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Ford drops 4% on earnings warning

6/29/12 10:52 AM ET (MarketWatch)

SAN FRANCISCO (MarketWatch) -- Ford Motor Company fell in early trade Friday as investors reacted to Ford's warning late Thursday of wider second-quarter losses in its overseas operations. The Dearborn, Mich.-based company said second-quarter losses could triple the combined $190 million pre-tax loss incurred by operations in South America, Europe, Asia Pacific and Africa in the first quarter. Ford attributed the sales volume decline to the financial crisis, global recession and other geopolitical events. The second-biggest decliner on the S&P 500 Friday, share price is down 4% to $9.7 in morning trade and down almost 28% overall in the last 12 months.