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8B Daily News – Tuesday, July 10, 2012 Edgy investors sent stocks lower Monday on Wall Street ahead of U.S. corpo- rate earnings reports and amid more signs of instabil- ity in Europe. The Dow Jones industri- NEW YORK (AP) — Stocks slide ahead of corporate earnings season Wall Street al average closed down 36.18 points at 12,736.29. It was the Dow's third straight day of declines. 500 index fell 2.22 points to 1,352.46 and the Nasdaq The Standard & Poor's composite index fell 5.56 points to 2,931.77. Health care stocks rose the most, while stocks of materials companies fell the most. Alcoa, one of the 30 stocks in the Dow, became the first major U.S. compa- ny to report second-quarter results after the market closed Monday. The aluminum manufac- turer beat the earnings per share estimates of Wall Street analysts by a penny, although revenue dropped due to weaker prices and pockets of declining demand in the slowing global economy. Alcoa's results are often seen as a harbinger for other major companies. So far, investor expectations are low. Wall Street forecasts a 1 percent decline in second- quarter earnings of S&P 500 companies compared with last year, according to Standard & Poor's Capital IQ. That would be the first decline since the third quar- ter of 2009. Kim Caughey-Forrest, senior equity analyst at Fort Pitt Capital Group, said many portfolio managers are afraid that this earnings season could bring bad sur- prises about stocks they've picked up earlier this year. ''It's report card time,'' Caughey-Forrest said. AMD dropped 6 percent in after-hours trading after the semiconductor compa- ny unexpectedly released preliminary results follow- ing the market close. Rev- enue fell 11 percent from the previous quarter due to weak sales in China and Europe. The company had previously forecast revenue growth of 3 percent. The stock slumped 33 cents to $5.29. Investors were also spooked Monday by news from Europe, where Spain's borrowing costs rose as finance ministers from the euro countries gathered in Brussels to finalize a rescue package for Spain's banks. Spain's 10-year government bond rose to 7 percent. Greece, Ireland and Portu- gal all asked for help from their international lenders when their own borrowing costs rose that high. In Greece, a new three- party coalition government won a vote of confidence in parliament early Monday, ending a period of uncer- tainty that led to two elec- tions in less than two months. Greece is in its fifth year of recession and has survived for two years on international rescue loans. The interest rate on Through the Newspapers in Education program, area classrooms receive the Red Bluff Daily News every day thanks to the generosity of these local businesses & individuals. THANK YOU FOR SUPPORTING NEWSPAPERS DAILYNEWS RED BLUFF TEHAMACOUNTY E VOICE OF TEHA M A C O U N T Y S I N C E 1 8 8 5 • THE GOLD EXCHANGE • LUIGI'S PIZZA • RED BLUFF AUTO DISMANTLING • McDONALDS • OLIVE CITY QUICK LUBE • WALMART • ADOBE ROAD CHEVRON • CORNING AUTO CENTER • DM TECH HIGH SPEED INTERNET • GARCIA CONSTRUCTION • INTER-CITY BODY & PAINT • NORTH MAIN AUTOMOTIVE • RANCHO GRANDE RESTAURANT • SCHOOL HOUSE MARKET • TEHAMA CO. DEPT. OF ED. • FIDELITY NATIONAL TITLE CO. • JOHN WHEELER LOGGING, INC. • TRIPLE R GAS • LASSEN TAX PROFESSIONALS • RED BLUFF VISION CENTER • DUDLEY'S EXCAVATING, INC. • CALIFORNIA WALNUT CO., INC. • BRETNEY SUTTERFIELD • EDWARD JONES, CORNING • ETZLER FINANCIAL & INSURANCE • LEPAGE COMPANY, INC. • OLIVE CITY TAX PROFESSIONALS • PLACER TITLE COMPANY • AIRPORT AUTO REPAIR • KAY STEPHENS, MD • GREENWASTE OF TEHAMA • LOUISIANA PACIFIC CORP. • TEHAMA COUNTY ASSOCIATION OF REALTORS • STEVE'S BACKHOE SERVICE • GONZALES JUMPERS PARTY RENTALS • HUHN ELECTRIC • TEHAMA AUTO CENTER • JANETTE VOTAW ACUPUNCTURE Please help sponsor a classroom subscription Call Kathy at (530) 527-2151 to find out how.