While few companies have been spared as the stock market tanks in the United States today, Ford Motor Company’s shares seem to have been hit the hardest – so far. In early trading today, Ford’s stock hit its lowest point since the early 1980s (on an adjusted basis) – just over $3.30.
Though the market hasn’t closed yet, Ford’s stock is still floundering under $3.40, down about 16.5 percent from Friday’s close. Fitch Ratings downgraded Ford and Ford Credit to CCC (from B-), the “poor quality” rating meaning that the agency thinks Ford has a good chance of defaulting. Both CCC and B- are what the firm calls “noninvestment” or junk grade.
General Motors shares are down about 8.5 percent but are still hanging around $8.25 a share. GM was downgraded to CCC about a month ago.