em>Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Ford F shares are trading higher by $0.25 at $14.80 in Tuesday's session. The catalyst for the rally is a Q2 beat for EPS ($0.47 vs.Est. $0.37) and for sales ($37.3B vs. Est. $35.3B). In addition, the company maintain FY 2015 profit guidance at $8.5-$9.5B).
The strong beat instigated a higher open ($14.96 vs. Monday's close of $14.55). However, institutional sellers at the $15 capped the initial rally. The ensuing decline found support at exactly Monday's high ($14.60) and provided the base for the rebound to the $14.80 level.
Ford shares have been an underperformer this year, having a decline of nearly five percent compared to the broad market gain of approximately one percent.
It should be noted Ford followed suit of General Motors GM, which also turned in an impressive Q2 performance.
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