News Summary

Shares of Ford Motor Company F gained about 1.1% after the company reported a 14% y/y rise in its May wholesale vehicle sales in China. Ford's wholesale vehicle sales in China came in at 45,162 units in May. Its sales for the first five months of the year surged 15% to 230,068 units. Sales of the mid-sized Ford Focus climbed 33% year-over-year to 16,756 units in May. Shares of Portugal Telecom SGPS SA PT dropped about 0.27% after Moody's Investors Service downgraded the debt ratings of Portugal Telecom from “Baa2” to “Baa3.” Moody's reported that they remain on review for possible further downgrade. Last week, Standard & Poor's also downgraded Portugal Telecom's rating from “BBB/A-2” to “BBB-/A-3,” with a negative outlook. Shares of Navistar International Corp NAV fell about 4.4% after the company reported a 72% rise in its fiscal second-quarter profit. Navistar reported its quarterly profit at $74 million, or $0.93 per share, up from $43 million, or $0.60 per share, in the year-earlier period. Its revenue for the quarter surged 22% to $3.36 billion. Navistar's adjusted earnings came in at $1.02 per share. However, analysts were expecting earnings of $1.14 per share on revenue of $3.32 billion. Navistar narrowed its earnings target for the fiscal year to a range of $5.50 to $6.00 per share. Analysts expected fiscal-year earnings of $5.34 per share. Shares of General Motors Co GM gained about 0.8% after the company reported its vehicle sales for May. General Motors reported its vehicle sales at 190,674 units in May, compared with 203,367 units in April. GM's sales in the first five months of the year came in at 1,079,624 units. Read more from Benzinga's Markets.