auctions okay in france. not so good in spain today. our road map today asks what are earnings telling us? ibm posts its fourth straight revenue miss blaming europe and lower hardware sales but still boosts the full year profit guidance. can global business be okay even as europe restructures. morgan stanley misses expectations. revenue declined in advisory equity trading and fixed income. it does hang on to the number one spot in underwriting ipos. of course the facebook ipo included in this quarter. shares of express scripts and walgreens sharply higher after striking a new agreement ending the long-running dispute between the two companies. futures though of course on the rise helped by some tech earnings news. shares of ibm rising in the premarket. the dow component raising its full year earnings outlook despite the fourth consecutive quarter that revenue missed. big blue says it now expects to earn at least 510 a share for 2012 compared with previous guidance of 5 a
slowing to a three-year low in the latest quarter, expanding by 7.6%. government stimulus apparently couldn t offset weaker exports and consumer spending. and in europe, moody s downgrading italy s government bond rating by two notches to baa-2. we ll have an analyst from london with more details including elements of another key debt auction. first, mandy is going to bring us up to speed on some of the new twists in that libor scandal. good morning, everybody. treasury secretary tim geithner pressed the bank of england in june 2008 to make changes in the way that libor was set. at the time geithner was the head of the new york fed. he sent a private e-mail to irvin king recommending six ways to enhance the credibility of the key interest rate benchmark. among the ideas, reporting borrowing costs for the calculation of libor to attest to the accuracy of their rates. in other news, 12 global banks that have been publicly linked to the libor scandal face as much as $22 bi
u.s. growth continue to weigh here. latest forecast reduction is coming from commons, number bree and hh craig. and the journal reporting the former head of the cio office may see a clawback along with others in the london office, as much as $5 billion in losses. we ll talk the scandal and the outcome. and yahoo may be close to naming a new ceo. the board meets today with shareholders meeting tomorrow. who will it be and can he or she turn it around? the s&p 500, for instance, looking to snap a four-session losing streak, sparked by worries of how the sluggish global economy would impact profits. companies from amd, as we talked about yesterday, to commons, have been cutting earnings forecasts due to slowing command in china. this morning, add burberry to the mix, citing a slowdown in economic sales because of the china slowdown. while this is not a surprise, it is another thing to see it tangibly in results. look, i m wearing my burberry tie. i love when you go to
friday s very very important jobs report for the month of june. we will get you set up for all of that later on in the program, maria. meanwhile, big day in news. barcl barclays top stepping down amidst a scandal in involving barclays and other banks and we will wait to see what he has to say before a panel tomorrow. we re asking if this is the tip of the iceberg. former chairman dick grasso will weigh in on that in a few minutes and market structure. we have coverage on that tomorrow in england on cnbc. first, here s how we re settling out on the high of the session at dow, 72 points at 12,943, s&p up 8 points today and good for the nasdaq and major averages, a gain of 25 points at 2976. it may have been a shortened trading session but the bulls will take this, right? absolutely. let s get more on the mood as we approach this holiday shortened week. we have friday jobs numbers. let me kick this off with you, ryan. what do you think is going on ahead of the jobs numbe
okay. welcome to the program. plenty to get through at the top. we did say two days ago we said there was no expectation this summit may be long because the only way was up. maybe we would exceed them. people are getting some clarity on this overnight and the wee hours of the morning. now we have a chance. the question this morning is it anything more than an utter relief there wasn t complete break down and discord. it does seem, though, italy scored two victories over germany last night. that was almost as extraordinary as what happened potentially at the eu summit. eu leaders have made a break through on measures stabilize the bloc. cash from the regions permanent bailout fund will be used to help recapitalize countries. officials indicated any loans used to recapitalize spanish banks meanwhile will be given senior status. both the esm and esff can buy the debt. mario monti hailed it as an achievement. translator: countries that would like to take advantage o