Investors punished Ford Motor Co. on Monday, sending its stock to the lowest level in more than a year, after the nation's second largest automaker warned that profits will fall short of expectations this year and next.
Ford shares fell 59 cents, or 5.4 percent, to close at $10.44 in trading Monday on the New York Stock Exchange. Before Monday, Ford had been trading in a 52-week range of $10.94 to $16.48.
Dearborn-based Ford lowered its full-year profit forecast Friday to $1.25 to $1.50 per share from $1.75 to $1.95 per share. Ford also said it doesn't expect to reach its goal of $7 billion in pretax profits by 2006.