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Morning everyone -- tri city officials say everything will seem normal today even after the city became the largest US municipality.
To file for bankruptcy protection.
Services will be operating and workers will get paid the city is expected to report long term liability so close to twenty billion dollars.
Michigan governor Rick Snyder told FB and the decision was made when the debt couldn't be restructured.
When your within the bankruptcy structure it's done in a much more organized fashion.
So that's the point because in good faith we've been trying to work with creditors without going to bankruptcy that was part of this process is to say let's try to avoid bankruptcy.
But working with creditors in resolving doubts I'm viable given the responses we got so this is the next stop.
The move puts the city on an uncertain path that could mean eventual -- selling off assets raising fees and scaling back basic services.
Meanwhile shares of Microsoft plunged 6% in extended trading after the company posted disappointing fourth quarter results amid continued weakness in the PC market.
Microsoft reported an adjusted profit of 52 cents a share well below the estimate.
For 75 cents revenue -- 10% from last year to nineteen point 93 billion dollars but that also missed the estimates.
For trying point 73 billion the software giant also -- to 900 million dollar write down after it slashed prices on its surface tablet to boost sales.
And shares of Google fell 4% in extended trading after the company reported a big second quarter -- partly due to declining asked ad prices.
Google has been challenged by lower payments from advertisers -- users increasingly shift Internet browsing to mobile devices.
Google made an adjusted profit of nine dollars 56 cents a share sharply -- below the estimate for ten dollars 78 cents.
Revenue climbed 19% from last year to just over fourteen billion dollars but that also missed the expectation.
Checking markets now -- technology earnings are weighing on stocks over in Europe you've got London down 35 paris' down.
Twenty -- down a little more than 42.
Over in Asia markets there also -- low volatility.
In Japan came ahead of the country's upper house elections this week in the Hang Seng up.
Meant managed a small -- there the exception to the rule over in Asia and here in the US futures.
Are also not looking too great this morning Dow futures are down 35 DS -- -- down three the nasdaq's down about seven yesterday though.
The Dow and S&P both rose to new records helped by strong readings.
On labor and manufacturing and our seventy points to 151548.
The S&P tacked on almost nine points to 1689.
Here's a live look at commodities now oil and go to Mexico -- oil down about twenty cents trading around 108 a barrel -- up a little more than two -- Imus in the morning starts right now on Fox Business.
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