Bearings maker SKF cuts production in automotive unit amid coronavirus fallout [Reuters]
SKF AB S/ADR (SKFRY)
NASDAQ:AMEX Investor Relations:
skf.com/group/investors/investor-relations
Company Research
Source: Reuters
Bearings maker SKF cuts production in automotive unit amid coronavirus fallout STOCKHOLM (Reuters) - Sweden’s SKF ( SKFb.ST ), the world’s biggest maker of ball bearings, said on Thursday it was taking major steps to reduce cost as it flagged the outbreak of the new coronavirus may lead to a “material” hit to earnings from the end of March. The news comes in the wake of widespread plant shutdowns by major European carmakers in recent days, and after top rival Schaeffler ( SHA_p.DE ) earlier on Thursday said it would cut production in its automotive business. “As a result of this significant level of uncertainty, SKF is taking major steps to reduce the impact of the situation on its operations, including closure of sites, reducing costs, number of employees and increasing flexibility within the workforce,” SKF said in a statement. An SKF spokesman told Reuters the plants would be closed for 7-10 days to begin with, and related to its big automotive sites in Italy, Spain and France.
Show less
Read more
Impact Snapshot
Event Time:
SKFRY
Last Price
Price Change
Price Change%
Volume Shares
Max Up
Max Down
%
Volume Ratio
Performance Comparison
Updated
|
Event Day
Stock performance from the time of news release until the following 4pm ET market close
|
Last price at news event
|
Since Event
Multi-day stock performance from the time of the news release
|
|---|---|---|
|
EVENT DAY
Stock performance from the time of news release until the following 4pm ET market close
|
LAST
PRICE AT NEWS EVENT |
SINCE EVENT
Multi-day stock performance from the time of the news release
|
| Last Price | ||
| VWAP | ||
|
High:
|
Max Up |
High:
|
|
Low:
|
Max Down |
Low:
|
|
%
|
Post news range |
%
|
|
|
Price change |
|
|
|
Price Change Percentage |
|
|
|
S&P 500 (SPX) |
|
|
%
|
Volume ratio |
%
|
| Volume | ||
| Ticks | ||
|
|
Avg transaction size |
|
Don't Miss Out On The Next BIG Stock Move
Event day
Event Day Chart will not be displayed beyond 90-day period of the event
Performance since event
Time And Velocity Analysis
Be the first to know
Opt in for alerts from News Quantifed
Sign Up Today
Opt-in for
SKFRY alerts
Learn More With NQ
Reading the Impact Report
Help Me Understand This Data
Help Me Understand This Data
How NQ Works
What is news-based trading?
And why is it so successful?
And why is it so successful?
Movers & Shakers
The biggest gainers and losers and WHY it moved
SKFRY alerts
High impacting SKF AB S/ADR news events
Weekly update
A roundup of the hottest topics
SKFRY
News
- SKF interim report Q3 2024: Solid margin and strong cash flow in weak marketsPR Newswire
- SKF interim report Q3 2024: Solid margin and strong cash flow in weak marketsPR Newswire
- SKF interim report Q3 2024: Solid margin and strong cash flow in weak marketsPR Newswire
- SKF divests non-core aerospace operation for USD 220 millionPR Newswire
- SKF divests non-core aerospace operation for USD 220 million [Yahoo! Finance]Yahoo! Finance
SKFRY
Earnings
- 10/30/24 - Beat
SKFRY
Analyst Actions
- 10/15/24 - Citigroup Inc.