Bond yields rose on Monday as traders eyed a week busy with U.S. jobs-related data.
Ford recalls nearly 900,000 F-150s for faulty electrical parking brakes that could activate while driving
Ford Motor Co. F has acknowledged in a letter to the National Highway Safety Administration a safety recall of 870,701 F-150 trucks equipped with a single exhaust system. Ford said the rear axle housing may damage the wiring harness, causing the electric parking brake to activate unexpectedly while driving, increasing the risk of a crash. The recall is for F-150 model years 2021 to 2023. Ford said it was not aware of any reports of accident or injury related to the condition. Separately, Ford said it is recalling 38,695 2023 Escape and Super Duty models, as an inoperable instrument panel can’t show certain safety information, such as speedometer or warning lights. Ford’s stock, which fell 1.1% in premarket trading, has rallied 11.6% over the past three months through Friday, while the S&P 500 SPX has gained 9.9%.
Loews Corp. L reported Monday second-quarter profit and revenue that rose above expectations, as majority-owned insurer CNA Financial Corp. CNA posted higher earnings. Loews, the diversified company in the insurance, energy, hospitality and packaging industries, said net income rose to $360 million, or $1.58 a share, from $167 million, or 68 cents a share, in the year-ago period. Revenue grew 16.1% to $3.93 billion. There were no analyst estimates available from FactSet. Loews, which owns 90% of CNA, said CNA net income attributable to Loews improved to $225 million from $170 million and net written premiums increased 10%, while underwriting results were lower due to higher net catastrophe losses. Shares of Loews and CNA were still inactive in premarket trading. Over the past three months, Loews’ stock has gained 8.0% and CNA shares have tacked on 2.7%, while the S&P 500 advanced 9.9%.