Alcoa, BofA Kick Off Q3 Earnings With Bad News

Alcoa reported a 52% drop in third-quarter profit and Bank of America posted a 68% drop, kicking off the first earnings season for U.S. companies since the turmoil on Wall Street began. (Bl)

SAP warned of a sudden drop in business, which could presage trouble in the tech sector. Analysts expect to see many companies pre-announcing bad earnings or lowering guidance as slumping economies lower demand for a wide range of products.

Sources: Bloomberg, Barron’s, Forbes.com, Morningstar