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Alcoa To Kick Off a New Earnings Season

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Aluminum producer will be watched closely by the Street.

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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.
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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