/p/ais-winners-losers-and-wannabes-valuing" rel="noreferrer noopener">AI ambitions</a>.
The launch of ChatGPT in 2022 posed a positive catalyst for the server market, as demand for AI servers increased with the generative AI boom.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/02/43442520/strong-iphone-upgrades-ai-features-and-services-growth-fuel-apples-momentum-bofa-analyst-says" rel="noreferrer noopener">Apple May Face Limited Tariff Impact, Trump Administration Could Ease DOJ Pressure: BofA</a>
Dell, Super Micro, and Hewlett Packard are the Big 3 Original Equipment Manufacturers of the AI server market. However, &#8220;Original Design Manufacturer direct&#8221; sales dominate as Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and its Big Tech peers continue to have their servers custom-made, as per <a target="_blank" href="https://www.counterpointresearch.com/insight/post-insight-research-notes-blogs-ai-servers-are-now-one-third-of-the-global-server-market" rel="noreferrer noopener">Counterpoint</a>.
Super Micro&#8217;s <a target="_blank" href="https://ir.supermicro.com/financials/sec-filings/default.aspx" rel="noreferrer noopener">gross margin</a> ranged between 15%-18% in the last three fiscals <a target="_blank" href="https://investors.hpe.com/financial/annual-reports" rel="noreferrer noopener">compared to</a> Hewlett Packard&#8217;s 33.4%-35% and <a target="_blank" href="https://investors.delltechnologies.com/financial-information/sec-filings?field_nir_sec_form_group_target_id=471&amp;field_nir_sec_date_filed_value=&amp;filter_type=&amp;relative_date_range_after=&amp;relative_date_range_before=&amp;exact_date_range_after=&amp;exact_date_range_before=&amp;items_per_page=10" rel="noreferrer noopener">Dell&#8217;s 22%-24%</a> due to the companies&#8217; diversified product portfolio with potentially higher margin segments.
Also, Super Micro priced its AI servers at a discount versus rivals to win market share, Reuters cited CFO David Weigand during a quarterly earnings call.
Super Micro&#8217;s stock value lost 25% in the <a target="_blank" href="https://www.benzinga.com/24/12/42520765/super-micro-drops-below-50-day-average-faces-nasdaq-100-removal-just-months-after-entry" rel="noreferrer noopener">last six months</a> as auditor Ernst &amp; Young quit in October over governance concerns. The company tapped BDO USA as its new auditor.
Super Micro, scrutinized by a Hindenburg Research report and a U.S. Department of Justice probe for alleged accounting fraud, has until February 25 to file its delayed financial reports. The stock lost its position in the Nasdaq 100 index in December 2024, months after joining it in July 2024.
According to the AI server company&#8217;s latest <a target="_blank" href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001375365/b47ec77a-b669-438b-82d3-553ab0d77e45.html" rel="noreferrer noopener">quarterly report</a>, Super Micro&#8217;s <a target="_blank" href="https://www.benzinga.com/news/24/10/41355570/super-micro-expands-liquid-cooled-ai-servers-with-nvidia-power" rel="noreferrer noopener">customers include</a> Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Advanced Micro Devices, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), Samsung Electronics (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>), and Micron Technology, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>).
Super Micro remains <a target="_blank" href="https://www.benzinga.com/24/12/42709635/super-micro-and-nvidia-expand-in-taiwan-with-green-energy-and-ai-projects" rel="noreferrer noopener">engaged in constructive endeavors</a>, including collaborating with Taiwan&#8217;s Guo Rui to form a renewable-energy-powered computation center in Taiwan. Reportedly, Nvidia plans to build a secondary headquarters in Taiwan.
Super Micro launched new <a target="_blank" href="https://www.benzinga.com/trading-ideas/movers/25/02/43500503/whats-going-on-with-ai-infrastructure-provider-supermicros-stock-today" rel="noreferrer noopener">AI data center solutions</a> with Nvidia Blackwell, and it has production plants in San Jose, Europe, and Asia.
In January, Super Micro began shipping <a target="_blank" href="https://www.benzinga.com/markets/equities/25/01/42900090/super-micro-begins-shipping-max-performance-servers-with-intel-xeon-6900-series-processors" rel="noreferrer noopener">max-performance servers</a> with Intel Xeon 6900 processors optimized for AI, HPC, and GPU-intensive tasks.
On January 30, Super Micro CEO Charles Liang <a target="_blank" href="https://x.com/charlesliang/status/1885087135922847978" rel="noreferrer noopener">tweeted</a> about expanding its partnership with Elon Musk&#8217;s AI startup,&nbsp;xAI.
On Tuesday, Super Micro reported <a target="_blank" href="https://www.benzinga.com/25/02/43646949/supermicro-sees-conservative-40-billion-revenue-target-despite-auditor-exit-stocks-50-slide" rel="noreferrer noopener">preliminary second-quarter</a> revenue of $5.6 billion—$5.7 billion (below the $5.89 billion consensus), up 54%.&nbsp;
The company cut its fiscal year 2025 guidance to $23.5 billion—$25 billion from its previous forecast of $26 billion—$30 billion (versus the $24.92 billion consensus). It projected fiscal year 2026 revenue of $40 billion versus the $29.92 billion consensus.
The company expects to file&nbsp;its delayed annual and quarterly reports to the U.S. SEC <a target="_blank" href="https://www.benzinga.com/25/02/43651025/smci-climbs-66-in-wednesday-pre-market-whats-going-on" rel="noreferrer noopener">by the deadline</a>.
Analysts rerated the stock upon the results.
<ul>
<li>Wedbush analyst Matt Bryson maintained Super Micro with a Neutral and raised the price target from $24 to $40.</li>
<li>JP Morgan analyst Samik Chatterjee maintained Super Micro with an Underweight and raised the price target from $23 to $35.</li>
<li>Needham analyst Quinn Bolton suspended the rating on Super Micro.</li>
</ul>
Wedbush: Super Micro&#8217;s softer, uninspiring results, the vision of a significantly more robust future, and plans to file its financials before the deadline should reduce uncertainty.
Bryson expects the business to expand considerably in the first half of 2026. However, he is also hesitant to model as aggressively as management forecasts.
JP Morgan: Despite the near-term softness, Super Micro surprised with an updated full-year guide, which implied a strong revenue inflection that the company expects will start a robust AI server revenue cycle.
The price target boost reflects increased conviction from the management team to meet regulatory deadlines.
Needham: Super Micro&#8217;s preliminary revenue and gross margin results fell slightly short of expectations as customers waited to order new Blackwell systems and aggressive pricing on Hopper products.
Bolton maintained his suspended rating as he awaited the filing of the annual and quarterly reports.
Investors can gain exposure to Super Micro through Vanguard Total Stock Market ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTI#NYSE">VTI</a>) and Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>).
Price Action:&nbsp;SMCI stock closed at $39.68 on Wednesday.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/25/02/43442424/meta-outspends-apple-and-amazon-on-arvr-betting-big-on-future-of-smart-glasses-and-ai" target="_blank" rel="noreferrer noopener">Meta Bets Big on Future of Smart Glasses and AI, Outspends Apple and Amazon on AR/VR</a></li>
</ul>
Image via Shutterstock

Price Target

Reiteration

Analyst Ratings

Trading Ideas

DELL

INTC

MSFT

NVDA

SMCI

SSNLF

Super Micro Rides AI Server Boom, Analysts See Big 2026 Growth Despite Near-Term Challenges

West Fraser Timber (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFG#NYSE">WFG</a>) reported quarterly earnings of $0.10 per share which beat the analyst consensus estimate of $0.06 by 66.67 percent. This is a 105.35 percent increase over losses of $(1.87) per share from the same period last year. The company reported quarterly sales of $1.41 billion which missed the analyst consensus estimate of $1.42 billion by 0.78 percent. This is a 7.20 percent decrease over sales of $1.51 billion the same period last year.

Earnings Beats

Earnings Misses

West Fraser Timber Q4 Adj $0.10 Beats $0.06 Estimate, Sales $1.41B Miss $1.42B Estimate

CORRECTION: Kinross Gold Q4 2024 Adj EPS $0.20 Misses $0.25 Estimate, Sales $1.42B Miss $1.47B Estimate

Sun Life Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLF#NYSE">SLF</a>) reported quarterly earnings of $1.68 per share which missed the analyst consensus estimate of $1.79 by 6.15 percent. This is a 36.59 percent increase over earnings of $1.23 per share from the same period last year.

Sun Life Financial Q4 2024 Adj EPS C$1.68 Misses C$1.79 Estimate

Fastly, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSLY#NYSE">FSLY</a>) reported its fourth-quarter financial results after Wednesday's closing bell. Here's a look at the <a href="http://Fastly Announces Fourth Quarter and Full Year 2024 Financial Results">details from the report. </a>
The Details: The San Francisco-based company reported quarterly losses of 3 cents per share. That&#8217;s down from earnings of 1 cent in the prior year&#8217;s quarter. Quarterly revenue came in at $140.58 million, beating the $138.27 million analyst consensus estimate.
<ul>
<li>Network services revenue was $427.7 million, representing 6% year-over-year growth. </li>
<li>Security revenue was $103 million, representing 11% year-over-year growth. </li>
<li>Other revenue was $12.9 million, representing 61% year-over-year growth.&nbsp;</li>
<li>Enterprise customer count was 596 in the fourth quarter, up 20 from the third quarter of 2024.</li>
<li>Fastly&#8217;s top ten customers accounted for 32% of revenue in the fourth quarter compared to 40% in the fourth quarter of 2023.</li>
</ul>
Read Next: <a href="https://www.benzinga.com/25/02/43667841/inflation-is-hot-and-getting-hotter">Inflation Runs Hot In January: &#8216;Houston We Have A Problem,&#8217; Experts Warn</a>&nbsp;
"We are pleased to report record fourth quarter revenue, exceeding the high-end of our guidance range," said Todd Nightingale, CEO of Fastly.
"Our platform strategy is delivering an accelerated innovation velocity and faster time to value for anyone building web experiences," continued Nightingale. &#8220;We enter 2025 with a strengthened balance sheet, a motivated go-to-market team, and intense focus on efficient customer acquisition and long-term revenue growth."
Outlook:&nbsp;Fastly expects first-quarter losses of between 9 cents and 5 cents per share, versus the loss of 1 cent estimate, and revenue in a range of $136 million to $140 million, versus the $137.05 million estimate. 
FSLY Price Action: According to data from <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Fastly shares are down 18.57% after hours at $8.20 Wednesday.  
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/social-media/25/02/43535256/palantir-adds-elon-musks-ai-chatbot-grok-to-aip">Palantir Adds Elon Musk&#8217;s AI Chatbot Grok To AIP</a></li>
</ul>
Image: Shutterstock

FSLY

Fastly Shares Tumble After Q4 Report, Weak Forward Guidance

Scorpio Tankers (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STNG#NYSE">STNG</a>) reported quarterly earnings of $0.63 per share which missed the analyst consensus estimate of $1.01 by 37.62 percent. This is a 77.09 percent decrease over earnings of $2.75 per share from the same period last year. The company reported quarterly sales of $203.97 million which missed the analyst consensus estimate of $222.39 million by 8.28 percent. This is a 39.35 percent decrease over sales of $336.31 million the same period last year.

STNG

Scorpio Tankers Q4 2024 Adj EPS $0.63 Misses $1.01 Estimate, Sales $203.97M Miss $222.39M Estimate

SolarWinds (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SWI#NYSE">SWI</a>) reported quarterly earnings of $0.51 per share which beat the analyst consensus estimate of $0.27 by 88.89 percent. This is a 112.5 percent increase over earnings of $0.24 per share from the same period last year. The company reported quarterly sales of $210.31 million which beat the analyst consensus estimate of $202.95 million by 3.63 percent. This is a 6.14 percent increase over sales of $198.14 million the same period last year.

SolarWinds Q4 2024 Adj EPS $0.51 Beats $0.27 Estimate, Sales $210.31M Beat $202.95M Estimate

MKS Instruments (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MKSI#NASDAQ">MKSI</a>) is looking for Q1 GAAP EPS of $0.35-$0.91 vs $1.07 analyst estimate..

MKSI

MKS Instruments Sees Q1 GAAP EPS $0.35-$0.91 vs $1.07 Est

MKS Instruments (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MKSI#NASDAQ">MKSI</a>) is looking for Q1 Adj EPS of $1.13-$1.67 vs $1.62 analyst estimate. sees sales of $870.000 million-$950.000 million vs $908.69 million analyst estimate.

MKS Instruments Sees Q1 Adj EPS $1.13-$1.67 vs $1.62 Est; Sees Sales $870.000M-$950.000M vs $908.69M Est

MKS Instruments (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MKSI#NASDAQ">MKSI</a>) reported quarterly earnings of $2.15 per share which beat the analyst consensus estimate of $1.95 by 10.26 percent. This is a 83.76 percent increase over earnings of $1.17 per share from the same period last year. The company reported quarterly sales of $935.00 million which beat the analyst consensus estimate of $914.18 million by 2.28 percent. This is a 4.70 percent increase over sales of $893.00 million the same period last year.

MKS Instruments Q4 Adj $2.15 Beats $1.95 Estimate, Sales $935.00M Beat $914.18M Estimate

WIIM

Kadant shares are trading lower. The company reported Q4 financial results,

Oportun Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPRT#NASDAQ">OPRT</a>) sees Q1 sales of $225.000 million-$230.000 million vs $249.78 million analyst estimate.

OPRT

Oportun Financial Sees Q1 Sales $225.000M-$230.000M vs $249.78M Est

Oportun Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPRT#NASDAQ">OPRT</a>) is looking for FY2025 Adj EPS of $1.10-$1.30 vs $1.00 analyst estimate. sees sales of $945.000 million-$970.000 million vs $1.02 billion analyst estimate.

Oportun Financial Sees FY2025 Adj EPS $1.10-$1.30 vs $1.00 Est; Sees Sales $945.000M-$970.000M vs $1.02B Est

Ford Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) is scrapping plans for a large electric <a href="https://www.benzinga.com/news/24/08/40484811/ford-stock-charges-higher-on-ev-strategy-shift-what-investors-need-to-know">sport-utility vehicle</a> and expects to take $1.9 billion in related write-downs on the move as the automobile giant adjusts to softer-than-expected demand for electric vehicles.



Ford instead plans to offer hybrid gas-electric versions of three-row SUVs for models that include Explorer and Expedition, the Wall Street Journal <a href="https://www.wsj.com/business/autos/ford-cancels-plans-for-electric-suv-44817367?mod=hp_lead_pos1">reported</a>.



Ford also delayed launching a new electric pickup truck by a year, until 2027, and said it would lower capital spending on fully electric vehicles from 40% to about 30% of its budget.



Ford has said its EV business is expected to lose about $5 billion in 2024, having lost about $44,000 on every EV sold in the second quarter.



Read Also: <a href="https://www.benzinga.com/markets/equities/24/07/39948172/nvidia-ford-chipotle-viking-therapeutics-tesla-why-these-5-stocks-are-on-investors-radars-today">Nvidia, Ford, Chipotle, Viking Therapeutics, Tesla: Why These 5 Stocks Are On Investors&#8217; Radars Today</a>



As Ford plans to include more hybrids in its EV offerings, it also has several full EVs in the works, including an electric commercial van that it expects to start making in 2026 and two new pickup trucks set for production in 2027.



Ford is not alone in adjusting its EV plans as consumer demand for battery-powered vehicles came in less than expected.



In June, General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) delayed opening a suburban Detroit factory being renovated to build electric pickups and delayed the release of a Buick EV. 



Ford Chief Executive Jim Farley has said that China's EV companies have the advantage of a lower-cost supply chain and Ford needs to find ways to lower its costs to compete.



Ford said it would take a special, noncash charge of $400 million to write down expenses related to canceling the electric SUV and possibly an additional expenses of $1.5 billion to be reflected as special items in future quarters.



EV sales rose 6.8% during the first six months of 2024, marking a sharp decline of nearly 50% growth last year, Motor Intelligence data showed.



Price Action: Ford gained 1.59% to close at $10.85 on Wednesday, while exchange-traded funds that follow the stock also tracked upward.



<ul>
<li>First Trust Nasdaq Transportation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>) rose 0.91%</li>



<li>Invesco S&amp;P Ultra Dividend Revenue ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDIV#NYSE">RDIV</a>) went up 0.15%</li>



<li>IShares U.S. Manufacturing ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MADE#NYSE">MADE</a>) picked up 1.02%</li>



<li>Brookstone Dividend Stock ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/BAMD#BATS">BAMD</a>) edged up 0.60%</li>



<li>Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>) moved up 0.57%</li>
</ul>



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