Yahoo Finance Live anchor Seana Smith highlights stocks moving in after-hours trading, including Ford, FedEx, and Moderna.
- All right, let's go over to Seana now for the movers of the week. And mostly to the downside, huh, my friend?
SEANA SMITH: They certainly are. Some of the biggest stock stories here. There were too many, so we picked out the top three. First, let's start with Ford because it recorded its biggest intraday drop in more than a decade earlier this week-- shares sinking over 12% after the automaker said that inflation-related costs would be about a billion dollars more than they had initially expected during the current quarter.
A parts shortage forcing Ford to delay deliveries, warning that it could actually impact up to 45,000 vehicles during the third quarter. For the week, you can see the stock [? off ?] just around 16%, ending the week at 12.31 a share.
Next up, let's talk about FedEx unveiling a cost-cutting plan and rate increases as it tries to navigate a weaker economy. Now the packaging giant planning to cut costs by up to $2.7 billion this fiscal year and up to $4 billion by fiscal 2025. Analysts, though, they're a bit skeptical on FedEx's plans. Morgan Stanley writing in a note that, quote, "detail was lacking." The team at Citi warning that they don't think management was successful in convincing investors that it was a credible plan to execute on.
Taking a look at FedEx, the stock [? off ?] just about 7% in the past five days. The news broke during intraday trading yesterday, and you can see the selling continuing today as analysts weigh in and investors are trying to gauge how big of a potential challenge this is for FedEx.
All right, rounding it out with Moderna. Now investors dumping vaccine stocks after President Biden saying that the pandemic is, quote, "over." Shares dropped as much as 10% on Monday. The stock kicking the week off on a very rough note, warning out there that demand could fall for the vaccine slowly as a result. Now those shares closing the week off just about 10% at 123.64 a share. Dave?