(Bloomberg) -- Ford Motor Co. shares fell by the most in three years after the automaker fell short of earnings estimates and gave a projection for 2019 pretax profit that was below Wall Street's expectations.
The stock plunged 7.5%, the biggest one-day drop since July 2016, and was the most heavily traded in the S&P 500, with 37.4 million shares swapped. Ford's market capitalization now stands at $38.1 billion, almost $20 billion less than General Motors Co.'s market value and about $2.6 billion behind Tesla Inc.
To contact the reporter on this story: Keith Naughton in Southfield, Michigan at knaughton3@bloomberg.net
To contact the editors responsible for this story: Craig Trudell at ctrudell1@bloomberg.net, David Welch
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