: Ford stock falls, set to snap record win streak in wake of Tesla price cuts

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Shares of Ford Motor Co. F, -5.29% dropped 3.5% in premarket trading Friday, putting them on track for their first loss in 11 sessions, to snap a record-long win streak. The automaker’s stock had soared 22.6% during the 10-day streak, which started after the stock closed at a 22-month low of $10.95 on Nov. 28. Friday’s pullback comes after electric vehicle maker Tesla Inc. TSLA, -0.94% said late Thursday it was cutting prices on several models, with some models seeing discounts of nearly 20%. Tesla’s stock slumped 5.2% ahead of Friday’s open. Among other automakers, shares of General Motors Co. GM, -4.75% slid 2.6% toward their first decline in nine sessions, Lucid Group Inc. LCID, -1.93% fell 1.6% and Rivian Automotive Inc. RIVN, -6.43% shed 2.8%, while Nikola Corp. NKLA, +1.59% gained 1.6%. Meanwhile, futures ES00, +0.02% for the S&P 500 SPX, +0.40% eased 0.1%.

This article was originally published by Marketwatch.com. Read the original article here.

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