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Macy’s Tops 1Q Earnings Estimates

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    FBN’s Diane Macedo breaks down the stories moving the markets ahead of trading day.

  • Duration 5:00
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This is very Imus in the morning.

On the -- through.

Good morning everyone Bank of America's annual shareholder meeting is set to get underway later today and leaders are expected to face -- -- of tough questions.

Fox Business is -- -- that Bank of America headquarters in Charlotte, North Carolina now with more.

And Robert what kind of backlash are are the bank leaders expecting here.

What Diana could be quite a -- from -- share price which is being cut in half since -- Bryant as Brian Monahan took over on New Year's Day 2010.

Two executive compensation to the foreclosure mess -- still as an overhang.

On the company's business profits were down by two thirds but they're also gonna face some backlash in the streets here we're expecting protesters.

In the range of about a thousand people in today and -- -- joined by a spokesperson.

For the occupied -- -- are among the protesters expected today as my budget golf and Michael thanks for joining us here on Fox Business.

Taught us a little bit about what time that the events or are supposed to take place here you talked about a couple of different.

Rally points if you will and how many we fully expect to protest this Bank of America shareholder meeting.

-- so we have three convergence spaces -- be marching to the shareholders meeting.

We're expecting around a thousand folks and discipline then context that's one of the biggest marches and Charles history especially the biggest march against Bank of America and the biggest margin -- -- -- written you heard me going to the laundry list of what shareholders are complaining about some of those overlap with yours as well strange bedfellows perhaps -- shareholders.

You're gonna have some people inside as well voicing concerns what do you hope to accomplish by today's march and the folks are going inside the shareholder meeting.

Yeah we wanna highlight -- practices of Bank of America in particular some you named the the foreclosure.

-- the leading foreclose or in the entire United States that there are the leading funder of the coal industry which is the leading contribution to global warming.

And their fighting a lot of workers' rights and consumer rights protection laws.

Through congress to their lobbying practices so we hope to draw attention to those issues and in affects them -- serious change and a thousand people that -- about the numbers you look at -- Yeah we're -- so and especially to consider that on a week today and day kind of gloomy as this were expecting a wonderful turnout and that's an exciting day.

Alright Michael she -- a spokesperson for the occupy an event among the protesters expected here which -- also include students and environmentalists as well Diane back to you.

Parent Robert -- live from Charlotte, North Carolina thanks -- And we're getting -- in from Macy's now the retailers reporting a profit of 43 cents a share that three cents.

And three cents better than the estimate sales came in at six point 14 billion dollars just a bit.

Also above that -- -- Meanwhile let's take a look at the markets in the US futures are in the red across the board have been all morning.

Dow futures -- down by 68 the S&P is down by nine and the nasdaq's down by seventeen.

Over in Europe troubles facing Greece and the ripple -- they can have once again are putting pressure on the markets there there also reports.

At the Spanish government last banks there to put aside another 45 billion dollars.

To cover loans to builders stocks in Europe -- you sincere in the red across the board and now let's take a closer look.

At -- with rabobank international senior currency strategist Jane Foley over in London.

-- the cost to insure Spanish debt hit a record high of 514.

Basis points today -- should investors be about that.

The market -- very worried about Spain for some months now and then tap the market is becoming increasingly says it -- -- At the very -- growth trends of the recession you can do it conditions such Sainz Spain.

And concerns about the property market really are beginning to make markets nervous about what that could mean for the banking sector can -- -- -- that Spain still in the -- of the storm but -- couple that we've got -- concerns about Greece.

-- -- -- top of that as well.

And -- sticking to Spain here for -- second Jane Spain's government as I mentioned earlier is reportedly planning to require banks.

To set aside another 35 billion euros -- so against loans to property developers what kind of effect do you see this having.

But again it's that where -- -- money gonna come from -- also if you look at the property prices and would enforce an around about 25% and so in many people anticipate that package.

Carry -- kind if you consider an economy in recession.

With unemployment rates of 25%.

Than.

It seems quite normal perhaps at that property prices will continue to drop.

I'm not I'm not back up and it was it seems that the banks would have to admit that their exposure to that property sector it cannot hi Ed and David makes -- to date.

And that's what the markets particularly can send it -- -- thinks that some of the facts at a gonna come into the Spanish -- -- That's our that the banking sector over the next USA.

Could be a lot less than we've seen today.

All right that's Jane Foley from rabobank over in London thanks -- Now let's take a look at commodities like the markets oil and gold have been down all morning.

Imus in the morning continues right now on Fox Business.

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