UPDATE 1-Ford abandons 2009 profitability goal, shares fall

Newswire

(Adds details, background) DETROIT, May 22 (Reuters) - Ford Motor Co said on Thursday it no longer expects to meet a long-held goal of returning to profitability in 2009 and would cut production through the remainder of this year to adjust to a slumping U.S. market. Ford shares fell more than 5 percent in early trading. In a statement, Ford said rising prices for commodities, particularly steel, and an accelerating consumer shift from larger trucks and sport utility vehicles would make ...

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