Ford Motor (F, $5.88, down $0.44) said it will delay the launch of the new F-150 pickup and will cut back other truck production as slumping auto sales and the focus for smaller, more fuel-efficient vehicles comes into play.

The company also cut its sales forecast to 15 million cars and trucks, down from its previous projection of 15.5 million vehicles, roughly. Ford is facing the music but there is only so much the company can do in the short-term.

Sure, Ford plans to ramp up production for more small cars and fuel-efficient vehicles but there’s still the inventory of a growing number of SUV’s and trucks that people are not buying and are trading in when they do buy. They are also rapidly losing their resell values.

Today’s news was perfect timing for those who bought the June 6 puts (FRI, $0.14, up $0.12) which expire today. They are up a whopping 600% as the options quickly turned in-the-money with the stock’s 7% decline today. This is not a 52-week low for Ford ($4.95 is) but there is signifcant volume in the July 6 puts (FSI, $0.47, up $0.18) as well. If Ford falls below $5 within the next month, these puts will be worth at least $1.00, a double on top of today’s 60% gain.

Rick Rouse