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Tuesday Fortune Business Report
07/22/2008 02:23 AM
By: Web Staff

Stocks fell for the first time in four sessions yesterday as a rebound in oil prices triggered more uncertainty about the economy and overshadowed stronger than expected earnings from Bank of America.


Here's how things start out today:
The Dow starts out at 11,467.
The Nasdaq starts at 2,279.


American Express reported after the closing bell that it saw a 37 percent drop in quarterly profit as consumers defaulted on loans. The biggest credit card company by purchases also cut its outlook, citing the weakening economy. American Express said profit was $655 million or 56 cents a share, well below the 82 cents analysts were expecting.


Apple also reported after the close, saying earnings per share were 1.19, better than the 1.08 a share expected. But Apple issued an outlook that is lower than analyst expectations saying it forecasts earnings of $7.8 billion or a dollar a share, less than the 1.24 a share analysts were expecting.


Also, Texas Instruments was out with late results. All of these companies are possible market movers today.


For the latest updates, check out the online edition of Fortune by clicking here.





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