DETROIT (Reuters) - Ford Motor Co (F.N) shares hit a six-year high for the second straight session on Thursday, the day after the automaker reported sales that outperformed the U.S. auto industry.
The stock rose as much as 4.3 percent to $15.83, its highest level since June 2004. The company’s U.S. auto sales are up 21 percent so far this year, compared with a rise of nearly 11 percent for U.S. auto sales, according to Autodata.
By midmorning, the shares had fallen back to $15.55, up 2.4 percent.
Toyota shares gained 2.3 percent in trading in Tokyo. Nissan closed up 3.9 percent after it indicated it would overtake Honda Motor Co (7267.T) as the second-biggest automaker in Japan behind Toyota.
On Wednesday, Ford crosstown rival General Motors Co filed for a $13 billion initial public offering that values the U.S. automaker at roughly $49 billion, assuming exercise of warrants. That’s on par with Ford’s market cap of $49 billion.
GM plans to repay a controversial taxpayer-funded bailout and reduce the U.S. Treasury to a minority shareholder[ID:nN03133378].
Ford shares are up more than 50 percent so far this year, while the S&P 500 .SPX is up about 7 percent.
In March 2009, Ford shares traded below $2.
Reporting by Bernie Woodall; Editing by Lisa Von Ahn