Shares in Ford Motor Company jumped 4% last night following news that Scott Sprinzen, the Standard & Poor's analyst who cut its bond status to junk last year, has moved to cover financial institutions. The rally came in spite of a cut deeper into junk by Sprinzen's successor.

Robert Schultz, who becomes lead automotives analyst, downgraded Ford and its financing arm Ford Motor Credit from BB+ to BB-, the third-highest junk rating, on concerns about the US car maker's outlook.