Europe is beginning the day down across the borders with the FTSE showing a .5% loss, however is still up for the week and has added 12% since June 4th. 15% of European companies due to report results have done so with average earnings up 6% above consensus. Vodafone fell 2.4% showing a drop in organic growth the first quarter. Nokia also fell, 4.6%, as a number of banks cut their target price. Scania, a truck maker, rose 4.7% due to a less than expected drop in sales orders. EADS gained 4% after being upgraded to buy by Goldman Sachs. The next wave of bad debt to hit lenders comes in the form of student loans. A report released yesterday showed defaults on private student loans was over 8B last year. They reported this was due to aggressive marketing by lenders over the past 10 years. Woes are weighing in the commodity market with crude, natural gas, and silver down and gold showing a spark of hope up just .06%. 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