UPDATE 4-Ford abandons '09 profit goal, recovery sputters

Newswire

(Adds detail on Canada layoffs, Ford board action; updates with closing stock price) By Kevin Krolicki and David Bailey DETROIT, May 22 (Reuters) - Ford Motor Co warned on Thursday that it no longer expected to meet a key target of returning to profitability in 2009 and would cut production through this year in response to a slumping U.S. auto market. The news sent Ford shares down 8 percent as investors came to terms with the first major setback for the No. 2 U.S. automaker since ...

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