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Top Ten Charts for August: Best Healthcare Stocks for August 2024

In this edition of StockCharts TV‘s The Final Bar, Dave continues a five-part series covering ten charts to watch in August 2024, honing in on two Health Care stocks showing renewed signs of strength. He also breaks down how earnings releases relate to price trends, and how investors should best track earnings dates for stocks on their watch list.

This video originally premiered on August 22, 2024. Watch on our dedicated Final Bar page on StockCharts TV!

New episodes of The Final Bar premiere every weekday afternoon. You can view all previously recorded episodes at this link.

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Business

Fed minutes point to ‘likely’ rate cut coming in September

Federal Reserve officials at their July meeting moved closer to a long-awaited interest rate reduction, but stopped short while indicating that a September cut had grown increasingly probable, minutes released Wednesday showed.

“The vast majority” of participants at the July 30-31 meeting “observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting,” the summary said.

Markets are fully pricing in a September cut, which would be the first since the emergency easing in the early days of the Covid crisis.

While all voters on the rate-setting Federal Open Market Committee voted to hold benchmark rates steady, there was an inclination among an unspecified number of officials to start easing at the July meeting rather than waiting until September.

The document stated that “several [meeting participants] observed that the recent progress on inflation and increases in the unemployment rate had provided a plausible case for reducing the target range 25 basis points at this meeting or that they could have supported such a decision.”

One basis point is 0.01 percentage point, so a 25 basis point reduction would be equivalent to a quarter percentage point.

In the parlance the Fed uses in its minutes, which do not mention names nor specify how many policymakers felt a certain way, “several” is a relatively small number.

However, the summary made clear that officials were confident about the direction of inflation and are ready to start easing policy if the data continues to cooperate.

The sentiment was twofold: Inflation markers had shown price pressures easing considerably, while some members noted concerns over the labor market as well as the struggles that households, particularly those at the lower end of the income spectrum, were having in the current environment.

“With regard to the outlook for inflation, participants judged that recent data had increased their confidence that inflation was moving sustainably toward 2 percent,” the minutes stated. “Almost all participants observed that the factors that had contributed to recent disinflation would likely continue to put downward pressure on inflation in coming months.”

On the labor market, “many” officials noted that “reported payroll gains might be overstated.”

Earlier Wednesday, the Bureau of Labor Statistics reported, in a preliminary revision of the nonfarm payroll numbers from April 2023 through March 2024, that gains may have been overstated by more than 800,000.

“A majority of participants remarked that the risks to the employment goal had increased, and many participants noted that the risks to the inflation goal had decreased,” the minutes said. “Some participants noted the risk that a further gradual easing in labor market conditions could transition to a more serious deterioration.”

In its post-meeting statement, the committee noted that job gains had moderated and that inflation also had “eased.” However, it chose to hold the line on its benchmark funds rate, which is currently targeted in a 5.25%-5.50% range, its highest in 23 years.

Markets rose the day of the Fed meeting but cratered in following sessions on worries that the central bank was moving too slowly in easing monetary policy.

The day after the meeting, the Labor Department reported an unexpected spike in unemployment claims, while a separate indicator showed the manufacturing sector contracted more than expected. Things got worse when the nonfarm payrolls report for July showed job creation of just 114,000 and another tick up in the unemployment rate to 4.3%.

Calls grew for the Fed to cut quickly, with some even suggesting that the central bank do an intermeeting move to head off worries that the economy was sinking fast.

However, the panic was short-lived. Subsequent data releases showed jobless claims drifting back down to normal historical levels while inflation indicators showed price pressures easing. Retail sales data also was better than expected, assuaging worries of consumer pressure.

More recent indicators, though, have pointed to stresses in the labor market, and traders largely expect the Fed to begin cutting rates in September.

This post appeared first on NBC NEWS
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Business

U.S. added 818,000 fewer jobs than thought, adding to concerns about a slowing economy

U.S. job gains over the 12 months ending in March were revised downward Wednesday by 818,000 — a significant revision that adds to recent concerns that the economy has been slowing.

The change means that roughly 2.1 million jobs were created in the U.S. in the past year, compared with about 2.9 million prior to the revision. The new figures do not represent job losses — merely new estimates of how many jobs were actually created during the period in question.

‘Even after these large downward revisions, the labor market looks to have been on solid footing,’ Bank of America research analysts said after the report’s release.

The data serves as additional evidence that a more significant downturn in the U.S. economy may be afoot. While the economy has grown steadily in recent quarters, often outpacing expectations, the unemployment rate recently climbed to a new post-pandemic high of 4.3% (the data revisions today do not affect measures of the unemployment rate). The share of American workers both employed and unemployed looking for new work rose to its highest level in a decade in July — even as hiring has largely ground to a halt.

In a statement, White House Chief Economic Adviser Jared Bernstein said the preliminary estimate ‘doesn’t change the fact that the jobs recovery has been and remains historically strong, delivering solid job and wage gains, strong consumer spending, and record small business creation.”

Wednesday’s update from the Bureau of Labor Statistics was the largest negative revision since 2009. Still, it was slightly less than feared by forecasters, some of whom had warned it could have been as high as 1 million. Market reaction was largely muted.

In a note to clients following Wednesday’s release, Olivia Cross, economist with Capital Economics research group, said the report means that the jobs data covered by the period were ‘softer than first thought, but not worryingly so,’ and that it will likely lead the Federal Reserve to cut its key interest rate by 0.25% in September, as most analysts expected before Wednesday’s release.

On an absolute basis, employment in professional and business services saw the largest adjustment, down 358,000 jobs compared to what was previously reported. Leisure and hospitality was next, down 150,000.

On a percentage basis, information occupations saw the biggest adjustment, a decline of 2.3%.

Each year, the Bureau of Labor Statistics uses state unemployment insurance tax records to paint a more accurate picture of the jobs market compared with its regular monthly surveys.

The BLS revisions are preliminary, and the scale of the revisions will again be adjusted next February.

This year’s revision was highly anticipated as market observers debate whether the Federal Reserve has been too slow to cut rates amid signs of a slowing economy. The Fed is expected to cut interest rates by 0.25% at its next policy-setting meeting on Sept. 18.

Bank of America’s research analysts said the report will have ‘little impact’ on expectations for Fed policy, adding that the Fed already had concerns about the labor market before the revisions.

This post appeared first on NBC NEWS
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Sports

Nine MLB contenders most crushed by injuries

The race to the playoffs has become a slog of attrition.

It’s late August and the Major League Baseball landscape is littered with the remains of the mediocre. At the halfway point, a half-dozen teams looked likely to win 100 games; now, that number may be zero by the end of September.

Of course, excuses abound – many of them valid. MLB’s injured list has been well-decorated with star pitchers since the first week of the season, but as the stretch drive unfolds, it’s clear some teams have been hit harder than others.

With that, a look at the nine contenders who have been crushed the most by injuries – and the prognosis for better health as the season unwinds:  

1. Atlanta Braves

Gone for good: RH Spencer Strider (reconstructive elbow surgery, April 13); OF Ronald Acuña Jr. (torn right ACL, May 26); LHP A.J. Minter (hip surgery, Aug. 13)

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It’s been a while: 2B Ozzie Albies (left wrist fracture, July 21, out until mid-September); 3B Austin Riley (right hand fracture, Aug. 19, out for rest of regular season).

Short-term pain: OF Jorge Soler (hamstring, day-to-day); C Travis d’Arnaud (wrist, day-to-day).

Outlook: They were the leaders in the clubhouse in this category with Strider and Acuña’s demises, and then Albies and Riley’s fractures further decimated the lineup. The good news: Pitchers Max Fried and Reynaldo Lopez are back off the IL. The bad news: They have just a two-game edge for the final wild-card spot. Buckle up.

2. Baltimore Orioles

Gone for good: INF Jorge Mateo (elbow, July 24); RH Kyle Bradish (Tommy John surgery, June 19); RH Tyler Wells (Elbow reconstruction surgery, June 17); LH John Means (Tommy John surgery, June 13); RH Felix Bautista (Tommy John surgery, October 2023).

It’s been a while: RH Zach Eflin (shoulder inflammation, Aug. 20, out until September); RH Grayson Rodriguez (mild right lat strain, Aug. 10, out until September); INF Jordan Westburg (right hand fracture, July 31, out until September); LH Danny Coulombe (elbow surgery, June 19, out until mid-September); OF Heston Kjerstad (concussion, Aug. 7, out indefinitely)

Short-term pain: RH Jacob Webb (elbow inflammation, Aug. 7).

Outlook: They brought in Corbin Burnes to anchor the rotation. Dealt for Eflin and Trevor Rogers to backfill for the season-ending losses of Bradish, Means and Wells. And then Eflin and fellow right-hander Grayson Rodriguez hit the injured list in rapid succession. Their September injury reports will have the biggest impact on the AL pennant chase: The welfare of their two righty aces, Westburg and Coulombe may make the difference between limping into the playoffs and looking like World Series favorites.

3. Houston Astros

Gone for good: RH Cristian Javier (Tommy John surgery, June 16); RH Jose Urquidy (Tommy John surgery, June 7); RH J.P. France (shoulder surgery, July 2); RH Luis Garcia (Tommy John recovery); RH Lance McCullers Jr. (forearm).

It’s been a while: OF Kyle Tucker (right shin contusion, June 7, out until at least September); RH Kendall Graveman (shoulder surgery, January, possible return in late September).

Short-term pain: RH Ryan Pressly (lower back strain, Aug. 14, expected back next week).

Outlook: Now that Justin Verlander is back, it’s easy to forget that Houston shelved nearly an entire rotation of arms before summertime. Yet it’s Tucker’s return from a shin injury that’s most vexing and perhaps most impactful. It now seems likely his recovery from a shin injury will stretch to three months, and the Astros would be happy if the MVP-caliber slugger has a runway to get up to speed by the postseason.

4. New York Yankees

Gone for good: RH Jonathan Loaisiga (Tommy John surgery, April 6)

It’s been a while: RH Clarke Schmidt (right lat strain, May 31, out until September); INF/OF Jazz Chisholm (left elbow ligament tear, Aug. 14, out for at least another week); RHP Ian Hamilton (right lat strain, June 18, out until next week); 1B Anthony Rizzo (right forearm fracture, June 18, out indefinitely)

Short-term pain: RH Luis Gil (lower back strain, Aug. 20, out until at least Sept. 5)

Outlook: The rotation has made do without Schmidt, thanks largely to Gerrit Cole’s return and Nestor Cortes and Marcus Stroman’s ability to keep the wheels largely on the road. Yet the club’s division and playoff hopes would be greatly enhanced if Schmidt can both complete his return from a lat strain and largely resume the form that produced a 2.52 ERA. Chisholm’s injury was a big blow after his instant impact following the trade deadline, but he should be able to rejoin the lineup come September.

5. Los Angeles Dodgers

Gone for good: RH River Ryan (Tommy John surgery, Aug. 13); RH Dustin May (esophagus surgery, July 13); RH Emmet Sheehan (reconstructive elbow surgery, May 16); RH Tony Gonsolin (Tommy John surgery, Feb. 9).

It’s been a while: RH Yoshinobu Yamamoto (shoulder, triceps, June 16, out until September)

Short-term pain: RH Tyler Glasnow (elbow tendinitis, Aug. 19, expected back Sept. 1; RH Blake Treinen (hip, Aug. 5, activated Wednesday); INF/OF Chris Taylor (left groin strain, July 25, expected back this week); C Austin Barnes (toe, Aug. 19, expected back Aug. 30).

Outlook: A grim year for young arms in the organization. Beyond the season-ending losses, all eyes are on the returns of Glasnow – taking his second IL respite of the second half after his odometer hit 134 innings, 14 over his career high – and Yamamoto. The $325 million import was scheduled for a two-inning simulated game, which should lead to a rehab assignment beginning sometime next week – just as the calendar flips to September.

6. Milwaukee Brewers

Gone for good: OF Christian Yelich (back surgery, July 25); RH Brandon Woodruff (shoulder, March 24); LH Wade Miley (reconstructive elbow surgery, May 7); LH Robert Gasser (Tommy John surgery, June 26).

Out for a while: RH Enoli Paredes (forearm tendinitis, July 3, out until September); LH Hoby Milner (shoulder impingement, Aug. 11, out until September).

Short-term pain: OF Blake Perkins (right calf strain, Aug. 12, expected back this week).

Outlook: Yelich’s loss is brutal, in that his .909 OPS (151 adjusted) was his most productive season since his 2019 MVP runner-up campaign. The pitching staff has been strafed with injuries, but the Brewers always have a couple dozen arms to pull from and find innings. And now they have an 11-game NL Central lead to play with.

7. Minnesota Twins

Gone for good: RH Joe Ryan (teres major shoulder strain, Aug. 9); RH Brock Stewart (shoulder surgery, July 31); RH Anthony Desclafani (flexor tendon surgery).

It’s been a while: SS Carlos Correa (heel, July 20, out until September); OF Alex Kiriloff (back, ankle, June 18, out until September); RH Chris Paddack (forearm strain, July 14, out until at least late September).

Short-term pain: CF Byron Buxton (right hip inflammation, Aug. 13, expected back this weekend); INF Brooks Lee (right biceps tendinitis, expected back next week).

Outlook: They’ve very quietly been flourishing without Correa, winning 11 of 19 this month to keep the pressure on first-place Cleveland. Yet Ryan’s loss – he has a narrow but unlikely chance to return for the playoffs – might have the bigger impact on their postseason outcome. Paddack may have a window to return as a playoff reliever, just like last year.

8. San Diego Padres

It’s been a while: RF Fernando Tatis Jr. (right quadricep, June 24, out until at least mid-September); RH Yu Darvish (restricted list, groin, elbow, May 29, return uncertain); LH Wandy Peralta (left thigh strain, July 12, expected back by September)

Short-term pain: SS Ha-Seong Kim (right shoulder inflammation, Aug. 19, expected back by September)

Outlook: Almost seems silly to include them on this list, since they’re a major league-best 22-6 since the All-Star break. Yet it’s startling to consider that’s all come without Tatis and Darvish. There’s still no timetable for Tatis’s return, as he’s gradually adding activities in his return from a femoral stress reaction; his addition would give the lineup a punishing look nearly from 1 to 9. Darvish has reportedly been throwing during his time on the restricted list, but chances of a return remain unknown.

9. Arizona Diamondbacks

Gone for good: LH Kyle Nelson (thoracic outlet surgery)

It’s been a while: 1B Christian Walker (oblique, July 30, expected back by September), C Gabriel Moreno (left adductor strain, Aug. 6, out until late September).

Short-term pain: 2B Ketel Marte (sprained ankle, Aug. 19, expected back by September).

Outlook: The only good thing about Walker’s injury is it came just a few hours before the trade deadline, enabling them to add veteran Josh Bell, who has contributed four home runs and a capable .769 OPS. It also gives Walker the luxury to not rush back from his oblique strain, among the game’s more vexing maladies.

The USA TODAY app gets you to the heart of the news — fast. Download for award-winning coverage, crosswords, audio storytelling, the eNewspaper and more.

This post appeared first on USA TODAY
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Sports

USWNT player already broke gold medal, asking IOC for new one

Lynn Williams won a gold medal in Paris, but the U.S. women’s national team forward now has, in her words, ‘the world’s most expensive coaster.’

Williams played a key role in the USWNT’s victorious run at the Olympics, coming off the bench in each of the team’s six matches in France. The Gotham FC star scored one goal, putting the final touch on a 4-1 win over Germany in the group phase.

The USWNT was naturally involved in some exuberant celebrations after clinching gold with a 1-0 win over Brazil in the Olympic final. Somewhere in the midst of the team’s after-party, Williams managed to snap the band off her medal.

On her TikTok account, Williams told the tale of how her medal broke.

Though she had posted a video of her swinging the medal around, Williams insisted that wasn’t how it happened. Instead, she said it was during a team dance session.

2024 Paris Olympics: Follow USA TODAY’s coverage of the biggest names and stories of the Games.

‘I had it on my shoulder like a little purse, and I was just jumping, dancing, jumping,’ she said. ‘And I jumped down, and it just fell off. So everybody was dancing, and I was roaming around trying to get my medal off the ground. It has a dent now, so it’s definitely one of a kind.’

Rather than accept that she will have a unique gold medal for life, Williams said she was instead petitioning the International Olympic Committee for a replacement.

‘I don’t know if I’m going to get it fixed,’ she said. ‘We are waiting to hear from the IOC, the Olympic Committee. They said I could probably get one. I had to prove to them that it was, in fact, damaged, but now we’re just waiting to see. If not, honestly, I think it’s a cool, funny story.’

The USA TODAY app gets you to the heart of the news — fast.Download for award-winning coverage, crosswords, audio storytelling, the eNewspaper and more.

This post appeared first on USA TODAY
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Week 0, playoff preview lead College Football Fix podcast

It’s the dawn of a college football season unlike any other. There is massive change to the landscape with conference realignment, sending one of the historic leagues into dormancy. The College Football Playoff is tripling in size, opening the door for some potentially wild final weeks and some spirited debate about who should be among the 12 teams that play for the national title.

Week 0 starts Saturday with one ranked team in action. No. 10 Florida State faces ACC rival Georgia Tech in Ireland. How will the Seminoles and new quarterback DJ Uiagalelei start after last year’s disappointing snub from the playoff committee?

There are other questions that loom ahead of the season. Are Texas and Oklahoma ready to make the transition to the SEC? What do we make of Oregon being ranked at No. 3 in the US LBM Coaches Poll and Michigan starting at No. 8? Is Notre Dame someone to watch this year?

How will it all shake out? Dan Wolken and Paul Myerberg discuss these topics and more in this week’s version of the College Football Fix.

CRYSTAL BALL: Record projections for all 134 teams this season

HOT SEATS: The 10 coaches that start season facing the most pressure

LOOKING AHEAD: The 10 leading contenders for the Heisman Trophy

SIGNAL CALLERS: Ranking the 10 best college football quarterbacks

RE-RANK: Georgia leads the preseason breakdown of the NCAA 1-134

This post appeared first on USA TODAY
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Politics

David Marcus: Meet the RFK Jr voters who could cause an earthquake in the 2024 election

According to media reports, independent presidential candidate Robert F. Kennedy, Jr. will suspend his presidential campaign as early as Friday and may even endorse former President Trump. But the question remains: will that have any impact on the race? Based on the people I’ve talked to, the answer may well be yes.

I will be honest, in my conversations with voters across this great land of ours, Robert F. Kennedy’s long-shot third party run for president has not come up all that often, but when it does, it is with a very certain kind of undecided voter.

The small group of voters still making up their minds whom I have spoken with are of two distinct varieties. The first and most common are those who like Trump’s policies, say they were better off when he was in the White House, but just don’t like him, on a personal or moral level.

‘I know I’m voting for a president, not a pope,’ one woman told me, a discernible mental anguish on her visage, ‘but it still feels wrong.’

‘They’re both so tied down by money and special interests,’ a couple in San Francisco told me, ‘We need a real outsider.’

Among these voters, nothing RFK, Jr. does is likely to have much impact. But there is another type of undecided voter I have discovered, a group that a scion of the Kennedy clan might have some sway over.

This group simply doesn’t trust that Trump and the Republicans, or Vice President Kamala Harris and the Democrats, are truly capable of bringing about real change.

‘They’re both so tied down by money and special interests,’ a couple in San Francisco told me, ‘We need a real outsider.’

Another voter said to me, ‘What are we even voting for?’

These Americans, a small but significant group, were consistently, and by far the most likely, to bring up RFK Jr. as a voting possibility, even when I never brought him up. And it really has nothing to do with Kennedy’s policy prescriptions.

 

This phenomenon is similar to something almost everyone covering the 2016 primary experienced; a bit of shock when some person in New Hampshire or Iowa would say, ‘For me, it’s between Donald Trump and Bernie Sanders.’

It seemed bizarre. On the one hand, you had the King of Capitalism, on the other, the Count of Communism, but none of that mattered. These voters just wanted somebody, anybody who was not part of the D.C. cabal.

Eight years later, Trump has lost much of his outsider status. He is now the official and established head of the GOP, a party he no doubt transformed, but now is also firmly part of ‘the system.’

This is where RFK Jr.’s potential endorsement of Trump could actually move the needle, especially if it comes with the promise of him serving some role in the administration. 

The pox on both houses that independents want is the transparency that comes from somebody from the outside being on the inside who will tell them the unvarnished truth – and agitate for change.

If Kennedy comes out this week and says he believes Trump is the one who can break up the monotonous monopoly of Washington power, then many of these voters may well pivot to the former president’s side.

There is one other aspect of RFK Jr.’s story that has a chance to move the needle. I have not met one Democratic voter who was truly angry about Joe Biden being replaced by Harris without getting any votes.

And when Republicans point this out, they are accused of concern trolling. After all, if Democrats are happy with the outcome, who cares? The GOP, the argument goes, isn’t worried about democracy, but rather that they could now lose.

Kennedy has a legitimate argument to make that he, himself, is an aggrieved party in the DNC shenanigans. It was Kennedy, along with others like Rep. Dean Phillips, D-Minn., who called for a fulsome and real primary process and were told by the party to kick rocks.

RFK Jr.’s warnings about Biden’s unpopularity and frailty proved prescient. Now he has the ability to call foul on this process in a way no Republican does.

The Democrats are already starting to come after Kennedy, wrongly claiming he has always been MAGA, but most voters know that isn’t the case. 

In a campaign chock-full of shocking curves and switchbacks, an RFK Jr. endorsement of Trump may only be a gentle bend in the road, but it might get Trump just a little bit closer to the finish line.

This post appeared first on FOX NEWS
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Stocks

Gold Miners Performance Versus Gold — Does It Say Sell Gold?

In Monday’s DecisionPoint Trading Room video we were asked why we cover Gold Miners (GDX) as well as Gold (GLD). There are three reasons:

Some people prefer to own the commodity, Gold, and others prefer to own an operating company that benefits from the price of Gold, such as Gold Miners. For a profitable mining company, when Gold increases in value, most of the increase goes straight to the bottom line because cost of goods is already paid for.Other people prefer Gold Miners because they may pay a dividend, and typically they out-perform Gold by a lot. That applies to movement in both directions. That is to say, Gold Miners will typically go up faster than Gold, but Miners also go down a lot faster than Gold.

This morning I heard a money manager who asserted that people who own Gold should be selling it because, while Gold has been making all-time highs, Gold Miners need to advance another +50% to equal it 2011 all-time highs. The chart confirms that, but there is more to consider in this regard.

Here is a performance chart comparing the two from the 2011 top to the present, and we can see that GDX has underperformed GLD by about half.

But let’s look at just the decline from the 2011 top to the 2015 lows. We can see that GDX fell at an accelerated rate, driven by the negative sentiment associated with GLD’s decline.

The chart showing the performance from the 2015 lows shows that GDX has out-performed GLD by a lot, as we would expect; however, GDX took a -45% hit in 2022 because of the COVID scare. Also, GLD had a rather tedious two-year sideways episode in 2020 to 2022, which would have been uninspiring to potential Miners investors. Nevertheless, GLD is still out-performing GLD by a considerable amount.

Conclusion: While the assertion that GDX under-performance since the 2011 all-time high justifies avoiding Gold, I think the premise does not consider all the evidence. Most important was the COVID hit, which drove GDX down over -2.5 times more than GLD. That had less to do with Gold’s prospects than it did with general panic.

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Looking for the Next Entry Point in SPY? USE RSI!

In this exclusive StockCharts TV video, Joe shows how to use RSI in multiple timeframes to identify the next buying opportunity in the SPY. He explains why he thinks this rally is important and uses the ADX on the daily to distinguish between the strength in different indices. Joe also shows how he moves quickly around ACP and discusses some valuable sector action in the process. Finally, he goes through the symbol requests that came through, including NVDA, GOOGL, and more.

This video was originally published on August 21, 2024. Click this link to watch on StockCharts TV.

Archived videos from Joe are available at this link. Send symbol requests to stocktalk@stockcharts.com; you can also submit a request in the comments section below the video on YouTube. Symbol Requests can be sent in throughout the week prior to the next show.

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Business

Ford delays new EV plant and cancels electric three-row SUV as it shifts strategy

DETROIT — Ford Motor is delaying production of a next-generation all-electric pickup truck at a new plant in Tennessee and canceling plans for a three-row electric SUV, the company said Wednesday.

Instead, Ford said it will prioritize the development of hybrid models, as well as electric commercial vehicles such as a new electric commercial van in 2026, followed by two EV pickup trucks in 2027.

The pickups are expected to be a full-size truck, which will be produced at the Tennessee plant that’s currently under construction in 2027, and a new midsize truck being developed by a specialized “skunkworks” team in California.

“As we’ve learned in the marketplace, and we’ve seen where people have gravitated, we’re going to focus in where we have competitive advantage, and that’s on commercial land trucks and SUVs,” Ford CFO John Lawler said Wednesday.

The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker. But, in the short-term, they will cost the company.

Ford said it will incur a special non-cash charge of about $400 million for the write-down of certain product-specific manufacturing assets, including the cancellation of the three-row SUV.

The company said the changes may also result in additional expenses and cash expenditures of up to $1.5 billion. Ford will reflect those in the quarter in which they are incurred, as a special item.

Lawler said the company’s future capital expenditure plans will shift from spending about 40% on all-electric vehicles to spending 30%. He did not give a timeline for the change.

Vehicle production at the new $5.6 billion Tennessee site was initially expected to begin next year. The company said it still expects to begin battery cell production at the site in 2025.

The changes are the latest for Ford and come amid slower-than-expected adoption of EVs as well as automakers not being able to profitably produce the vehicles.

The new plans come roughly five months after Ford said it would delay production of the three-row SUV and next-generation pickup, codenamed “T3.”

“This is really about us being nimble and listening to responses from our customers,” Lawler said during a call Wednesday morning. “We’ve been out in the [EV] market here for over two years, and we’ve learned a lot, and what we’re understanding is that customers want more electrification choices.”

The rollout of Ford’s next generation of EVs will begin with a commercial van that will be assembled at Ford’s Ohio Assembly Plant starting in 2026, according to the company.

The automaker previously said it would not launch a vehicle if there wasn’t a clear path to profitability within the first year. It was a change from selling EVs at a loss to grow share and assist in meeting fuel and emissions standards.

Ford said it will continue to produce and update its current all-electric vehicles such as the Ford Mustang Mach-E crossover and F-150 Lightning pickup truck.

The company said it plans to provide investors an “update on electrification, technology, profitability and capital requirements” in the first half of 2025.

This post appeared first on NBC NEWS
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