AUTOS
From Times Staff and Wire Reports
Auto Maker Files to Sell $1 Billion in Preferred Stock: Ford Motor Co. said it wants to sell $1 billion in preferred stock, hoping to lure small investors whose current fixed-rate investments are fetching paltry interest. The offering was filed with the SEC. Like most preferred stock offerings, the shares will carry a specific dividend when priced for sale at a still-undetermined date. The stock registration is the latest aggressive move the No. 2 auto maker has made in a year of weaker than expected auto sales. Although Ford doesn’t appear to need the cash, analysts suspect that the offering could be a hedge against continued sluggishness in car sales.
