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    News Summary: Stocks drop ahead of earnings

    By The Associated Press | Associated Press – Mon, Jul 9, 2012

    NERVOUS ABOUT EARNINGS: Investors were edgy ahead of earnings reports. Alcoa kicked off the season by beating profit estimates by a penny per share, the aluminum maker's revenue dropped due to lower prices and pockets of weak demand.

    AMD DISAPPOINTS: AMD dropped 6 percent in after-hours trading after the semiconductor company unexpectedly released preliminary results. Revenue fell 11 percent due to weak sales in China and Europe. The company had forecast revenue growth of 3 percent.

    SPAIN SCARES: Spain's borrowing costs rose. The interest rate on Spain's 10-year government bond rose to 7 percent, the level at which Greece, Ireland and Portugal all asked for help from their international lenders.

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