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Main market news here: Before the bell 20-7-07: Stock futures slip on earningsCaterpillar Inc. NYSE: CAT) reported a second-quarter profit fall of 21% this morning as the weakness in the North American construction markets hurt the equipment maker. For the quarter, Caterpillar earned $823 million, or $1.24 per share on revenue of $11.36 billion, a 7% rise. The results missed Wall Street expectations of $1.49 a share on revenue of $11.12 billion. CAT shares are down 5% in premarket trading (7:44 am).
Yesterday, I already reported on the Piper Jaffray analyst note on Apple Inc. (NASDAQ: AAPL). This morning, more details from the note were publicized, notably that analyst Gene Munster said he expected the company to sell 45 million iPhones in fiscal 2009, raising his price target to $205 from $160, expecting the robust sales to significantly boost earnings. AAPL shares are rising 1.9% in premarket trading (7:48 am).
Auto industry: The United Auto Workers union begins talks Friday with Chrysler Group. Discussions move on to Ford Motor Co. (NYSE: F) and General Motors Corp. (NYSE: GM) Monday.
Taiwan's Acer Inc. filed a counterclaim in a U.S. court against a patent infringement lawsuit by Hewlett-Packard Co. (NYSE: HPQ).
The Nigerian government will refile an amended suit seeking $6.5 billion in damages from U.S. drug company Pfizer Inc. (NYSE: PFE) over tests of the company's antibiotic Trovan conducted on 200 children during a meningitis outbreak in 1996. Nigerian authorities say Pfizer deceived them about the details of the tests and caused the deaths of 11 children.
Turning 180 degrees, Starbucks Corp. (NASDAQ: SBUX) is going to try it again, mixing its coffee with chocolate, of Hershey Co. (NYSE: HSY). Starbucks-branded coffee-flavored chocolate products will be offered in the fall.
Finally, the last book in the Harry Potter series is about to be released.
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