Traders can look forward to playing Visa Inc. (V) and Zynga Inc.’s (ZNGA) earnings after the close. The earnings scheduled for tomorrow morning before the open include: Exxon Mobil Corp. XOM, 3M Company (MMM), Kimberly-Clark Coproration (KMB), Panasonic Corp (PC), Royal Dutch Shell (RDS), Siemens AG (SI), and Sprint Nextel (S).

David Cornes holds a degree in economics from the University of Montana.

WTI crude oil futures fell over $1.00 to trade at $87.37 after a positive crude inventories number this morning. Gold futures rose with the 6E gaining $23.30 to $1599.50 and 61 pipps to $1.2132 respectively.

David Cornes holds a degree in economics from the University of Montana.

AAPL blamed their fall in earnings on slowing demand in Western Europe and sales of the iPhone 4 and 4S in anticipation for the new model iPhone 5 due to be released later this fall or winter. Although Apple’s Q3 earnings were lower than expectations, they are still impressive. They reported an increase of 23% in sales from this time last year to $35 billion, about $2 billion less than analysts expectations. Quarterly net income gained 21% over the year to $8.8 billion for an EPS of $9.32. Analysts were expecting an EPS of $10.37.  In my opinion AAPL is a great buy when it reaches bottoms and that the release of the iPhone 5 will make record sales and accelerate growth.

David Cornes holds a degree in economics from the University of Montana.

The Hang Seng had a late rally after European markets opened slightly higher than expected, although
not enough to come off the day’s low finished down .1%. The telco industry was strong finishing up 5.6%
after Credit Suisse rated them as their top pick among Asian telcos. Shares of China’s second largest
home appliance retailer, GOME Electrical Appliances, tumbled 14.5% today after announcing they
expect a net loss for the first half of 2012.

The FTSEurofirst is up .2% after European Central Bank policy maker Ewald Nowotny made comments
to raise the prospect of a new bailout. This propped the Spanish IBEX up 1.8% and the Italian FTSE MIB
1.5%. Banking giants Santander rose 2.4% and UniCredit 3.4%. Deutsche bank went against the trend
losing 3.3% on a profit warning, leading to worries they may have to raise capital.

In the US the MBA composite index came in at -6.7% from a prior 7.1%. The purchase index is up 1%
compared to a previous loss of 1%. The 30 year rate, at 3.86%, is down 2 basis points for the week for a
new record low.

Commodities are set to begin the day mixed with crude and gold showing minor gains while natural gas
and silver are down.

Contributer Chris Rygh is currently pursuing his MBA in Wisconsin and has a passion for the Market.
Comments can be directed to ryghcw19@uww.edu

This morning the MBA Purchase Application index fell 3% while the refinance index
rose 2%. The New Home Sales report is due at 10:00am and the EIA Petroleum
status report is due at 10:30am.

The S&P 500 is down once again today at 0.90% while the 10-year treasuries are up
2.88%. Crude oil is also up at 0.20%. And for the first time in the past couple weeks
the dollar is down at the open at 0.41%.

As for earnings this week, the European crisis hit Ford hard, diminishing 25% of the
company’s sales. Ford only earned $0.26 per share, down from $0.57 at this time
last year. The company expects to lose $1 billion over the European crisis.

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@keeneonmarket!

United Parcel Service (UPS) declined 4.61% after the package-delivery company’s second-quarter earnings and revenue missed estimates and it lowered its full-year earnings outlook, citing increasing economic uncertainty in the U.S. and continued weakness in Asia.
DuPont (DD) dropped -1.97% after the chemical company earnings topped estimates but revenue fell short of expectations. Blue chip  Texas Instrument (TXN)  fell -0.86% after the microchip maker reported second-quarter earnings that beat forecasts, but revenue fell short and it indicated that third-quarter revenue would be below current projections.

Total market losses widened around midday after a Reuters report that Greece will need to restructure its debt again, citing European Union officials. The reports on Greece accelerated declines across European markets, which were already lower after the Continent’s own discouraging manufacturing data. The Stoxx Europe 600 shed -0.5%, losing ground for the third session in a row.

In other corporate news, Whirlpool dropped 8% after the company’s profits fell short of street forecasts. Additionally, Cisco systems and Apple both fell, mirroring the market before their major announcements. Finally, DeVry (DV), the for profit education company, fell 24.56% after they reported eliminating 570 jobs following a decrease in demand for education and increased governmental restrictions on for profit education.

Gold futures were down $5.10 to $1572.30 and WTI crude futures started off down, but were trading up 23 cents ato $88.37.

David Cornes holds a degree in economics from the University of Montana.