Ford says next quarter will be even worse

Ford has admitted its financial situation is going to get worse before it gets better, according to BusinessWeek. Yesterday, the automaker posted a loss of $5.8 billion -- its biggest since the 1992 recession. The company stated that its fourth-quarter earnings will decline further, as it continues to cut production, offer employee buyouts, and struggle with declining sales.

Luckily, Ford still has $23.6 billion on hand, but there's no debating the fact that the company needs to move quickly to reverse its current momentum. Financial firm Goldman Sachs expressed concern over Ford's future, maintaining a "sell" rating on the automaker's stock. "The scale of losses in PAG were worse than expected"”a loss of $593 million vs. our estimates of a $134 million loss. And Ford Motor Credit earnings were well below our expectations"”just $448 million vs. our $710 million estimate," wrote analyst Robert Barry.