After Monday’s NYSE close, Alcoa (A) reported a 54% earnings miss, blaming soaring energy costs and the weak dollar, reporting .37 (ex-items .44); .50 to .53 was expected.
For those who believe technology is non-cyclical, i.e., immune from recession, AMD missed Q1 revenue forecasts. The company said sales declined 22%, falling to ~$1.5B (AMD dropped 7% in after-hour trading). In response, the firm is cutting 10% of its workforce (1,600). PALM also issued an earning miss, saying its Q3 loss would increase to .53 vs. a forecast .30.
Which leads directly to this: