Ignore the daily fluctuations. The stock has been linearly declining since February. Now, Ford tried to shore it up by leaking the plan for 8000 salary layoffs. However, they've only had 4000-5000 publicly. So the market is expecting another 3000-4000.
Ford has no choice at this point but you give the market what they are expecting. Otherwise the stock price will continue to sink, and the market cap of the company with it.
With a smaller market cap comes less borrowing power! If another pandemic were to hit right now, Ford wouldn't have the credit necessary, like they did last time, to survive it.
So brace yourselves. Another round is layoffs is coming. Its not a matter of if, but when. If you felt like you were a survivor last time, you better be updating your resume this time!