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Ford shares sink to their lowest level in nearly two months

Shares of Ford Motor Co. were hovering at their lowest in nearly two months Wednesday, after the car maker painted a gloomy picture of its profit this year and posted preliminary 2017 profit that fell short.

Ford F, -6.95% said late Tuesday it expects lower profit this year as higher commodity costs and unfavorable exchange rates chip away at gains from the company’s cost-cutting and continued demand for its trucks.

The stock fell nearly 7%, which would be its largest percentage decline since July 28, 2016. Ford shares are down 3.2% in the past 12 months, versus gains of 23% for the S&P 500 index.

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