NEW YORK (AP) - Shares of Ford Motor Co. rose Monday, on news of the sale of an 80.1 percent stake in Chrysler as well as media reports saying the Ford family might consider selling part of its stake in Ford Motor.
Shares rose 37 cents, or 4.4 percent to $8.74 in afternoon trading. The stock has traded between $6.06 and $9.48 in the past 52 weeks.
Goldman Sachs analyst Robert Barry in a client note said the announcement is providing a ''sentiment boost'' to Ford and General Motors, ''because perceived option value will rise that Cerberus will be more creative, or aggressive at working with the union to fix Chrysler and set a blueprint for similar fixes at Ford and GM.''
The initial reaction from the auto workers union is seemingly positive, but that does not point to future concessions either for Chrysler or for Ford or General Motors Corp., Barry said.
Meanwhile, media reports suggesting the Ford family might want to sell part of their stake in Ford Motor buoyed shares of the company.
Morgan Stanley analyst Jonathan Steinmetz in a client note kept an ''Overweight'' rating and $9.50 target price on the stock, and said a sale would be good for shareholders, as it would open the company up to potential alliances with other companies. However, he said a sale would not cure all the company's problems.
