A lower open is expected, although futures have recovered from their worst levels (S&P futures -8.2, Nasdaq futures -30.5).
UAL Corp, parent company of United Airlines, reported
a second quarter loss of $1.19 per share, ex items, which is $0.86
better than the consensus estimate.
American Express , SanDisk , Texas Instruments and Wachovia all reported earnings that missed Wall Street's expectation. The latter company also cut its dividend to $0.050 from $0.375. Apple topped
its earnings estimate, but issued an earnings guidance that fell short
of estimates, sending shares tumbling 10% in premarket trading. Caterpillar topped its earnings estimates, but had some cautious comments regarding the economy.
GE is partnering with Mubadala on initiatives including
commercial finance, clean energy research and development, aviation,
industry and corporate learning. The two companies will each provide
$4 billion in capital over the next three years.