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Alcoa To Kick Off a New Earnings Season


Aluminum producer will be watched closely by the Street.

Minyan Morning Memo

One to Watch: The alphabetical if unofficial start of second quarter earnings commences after the close when we get results from America's largest producer of aluminium Alcoa (AA). As the Dow's first component to report, its earnings and - more importantly - outlook will be watched like a hawk by bulls and bears alike. Unloved as old-hat when 'Net stocks were new, commodities companies roared back in recent years, riding the China wave. How well Alcoa indicates it is faring in these leaner times carries implications far beyond its industry. Stay tuned.

What Just Happened: U.S. stocks slipped to levels unseen since April amid anxiety over the economy and upcoming earnings. Bonds benifited from a flight to quality and it was the same old story in oil, with crude off again.

What's Happening: The land of the rising sun was home to falling stocks, Japan's Nikkei was down in tandem with all of Asia. Europe declined for a fifth straight day, ironic in a week which has seen such a bull breakout in Spain. U.S. futures are trading in a tight range. Family Dollar (FDO), benefitting from frugality, just reported up earnings but Uncle Sam's dollar is in the depths of a six-week low against the Yen. And it's a sad day for Meriwether as the Long Term Capital alum's hedge fund is reportedly about to bite the dust.

What Will Happen: The Group of Eight leading nations start their summit in Italy, with host and Italian Stallion Silvio Berlusconi glad to be talking G-8 instead of G-strings. Crude inventories are out at 10:30 AM Eastern and May consumer credit at 3:00 PM. There's a $19 billion 10-year auction. We'll be learning about earnings from Pepsi Bottling Group (PBG), among others.

Happenstance: Britons have always been game for a gamble, but bookmakers offering odds Michael Jackson is alive and able to play previously scheduled London dates does seem slightly far fetched in the wake of yesterday's funeral.
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