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I'm most of the morning.
I'm on the phone -- Good morning everyone has been another busy one for earnings including second quarter results from UPS.
The package delivery company reported a profit of one dollar fifteen cents per share missing expectations by two cents.
While revenue of thirteen point 35 billion dollars also miss.
Analysts were looking for thirteen point seven billion dollars shares of UPS are lower in the -- market -- a different story though.
For AT&T where shares are climbing following its second quarter results.
The company reported a profit of 66 cents a share beating the street's forecast by three cents.
Revenue rose slightly from a year ago to 31 point six billion dollars just missing the forecast for 31 point seven billion.
AT&T says the total wireless revenues were up nearly 5% from a year ago to sixteen point four billion dollars.
Second quarter earnings at Lockheed Martin rose 5% from last year to 781.
Million dollars the global security and aerospace company reported profit.
Of two dollars 38 cents a share beating the estimate of one dollar 91 cents revenue of eleven point nine billion dollars topped the estimates for eleven point 29 billion.
The company says it still faces challenges ahead with 500 billion in additional US defense spending cuts due to start next year.
Lockheed Martin receives more than 80% of its revenue from the US government.
Apple is set to report its third quarter results after the bell today and analysts aren't exactly bullish with their expectations there -- the tech giant is expected to post a profit.
Of ten dollars 36 cents on revenue of 37 point two billion dollars.
And while the numbers may look strong on the surface growth rates are expected to be slower this quarter.
Analysts say that's because consumers may be holding off.
On buying an iPhone or iPad until apple releases the latest versions.
Rumored to be happening later this year.
Let's take a look at the markets now here in the US we've seen futures are searching for direction but to the downside for most of the morning Dow futures -- now down by 2.5.
Yes and he's down by four and the NASDAQ down by about five or six there and -- at Moody's lowered its outlook for Germany the Netherlands and Luxembourg AAA credit ratings.
Citing uncertainty about the Euro zone's ongoing debt crisis we also got manufacturing PMI numbers.
For Germany and the Euro area and both disappointed so stocks there.
Are in the red across the board though not huge amounts here let's -- a closer look now what's moving those markets but BGC partners senior market analyst Louise Cooper.
Over in London -- As a trek a rising Greece today the country is expected to ask for more time to repay its loans a lot MF has said it will support Greece in overcoming its economic difficulties work with the country and so forth.
Reports of the weekend suggested the IMF would -- calls for further -- -- I expected to play out.
Well we have to see whether the IMF -- will continue to be patient with respect to -- -- beyond that pulls out that is the question of will that European Union stepped in and makeup the money from the IMF and increases.
-- seventy patents clearly all know what king.
I'm with the economy isn't -- and I think nobody really expected -- to be able to meet any of it targets and it's pretty optimistic to continue to -- assume that they might so I think that Greece is very much back in the spotlight.
And then another country that doesn't seem to leave this.
Spotlight here Jane is -- that the Spanish government is -- for the considering asking for a full bailout of the ECB doesn't resume buying Spanish bonds.
-- they did report quoted sources saying to avoid imminent financial collapse -- eurozone.
Really afford a Spanish and what really happened to Spain doesn't get either of these options.
Well clearly the bite out -- -- cited fall from Greece Ireland and Portugal all.
Hugely competitive potential quite out of Spain EU which could cost hundreds of billions if your -- The Spanish banking system already needs a hundred billion -- not give us an incredibly optimistic scenario I think it will -- significantly more than that.
Say get clearly got stay -- is is next in the -- -- in the spotlight.
And we will wait to see how quickly that.
That's progresses -- -- -- -- Spanish bond yields.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- We call it hit the fear index -- -- -- -- -- -- -- in the -- stock market.
And the Spanish bond markets that both doubled in the last month full size -- clearly we gearing up for a very busy summer with that.
Greece I'd stay in Ming -- I've been a whole life and problems clouds are gathering in this -- and stool.
Eventful without a doubt Louise thanks -- the analysis does get attacked beaten.
And we just got earnings in from Reynolds American tobacco companies reporting.
And adjusted profit of 79 cents a share beating the estimate for 76 cents.
Revenue of two point 18 billion dollars missed the estimate for 2.2 four 1000000000 Imus in the morning continues right now on Fox Business.
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