with the governor of that secret state. here is a look at how we finish the day on wall street today. we did close off the worse levels of the day, the do you was down about 125 at it s worse, and it closed at a loss of 83 points. nasdaq hit harder today because of the chip warnings from amd. it was a tough day from the markets and particularly for the s&p. now in the middle of the longest losing streak. so will the coming earnings season turn things around, or is it just going to make it worse? let s get the thoughts of the brian shactman. alcoa wasn t has bad as some people thought it would be southbound o so we re not off to a terrible start. absolutely, you will finally start to see that companies will not have the benefit of cutting employment anymore. companies will have to face the fact that the top line has to increase. i don t think upside is in the cards, i think it will be a sobers earnings season. that s what it comes down to. you will have earnings, sti
closer to becoming a reality. it s data out of china causing concern this morning. import growth fell short of expectations. stoking fear the economy may be in for a bigger consumer-led slowdown. research in motion meets with shareholders today as the stock sits at eight-year lows. will the gathering be a catalyst for shares or is the competition for sales and investor dollars, ie apple, just too tough at this point? wall street is digesting this morning s earnings news. stocks try to avoid a four-session losing streak. shares of alcoa moving higher this morning. dow component posting second quarter operating profits of 6 cents a share. beats the street by a penny. alcoa says the fundamentals of the aluminum market remain sound. different story for amd. shares of the chip maker down sharply. it slashed second quarter revenue outlook citing disappointing shares in china and europe. they see revenue falling 11% sequentially compared with its higher estimate between down 3% to
or flooding banks with appreciate liquidity. back here in the u.s., today president obama, he s calling for a one year extension of bush era tax cuts for families earning less than $250,000 a year without congressional action those cuts expire on january 1st. now to michelle who has both the morning s top corporate news. dow alcoa reports. estimated to be up 5.8%. if you remove apple and bank of america, even if you just remove bank of america growth is seen dropping by .4%. if you re wondering why boa, they had a bad quarter compared to a year ago. farnborough air show is under way in europe. meantime boeing is said to be considering a new competing verge of its 787 dreamliner. boeing ceo jim mcnerney will join phil lebeau live at 7:00 a.m. eastern time. thompson reuters is buying fx alliance. heineken will delay investments in brazil after the government raised taxes on beer. starting in october beer taxes will be 28.8% up from 17%. brewers are already suffering from cost
that are creeping up above 7% in spain. no surprise, though, what is leading the roadmap today, june jobs numbers, a letdown. 80,000. what is the impact on the economy, the fed, q.e. 3 as well as the elections? remember that relief we got after the eu summit? it s gone. spanish yields back to 7% as the imf prepares to cut growth foeshgs and finland b may be the first to exit the eurozone. nomura is blaming weak aluminum pricing. and yahoo! s ceo job hunt still going on. the two leading candidates,. and joining us is dennis berman. dennis, great to have you back with us. what a change from yesterday, we were all giddy, we had yan who turned his number higher. the economy is a slow-growth economy. when you see the type of growth coming deficits coming down in china, when you see the major restructurings going on in europe, we want instant results because we re in an instant result world. these macroeconomic shifts are going to take longer than that. the jobs repor
pfizer denies the claims. as joe mentioned at the top of the show, the labor department will release the june employment report at 8:30 eastern time. here are the expectations. forecasts calling for an increase of 100,000 in nonfarm payrolls. that was raised from 95,000 after the better-than-expected adp report on thursday, which set 167,000 private sector jobs were added last month. the unemployment rate seen holding steady at 8.2%. joe? there are a couple of things we ll be watching this morning in terms of stocks. shares of hard drive maker cgate will be on the list. the company says revenues and gross margins for the quarter will fall short of prior forecasts. among the primary factors, a quality issue at one of its suppliers that impacted production. seagate s forecast is also hitting shares of its biggest rival, as that usually does, western digital. let s talk on the western markets. a muted response to what the journal calls central banks taking action. it was n