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8A Daily News– Wednesday, July 25, 2012 trial average fell 104.14 points, or 0.8 percent, to 12,617.32. It was the third triple-digit point loss in a row for the blue chip index. The last time that happened was September, when fears were rife that the U.S. was on the brink of another recession. Lower earnings fore- casts from corporate bell- wethers like United Parcel Service, combined with a weak report on manufac- turing, fed fears of more disappointing results from Corporate America in the coming days. ''Our guess is we NEW YORK (AP) — A parade of grim news, from weak corporate earnings to a pullback at U.S. factories to spread- ing fault lines in Europe's debt crisis, sent investors fleeing stocks for a third straight day on Tuesday. As if that weren't bad enough, Apple delivered a rare earnings disappoint- ment after the closing bell, boding poorly for Wednesday's trading. The Dow Jones indus- haven't seen the worst,'' said Carl Yingst, chief market analyst at Joseph Gunner, an investment bank. Soon after he spoke came a bit of confirmation from a stock market star. After the close of trading, Stocks drop for a 3rd day as earnings slide Wall Street Apple reported the small- est increases in revenue and income in years, badly missing analysts' expectations. The stock fell $29.76, or 5 percent, to $571.19 in extended trading. ''It's a huge swing and a miss for a company that usually knocks the cover off the ball,'' said Jack Ablin, chief investment officer of Harris Private Bank. ''The ill winds of global trade are envelop- ing everyone, even the high and mighty.'' It was a fitting end to a bad day as investors around the world dumped stocks and fled to the rel- ative safety of U.S. gov- ernment debt. The yield on the benchmark 10-year Treasury note fell to another record low and the dollar hit a two-year high against the euro. Stocks fell from the start of trading following news that UPS had cut its earnings forecast 4 per- cent for all of 2012 as global trade slows. UPS's stock fell $3.61, or 5 per- cent, to $74.34. Also weighing on stocks, Spain's borrowing costs spiked as investors worried that country could become the latest in Europe to ask for a finan- cial lifeline. Spain's banks have already received help from international lenders. & Poor's 500 fell 12.21 points to 1,338.31. The Nasdaq composite was off 27.16 points to 2,862.99. Early in the day, DuPont reported that its net income fell 3 percent for the second quarter on slower business in Europe and Asia. The huge chem- ical maker also reported revenue that fell short of Wall Street's expecta- tions. DuPont's stock lost 97 cents, or 2 percent, to $47.74. The broader Standard was a report from Federal Reserve Bank of Rich- mond indicated that man- ufacturing in the central- Atlantic region is con- tracting. That followed reports of pullbacks in New York and Philadel- phia. Adding to the jitters In Europe, the yield on the 10-year Spanish gov- ernment bond rose 0.10 percentage point to 7.53 percent, a dangerously high level. Investors also sold Italian government bonds, sending the yield on that country's 10-year bond up 0.32 percentage points to 6.54 percent. Late Monday, Moody's Investors Ser- vice issued a warning about the credit rating for Germany. Moody's antic- ipates that strong coun- tries like Germany will have to shoulder a heavy financial burden as they support weaker countries like Spain and Italy. The debts of those countries are considered far too big for current bailout funds to handle. Adrian Day Investment Management. He added that he's not buying stocks, save for gold- related companies, because he expects them head lower as the Euro- pean crisis deepens. As they dump stocks, In cutting its outlook on Germany, Moody's also said there was an ''increased likelihood'' that Greece would leave Europe's monetary union. ''Things are only going to get worse,'' said Adrian Day, president of investors have been piling into U.S. government bonds. On Tuesday, the yield on the 10-year Trea- sury note fell to 1.40 per- cent, matching the record low it reached Monday. Investors have also been selling the euro. The euro fell to $1.20 on Tuesday, a two-year low against the dollar. In corporate news, AT&T and Whirlpool both fell short of analyst estimates of earnings and revenue. AT&T fell 75 cents, or 2 percent, to $34.63. Whirlpool, the world's biggest appliance maker, dropped $5.06, or 7.5 percent, to $62.25. So far this earnings season, nearly seven of ten companies that have reported earnings have beaten estimates, slightly higher than is usual, according to S&P Capital IQ, a research firm. But analysts had been lower- ing those expectations for months so the feat of sur- passing them isn't so impressive. in the news: Some other companies — Cisco Systems fell the most of the 30 stocks in the Dow, or 6 percent, after the network equip- ment maker announced its latest round of staff cuts. Cisco dropped 95 cents to $15.12. — DeVry plunged $6.76, or 25 percent, to $20.80, the biggest drop in the S&P 500 index. The for-profit education company said enrollment is falling, forcing it to cut 570 jobs. The company also projected that its profit for the latest quar- ter will come in well short of analyst esti- mates. Pro, con arguments on proposed NY sugary drink ban NEW YORK (AP) — Medical professionals lined up at a public hearing Tuesday to speak in favor of a proposed ban on large- sized sugary drinks at New York City restaurants, cafe- terias and snack trucks, while opponents decried the plan as an assault on personal freedom and won- dered what tasty but unhealthy foods might be targeted next. New York City's health board heard hours of testi- mony on a proposed rule that would limit soft-drink cup and bottle sizes at food service establishments to no larger than 16 ounces. Medical experts spared no rhetoric in hailing the proposal as a way to pro- tect the public, saying that sodas and other sweetened beverages are a leading fac- tor in a health epidemic linked to poor eating habits that kills thousands of New Yorkers every year. More than one likened soda com- panies to big tobacco. One doctor said before the hearing that the calorie- packed beverages con- sumers now down with abandon increase the risk 1010 Jefferson St., Red Bluff 527-7800 Complete Dental Care • Cosmetic Dentistry • Adults And Children • New Patients Warmly Welcomed! www.MooreandPascarella.com of diabetes, and are respon- sible for a big share of the ''massive suffering and premature death'' linked to obesity. ''Soda in large amounts is metabolically toxic,'' said Walter Willett, a pro- fessor of epidemiology and nutrition at Harvard School of Public Health. ''It's obvious that this is the right thing to do.'' vidual choice. City offi- cials, meanwhile, argue they are trying to save lives in the face of an epi- demic that is killing New Yorkers and costing $4 billion a year. A 20-ounce bottle of Coca-Cola has roughly the same calorie count as a McDonald's hamburger, but Kelly Brownell, a psy- chology, epidemiology and public health professor at Yale University, said it is easier to over-drink than over-eat. ''You don't feel as full when you consume calo- ries in liquids,'' he said. Critics ridiculed the idea that city officials would be trying to regulate how much people eat or drink. City Councilman Daniel Halloran III called the pro- posal a ''feel-good place- bo'' that would hurt profit margins at small businesses while failing to improve anyone's health. He questioned whether a limit on the size of steak was around the corner. Another critical council- man, Oliver Koppell, called SAN FRANCISCO (AP) — Netflix's sec- ond-quarter earnings plunged 91 percent amid a slowdown in its sub- C & C PROPERTIES the ban ''a clear overreach- ing of government into people's everyday lives.'' ''This infringement on the rights of New Yorkers leads us to ask what will be banned next?'' Joy Dubost, a nutrition- ist who works for the National Restaurant Asso- ciation, said the proposal wasn't backed up by scien- tific evidence. ''It's not reasonable to blame or cite one prod- uct,'' she said. The proposal requires only the approval of the Board of Health — appointed by Mayor scriber growth. The financial deterio- ration reported Tuesday follows a rare loss for the video subscription ser- 741 Main Street, Suite #2 Red Bluff, CA 96080 1-800-287-2187 (530) 527-2187 An Independently owned and operated Member of Coldwell Banker Residential Affiliates. FOR 24/7 PROPERTY INFO CALL 1-888-902-7253 AND ENTER THE PROPERTY CODE FROM THE AD. 2 BD 2 BA 1000 SQ.FT. 2 BD 2 BA 1344 SQ.FT. 2 BD 2 BA 1344 SQ.FT. 2 BD 2 BA 1440 SQ.FT. 2 BD 2 BA 1104 SQ.FT. 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But opponents could still sue to block the ban, or they could con- vince legislators to step in and block the proposal. The board is scheduled tions would only apply to food-service businesses regulated by the Health Department, including restaurants, food carts, sports arenas and movie theaters. Grocery stores, drug stores and some con- venience stores are regu- lated by the state and would be unaffected. Drinks that are more than half milk or 70 per- cent juice would be exempt, and it wouldn't apply to lower-calorie drinks like water or diet soda, or to alcoholic bev- erages. The portion size restric- to vote on the measure Sept. 13. Since Bloomberg pro- posed the ban in May, opponents including members of the restaurant and soft-drink industries as well as libertarians have accused him of attempting to institute a ''nanny state'' with far- reaching government con- trols that infringe on indi- vice during the opening three months of the year. Although earnings were better than analysts anticipated, the disap- pointing subscriber growth and a muddied outlook for the rest of the year unnerved investors, who already have become skeptical about Netflix's prospects amid intensifying com- petition. Netflix's stock plummeted 14 percent after the results came out. Netflix Inc. has been Respecting People. Impacting Business Call us. And get back to work. Call us any time for: • An extensive network of recruiting sources • HR expertise and support services • Temporary Workers • Evaluation hire • Testing and training • Experienced recruiters • Full-time employees • Carefully screened candidates • Dedicated service In a letter released Monday by The New Eng- land Journal of Medicine, New York University researchers said the ban could affect nearly two- thirds of drinks bought at the city's fast-food restau- rants, according to a sur- vey of more than 1,600 receipts. 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