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Ford Drops After Quarterly Beat Attributed To Tax Credits

Shares of car giant Ford (F) are sharply lower despite an earnings beat announced earlier.

EARNINGS ASTERISK: Before the market open on Wednesday, Ford reported second quarter adjusted earnings per share of 56c on revenue of $39.9B. Analysts' estimates for the quarter were 43c for EPS on revenue of $37.1B. The big asterisk for Q2 results was the much lower tax rate in the quarter of 10.2% compared to the 32% rate it paid last year. Under new CEO Jim Hackett, who was hired in May to replace Mark Fields, the company recorded a $248M pre-tax charge that was related to write-offs that the automaker took in association with the decision...