For a few weeks, Ford Motor Co. (NYSE: F) seemed to be on a roll. First, it was announced that a study found new Ford vehicles in a statistical tie with Honda Motor Co. (NYSE: HMC) vehicles for best in initial quality.

Then, Ford announced a shocking first quarter profit of $100 million compared to a loss of $282 million for the same period last year. CEO Alan Mulally’s turnaround plan for the company - heavy cost reductions, such as cutting expensive North American jobs, combined with new vehicle models - was hailed as a success by many, including billionaire Kirk Kerkorian who announced he had amassed a 4.7% stake in the company.

The sum of these announcements led to a very good two weeks for Ford stock, but many investors seemed to be forgetting the harsh big picture: in a slowing economy with record-high fuel price, Ford continues to rely on expensive trucks and SUVs for its profits. Not only that, but the economical models it does have are still considered far inferior in long-term quality to Japanese automakers' Honda and Toyota Motor Corp. (NYSE: TM), which contributes to the continued erosion of Ford's U.S. market share.

Well, Thursday Ford share got a dose of reality when it was announced that light truck sales fell 18.1% in April compared to last year. Unfortunately for Ford, there is no reason to predict this trend ending any time soon.

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Morningstar, Inc. (NDAQ: MORN) shares surged higher after the company announced a sharp increase in first quarter profits. The investment research firm reported a 32 percent jump in profits, which beat analyst expectations by a wide margin. Net income increased to $23.1 million, or 47 cents per share, on revenues of $125.4 million. At least one analyst also raised its price target for the stock to $72 per share, which represents a 21% premium.

"We’re pleased with our results during the quarter,” said Joe Mansueto, chairman and chief executive officer of Morningstar. "We continued to generate healthy organic revenue growth, driven by strong gains in both Investment Consulting and Licensed Data. Assets under advisement for Investment Consulting grew 36% compared with the first quarter of 2007.

"We faced a headwind as the market declined, though, resulting in slightly lower asset levels in the first quarter of 2008 compared with the fourth quarter of 2007. We’ve also seen signs of belt-tightening among some of our clients, but it has not been widespread.

“Our operating margin increased by about 2 percentage points compared with the first quarter of 2007, and we continue to see opportunities across all segments of our business. We have a strong balance sheet and ended the quarter with more than $215 million in cash and investments and no debt, after paying annual bonuses and completing our acquisition of Hemscott’s data, media, and investor relations Web site businesses.

"With the addition of Hemscott, we’re creating a world-class global equity database and expanding our international operations. We’ve moved quickly to integrate Hemscott’s sizable data processing center in India into Morningstar, which is already benefiting our operations. The fund data business we acquired from S&P last year also contributed to revenue growth during the quarter. As a result of these acquisitions, as well as continued organic growth, our international operations now account for about one-fourth of our revenue."

Morningstar is a provider of independent investment research to investors worldwide. The company offers a line of Internet, software and print-based products for individual investors, financial advisors and institutional clients. It also provides asset management services for advisors, institutions and retirement plan participants.

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Exxon Mobile Corporation (NYSE: XOM) may have reported near-record earnings yet again, but huge numbers aren't good enough when expectations are high. The oil giant reported near-record profits of $10.89 billion on revenues of $116.8 billion, but shares dropped more than four percent before recovering slightly on the day. Many investors remain bullish on the energy markets, but this short-term blip has certainly sent a shockwave.

The big problem was with crude inventories that came in much higher than expected. This is bad news for oil producers like Exxon Mobile since a higher supplier typically means a lower price assuming that demand remains consistent. Meanwhile, a Nigerian strike that has kept oil prices at a high is coming closer to a resolution. This should help boost Exxon's oil output, but will likely lead to even higher crude supply.

The dollar also rallied today after bullish comments emerged from the Federal Reserve meeting that took place yesterday. Since oil is a dollar-priced commodity, the move had an adverse affect on crude prices. After all, an increase in purchasing power for the dollar means that more oil can be bought for the same dollar price. This means that the price of oil must drop in order to remain in equilibrium with the dollar's value.

In the end, these three factors combined with supply problems for Exxon Mobile led to a decline not only in this oil giant but also many other players in the sector. While this may only be a short-term blip, investors should be wary of an improving dollar and supply issues going forward. After all, the sharp rise in oil prices is only due to a small number of factors that could quickly change and slow down the dramatic growth!

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