First, General Motors and Fiat Chrysler Automobiles reported weak earnings, with both reining in profit forecasts for the year. That sparked sharp sell-offs of their stocks.
Then it really got ugly. Ford Motor Co. took the stage and projected $11 billion in charges linked to a restructuring plan that will take as long as five years to play out. The already-struggling company that had touted plans to cut $25.5 billion in costs in the coming years left analysts wanting more detail and subjecting CEO Jim Hackett to harsh questioning.
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