Markets headed for a mixed close today as trading was driven by the opening of earnings season and trouble in the tech sector. While Alcoa (AA: Charts, News, Offers) posted strong second-quarter profits, its earnings for Q-2 came in $118 million below the market-expected $8.14 bn. Meanwhile, the tech sector hit turbulence today as analysts evaluated whether the sector will payoff during the year in the face of interest rate hikes. The sector closed lower as EMC Corp. (EMC: Charts, News, Offers) lowered its second-quarter outlook and Kronos (KRON: Charts, News, Offers) lowered their third-quarter earnings expectations. In other news, the dollar appreciated against the Yen, the Euro and the British Pound in today's trading, compared to Friday's close. It is predicted that this week the Bank of Japan may decide to raise interest rates for the first time in six years, in order to combat signs of inflation.
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In 1999, Mark Spencer needed a phone system for his startup, Linux Support Services. The company's aim was to provide technical support to businesses and programmers for Linux, an operating system for which the source code is free, making it an appealing alternative to Microsoft's (MSFT: Charts, News, Offers) Windows. (Source: BusinessWeek) Full Story
Alcoa Inc.AA, the world's largest aluminum producer, said on Monday that second-quarter profit soared on higher metal prices and strong aerospace demand, although revenue fell below Wall Street expectations and the stock fell. (Source: Reuters) Full Story
U.S. technology stocks fell sharply on Monday after brokerage Merrill Lynch cut its rating on the sector and an earnings warning from data storage equipment maker EMC Corp. also hurt sentiment. (Source: MSN Money) Full Story
Featured Article from the InvestorGuide University
Car Insurance
If you drive a car, you need to buy insurance. In many areas, it's mandated by law, and in any case, its worth protecting yourself against the high costs of accidents. Learn about the different policy types, liability, filing claims, and reducing your premiums in order to find the insurance policy that's right for you
Far too many alternative energy stocks may be the dot-com bombs of this decade -- sexy today, nowhere tomorrow. With gasoline and crude oil prices hovering at record highs, Wall Street has focused on alternative-energy companies with a dangerous exuberance. (Source: Bloomberg) Full Story
Starting this fall, Mary-Kate and Ashley Olsen the twin actresses-turned merchandising moguls will have some young celebrity company in store aisles. (Source: ABC News) Full Story
Stocks rallied Monday as investors prepared for the start of what is expected to be another bumper season for corporate earnings. The Dow Jones Industrial average (up 79.00 to 11,169.67) rose 0.7 percent and the broader Standard & Poor's 500 (up 6.90 to 1,272.38) index added 0.5 percent about two hours into the session. The Nasdaq composite (up 4.81 to 2,134.87) added a few points. (Source: CNN Money) Full Story
July 10, 1832: President Andrew Jackson vetoes legislation to re-charter the Second Bank of the United States.
Notable Quotable
I can calculate the motions of the heavenly bodies, but not the madness of people. - Sir Isaac Newton, who sold out profitably during the South Sea Bubble but was tempted back in and lost 20,000 pounds.
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