Despite coordinated rate cuts from the European Central Bank and the Bank of England, shares of equities fell lower today. It seems that the auto-begging bailout presentations left the feeling that the $34 billion was only a front-running head start on what may be needed ahead. Weekly jobless claims were above 500,000 again, but did come in under last week and not as bad as expectations. Unfortunately, most traders are bracing for a bad jobs number and unemployment number tomorrow morning.

DJIA: 8,375.81 (-216.88) (2.52%)
S&P500 845.15 (-25.59) (2.94%)
NASDAQ 1,445.56 (-46.82) (3.14%)

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Advanced Micro Devices (NYSE: AMD) said it expected a sequential decline from Q3-2008 revenues of $1.585 billion by a sharp 25%. That gives an implied revenue number of around $1.188 billion. Thomson Reuters had estimates of $1.54 billion. Shares were down over 6% at $2.06 right before the close.

AT&T Inc. (NYSE: T) announced this morning that it was cutting 4% of its workforce. The company sees a Q4 charge of $600 million. The company did not warn on earnings, but it did note that the cuts are the result of the change in climate in telecom business mix and economic pressure. Shares were down almost 4% at $27.97 before the close.

General Motors Corporation (NYSE: GM) fell the worst as it is still in the hot seat. The fear is that the auto companies are going to hold out a tin cup sooner rather than later even if they get this first round of money. Shares were down 16% at $4.08 before the close.

Merck & Co. (NYSE: MRK) gave sub-par guidance for 2009 of $3.15 to $3.30 EPS, yet Thomson Reuters had estimates of $3.52 EPS. Shares were down over 5% at $24.95 before the close.

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