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Alcoa, Inc. (NYSE:AA): Companies begin reporting second quarter earnings this week, starting with Alcoa (NYSE:AA). Investors concerned about the world’s biggest economies, now face another worry, disappointing earnings, as reported by the Wall Street Journal. Already, 42 firms warned investors that profits will be lower than expected, due in large part, to a slower customer demand around the world, especially in Europe.
Bank of America Corporation (NYSE:BAC): Rather than selling them to the Federal Government, banks on Wall Street are hoarding their U.S bonds. Shares traded down due to an increase in speculation, a slowing economy and global financial turmoil, causing bonds to become more important, according to Bloomberg. The world’s biggest bond dealers offered an average of $7.2B in treasuries, a day, to the Central Bank, down 40.5% from a high of $12.1B.
Chevron Corp. (NYSE:CVX): Chevron Corporation (NYSE:CVX) announced that its U.K. subsidiary has entered front-end engineering and design on the Rosebank oil and gas project in the West of Shetland region. The Rosebank development is a joint venture between Chevron’s subsidiary, Chevron North Sea Limited, that has a 40% equity interest, Statoil (STO, 30%); OMV (20%) and DONG Exploration & Production (10%). The project will include a floating production storage and offloading vessel, production and water injection wells, subsea facilities, and a gas export pipeline. The Rosebank Field, is estimated to contain total potentially recoverable oil-equivalent resources of 240 million barrels.
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