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GM, Ford join U.S. companies condemning George Floyd death, racism

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06/02/2020 | 11:38am EDT
The GM logo in Warren Michigan

General Motors Co and Ford Motor Co condemned racial inequality in the United States following the death of George Floyd, an unarmed black man, at the hands of police in Minneapolis last week.

In a letter to employees, GM Chief Executive Officer Mary Barra wrote she was "impatient and disgusted" following the death of Floyd and emphasized the need to "individually and collectively" drive change.

The No.1 U.S. automaker shared Barra's letter, sent to its staff on Saturday, with thousands of dealers and suppliers.

Barra also said she was commissioning an inclusion advisory board at the company.

A host of U.S. companies including Intel Corp, Netflix Inc, Nike Inc and Facebook Inc, have taken a stand against Floyd's death - voicing concerns about discrimination against African-Americans.

Ford's executive chairman, Bill Ford, and CEO Jim Hackett also wrote a joint letter to employees addressing the "tragic killing of George Floyd" and America's "systemic racism."

"And while we would like to say that racism has no place in our society, we know that systemic racism still exists despite the progress that has been made. We cannot turn a blind eye to it or accept some sense of order that's based on oppression," the letter said.

Floyd's death has renewed outrage across the United States on the treatment of African-Americans by authorities, polarizing the country politically and racially.

Both GM and Ford employ thousands of employees and claim to have a diverse and an inclusive workforce.

(Reporting by Rachit Vats in Bengaluru; Editing by Saumyadeb Chakrabarty)

Stocks mentioned in the article
ChangeLast1st jan.
CHANGE INC. 2.30% 7570 End-of-day quote.160.32%
FACEBOOK -1.74% 233.42 Delayed Quote.13.72%
FORD MOTOR COMPANY 1.17% 6.05 Delayed Quote.-34.95%
GENERAL MOTORS COMPANY 1.12% 25.24 Delayed Quote.-31.04%
INCLUSIVE INC. 1.76% 1506 End-of-day quote.-49.97%
INTEL CORPORATION 0.54% 59.13 Delayed Quote.-1.20%
LINE CORPORATION 1.83% 5570 End-of-day quote.4.11%
NETFLIX, INC. -1.80% 476.89 Delayed Quote.47.38%
NIKE, INC. 1.06% 98.43 Delayed Quote.-2.84%
THE HACKETT GROUP, INC. -0.15% 13.38 Delayed Quote.-17.10%
THE NEW HOME COMPANY INC. 0.63% 3.2 Delayed Quote.-31.33%
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Financials (USD)
Sales 2020 77 000 M - -
Net income 2020 20 929 M - -
Net cash 2020 63 654 M - -
P/E ratio 2020 32,1x
Yield 2020 -
Capitalization 666 B 666 B -
EV / Sales 2019
EV / Sales 2020 7,82x
Nbr of Employees 48 268
Free-Float 83,8%
Chart FACEBOOK
Duration : Period :
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Technical analysis trends FACEBOOK
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 50
Average target price 246,59 $
Last Close Price 233,42 $
Spread / Highest target 28,5%
Spread / Average Target 5,64%
Spread / Lowest Target -48,6%
EPS Revisions
Managers
NameTitle
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
Sector and Competitors
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NEW WORK SE-3.42%1 782