Alcoa Kicks Off What Wall Street Expects to Be a Tough Earnings Season
Alcoa (AA) - Get Report unofficially kicks off the earnings season when it reports quarterly results after the closing bell today. Overall, Wall Street is bracing for some terrible earnings news. For the First Quarter, FactSet predicts earnings will be down 9% compared to a year ago. The companies expected to see the biggest drop in earnings are in the energy, materials and financial sectors. Yahoo! (YHOO) is giving potential bidders for its core assets another week to submit offers. The deadline for first-round bids was originally today but the New York Post says suitors now have until April 18th to submit offers. The Wall Street Journal reports that the parent of British newspaper 'The Daily Mail' may make an offer. President Barack Obama will meet with U.S. Federal Reserve Chair Janet Yellen today to discuss the economy and Wall Street reform. Vice President Joe Biden is also expected to attend. The meeting comes as the U.S. Central Bank is deciding if the economy is strong enough to raise interest rates again this year.
