After the Bell: Ford’s worst stock day; GAP cutting positions; Hoosiers benefit from student loan forgiveness
INDIANAPOLIS (WISH) — Tuesday was Ford’s worst day for its stock in more than 11 years. Its stock fell 12% Tuesday knocking $7 billion dollars off the company’s market value.
It all comes out after an ominous warning Monday. Ford said it was facing a billion dollars in unexpected supplier costs. It’s also dealing with more supply chain problems and parts shortages.
On the markets investors expect another 75 point rate hike by the FED tomorrow. The DOW lost.
GAP cutting 500 cooperate positions
GAP says its cutting 500 cooperate positions. Sales are way down for the clothing retailer.
GAP also recently cut ties with Kayne West and his Yeezy Brand.
It’s also having trouble at its “Old Navy” Brand, which last year accounted for more than half the company’s sales.
Hoosier’s benefit from the student loan forgiveness program
Indiana will benefit from the student loan forgiveness program. The White House says 856,000 people are eligible for at least 10,000 dollars of loan forgiveness. 555,000 people who received Pell Grants can get up to 20,000 of loan forgiveness.