Before the bell: Futures lower ahead of Bernanke speech, Alcoa; Indymac plungesIndustrial conglomerate Siemens AG (NYSE: SI) said Tuesday it would cut 16,750 jobs, or 4.2% of its global work force of 400,000 people. Most of the cuts would be administrative jobs. Siemens is attempting to cut nearly $2 billion in costs by 2010 as a slowing economy is affecting its business.
Office Depot (NYSE: ODP) shares are sinking 13.5% in premarket trading after the office-supplies retailer said that "pressure from weakening business conditions" has hurt second-quarter sales, and forecast a nearly 10% drop in second-quarter North American same-store retail sales.
General Motors (NYSE: GM) and Ford (NYSE: F) shares are declining 1.5% and 2.2% respectively in premarket trading despite reporting strong first-half sales in China, where the auto market is booming. GM said sales of its brands rose 12.7%, and Ford said its sales rose 21%.
Novartis AG (NYSE: NVS) said Tuesday it has completed the first stage of its $38 billion takeover of Alcon Inc., buying 25% of the U.S. eye-care company. Novartis still has the exclusive right to buy Nestle's remaining 52% stake in Alcon.
In Apple Inc. (NASDAQ: AAPL) news, Japanese videogame maker Square Enix Co Ltd said on Tuesday it had launched its first game, Song Summoner: The Unsung Heroes, a roll-playing game for the iPod.
Meanwhile, ahead of Friday's 3G iPhone launch, Gene Munster at Piper Jaffray anticipates Apple will sell 12 million iPhones this year, more than the 10 million target Apple has put itself, and 45 million next year. For the first weekend, Munster expects a staggering 425,000 3G iPhones sold worldwide for Friday, Saturday and Sunday.
Closing Bell: Can't go up every day (BAC, HE, HPW, COMS, BRCD, WMT, AMD)
Wal-Mart grows profit and cash flow in Q3, but comps still ailing
Chasing Value: Ten stocks for 2010 -- Part 2
