Market Midday News Brief, with information on Ford (NYSE:F), Bank of America (NYSE:BA
The markets opened up, but have moved into negative territory following a weak report from the housing market.* The S&P Case-Shillder 20-city home price index decreased by 4.5% in the month of May; economists were predicting a decline of 4.4% for the month, following Aprilís 4.0% drop.* Concerns over the continuing debt ceiling debate also continue to plague investor confidence.* In a televised address to the nation last night, President Obama lambasted Republican leaders who are only willing to discuss cuts, and not tax increase; the President implied that such an approach is both politically motivated in its short-sightedness.* Republican leader John Boehner retorted that the President was seeking a blank check from fiscal conservatives, something Republicans werenít willing to issue.
In earning news, American automotive maker Ford (NYSE:F) announced a $0.65 per-share earnings in the second-quarter.* Overall revenue for the company was up, at $35.5 billion total.* Despite beating analystsí projections for their per-share earnings, Investors seem a bit underwhelmed with the results, as the companyís share price has dipped 1.33% at the time of writing.
3M (NYSE:MMM) is another company shedding share value today, despite hitting analyst predictions for earnings in the second-quarter.* The office supply company, which…