The Detroit automakers didn't receive the initial reaction many thought they would after significantly beating earnings expectations for the second quarter.
Credit Suisse analyst Dan Levy categorized last week's lack of movement in GM shares as Wall Street "looking past" near-term accomplishments and focusing on long-term strategies for electric and autonomous vehicles.multiyear $11 billion restructuring plan
"While the product opportunity is bright with F-150 and Bronco, and there could be upside to '21 as these products bear fruit, there is nevertheless significant work ahead on global redesign," Levy wrote.Ford reported an adjusted pretax loss of $1.9 billion after warning investors in April that it expected to lose more than $5 billion. Its automotive revenue of $16.6 billion exceeded the $15.95 billion analysts expected.
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