Aurora Cannabis Shares Fall After-Hours on Sales Miss and Ford Shares Rise as Company Pushes into EV Market
On Monday, shares of Aurora Cannabis rose, closing up 7.31% before falling over 3% during after-hours trading.
Shares of the Canadian cannabis producer fell after the company reported lower than expected sales.
The company reported a net loss of C$134 million ($106 million) in the fiscal fourth quarter, down from a loss of more than C$1.8 billion ($1.4 billion) the year before. Net sales fell to C$54.8 million ($43.4 million) from C$72.1 million ($57.1 million) a year ago.
Analysts were expecting a loss of C$54.1 million on sales of C$56.4 million.
Shares of Aurora Cannabis have fallen 23% this year.
Ford Motor Company
On Monday, shares of Ford Motor Company rose, closing up 2.76%.
Shares of the American global automobile manufacturer rose as the company made some significant announcements about its electric vehicles.
Ford and its Korean battery partner SK Innovation will invest $11.4 billion in the US to develop an electric F-150 assembly facility and three battery factories. Ford announced on Monday that by 2030, it expects 40% to 50% of its worldwide car volume to be all-electric, up from its previous projection of 40%.
As part of Ford’s previously stated commitment to invest more than $30 billion on electrification through 2030, the firm plans to construct assembly and battery operations in Stanton, Tennessee, and two more battery factories in Glendale, Kentucky. Nearly 11,000 jobs are expected to be created. Plants will open in both locations in 2025.
The announcement on Monday represents Ford’s single-largest manufacturing investment.
Shares of Ford have risen 61% this year.
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