July 26 - Summary of business headlines: Tom Roth of UBS says August 2nd is ''political'' deadline for default; Ford tops estimate, Chrysler posts net loss; Home prices flat -S&P/Case Shiller. Conway G. Gittens reports.
TV AND WEB RESTRICTIONS~**NBC MATERIAL - NO ACCESS USA/CNN/YAHOO/AOL/WIRELESS** There's still no sharp reaction to stalled debt talks in Washington, besides a two-day slide in the dollar. Experts say Wall Street doesn't see August 2nd as a hard deadline for the U.S. to go into default. Tom Roth of UBS. SOUNDBITE: TOM ROTH, HEAD OF PRIVATE WEALTH CONSULTING, UBS GLOBAL ASSET MANAGEMENT (ENGLISH) SAYING: "Even if there is no deal by August 2nd, it is unclear when the U.S. would stop to fulfill any of its obligations, so potentially there may be other things that the U.S. could fail to pay prior to so-called defaulting on its debt. And even if there were not other things, the U.S. may not need to default on its debt until end of September." In earnings news, Ford's second-quarter results topped expectations thanks to higher prices and better sales in North America. And Chrysler posted a net loss of $370 million after repaying government loans it took during a 2009 bailout. Chrysler is controlled by Italy's Fiat. Single family home prices in 20 metro areas were flat in May, on a seasonally adjusted basis, compared to the prior month, and prices for April were revised to show a gain. Prices, though, were still down from a year ago, that according to the S&P/Case-Shiller index. Conway Gittens, Reuters.