Ford shares dip to 22-year low

Ford Motor Co. shares fell to a 22-year low Friday, a brutal day for stocks. The plunge came one day after Ford capped a year of steep U.S. sales declines and said it had entered "focused" discussions to sell the Jaguar and Land Rover luxury brands — presumably for far less than their purchase price. The sales slide reflected Ford's strategy to back away from sales to car-rental companies, but it left the Dearborn automaker in third place behind General Motors Corp. and Toyota Motor Corp.

Bloomberg News said the $6 price was the lowest paid for Ford shares since 1986. Ford shares closed at $6.13 Friday.