LONDON (ShareCast) - - US stocks down on earnings fears
- Alcoa and AMD see big falls

Dow: +0.11%
S&P 500: -0.10%
Nasdaq: -0.39%

Fears that the US is set to enter a poor earnings season appeared to weigh on investors minds, with Alcoa, the aluminium giant, falling on weak sales. Alcoa traditionally kicks of the results period.

In Europe the news appeared slightly better than recently as the UK and Italy both reported better than expected industrial production figures while Eurozone finance ministers commited at least €30bn by the end of July to help Spanish banks.

COMPANIES

Alcoa said its sales fell 9.4% to $5.96bn during the last quarter but that was better than the $5.81bn the market had been expecting. Nevertheless, the stock dropped 3.5% by midday.

The microprocessor maker, AMD, dropped over 10% after reporting a sales slump.

Boeing and General Electric (GE) have signed a deal at the Farnborough International Air Show in which Boeing will sell 100 737 aircraft for up to 9.25bn dollars. GE's aircraft leasing company, GE Capital Aviation Services, will acquire 25 current generation 737 airplanes and 75 updated 737 Max airplanes.

BS

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