One of Ford’s senior executives said that is sales in the US would be off by double digits again in March. That is probably a sign that a turnaround is not around the corner.

The company’s stock is stuck around $8 and has not been above $12 in over two years. At a market cap of $15 billion, it trades at only 9% of sales.

Wall St. has to be asking why Ford (F) still owns loser units like Jaguar while it North American operations are bleeding. Investors are looking for a smoke signal to indicate that management has something other than the plan to get new models to market as soon as possible.

Douglas A. McIntyre