Submitted by Fox First at Ten on July 10th
By The Associated Press
SLUMP IN TECH: Chip maker Advanced Micro Devices fell sharply after reporting that a slowdown in China and Europe led to an 11 percent drop in second-quarter revenue. It had expected a 3 percent gain. That helped pull down other stocks, leading to fourth day of declines in the major indexes. The tech-heavy Nasdaq dropped the most, 1 percent, to end at 2,902.
OIL STOCKS HIT HARD: Benchmark crude oil fell $2 to $84 a barrel in New York. Major energy companies dropped as a result, including Occidental Petroleum, down $1.95 at $83.24, and ConocoPhillips, down 90 cents at $53.43.
NEXT UP, EARNINGS: Or rather down, if you believe the financial analysts on Wall Street. They expect earnings for S&P 500 companies to fall 2 percent in the second quarter, the first drop in nearly three years. More than 150 companies are expected to report in the next three weeks.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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