Market Wrap: Alcoa's Flat EPS; France's Safe Haven; AMD Worries Investors; Patriot Coal is Down...and Out

Market wrap-up for July 9th

End of the Day: Dow Jones down 36.2 to 12,736.29; S&P 500 down 2.2 to 1,352.46; Nasdaq down 5.5 tp 2,931.77

The following is a brief summary of events moving markets today:

• Solid metal: Alcoa (NYSE: AA) ended up reporting EPS which was in-line with the Street consensus at 6 cents. Following the numbers, shares saw a slight bump in after-hours trading.
  
  The Estimize consensus was $0.07 and $5.85 billion, respectively.
  
  For more on the numbers, click here.
  
  
• Negateev? What ehs thees? Germhany? Yield on French short-term bonds turned negative for the first time ever. According to market data, yields on three-month bonds came in at (0.005) percent and six-month bonds at (0.006) percent. The numbers indicate the heightened uncertainty in Europe and confidence that European policymakers will be able to deal with the escalating debt crisis.
  
  For more color, click here.
  
  
• Taking Medicaid service to the next level: WellPoint, Inc. (NYSE: WLP) and Amerigroup Corp. (NYSE: AGP) entered into an agreement whereby WellPoint would acquire Amerigroup for $92 per share, or total transaction value of $4.9 billion.
  
  According to the release: "Upon completion, WellPoint, with its affiliated Medicaid plans, will serve more than four-and-a-half million beneficiaries of state sponsored health care programs. The combined company’s Medicaid footprint will include 19 states. The company will also have a presence in 13 states with significant near-term dual eligible managed care opportunities, including a presence in the four largest states that have a combined $105 billion in annual dual eligible spending."
  
  For more color, click here.
  
  
• Down the shaft: Patriot Coal (NYSE: PCX) was slammed in the late session Monday following headlines the coal miner might file for bankruptcy protection. Shares ended down 72 percent, but edged as low as 52 cents per share.
  
  
• Sending a chipmaker warning shot: Advanced Micro Devices (NYSE: AMD) is also seeing some late pressure following guidance calling for a wider than initially expected drop in revenue growth heading into the second quarter. From expectations of a 3 percent gain to 3 percent drop in revs on a sequential basis, Advanced Micro now sees revs coming in about 11 percent below first-quarter results.
  
  On the lowered expectations, AMD cited "softer-than-expected channel sales in China and Europe as well as a weaker consumer buying environment impacting the company's Original Equipment Manufacturer (OEM) business."
  
  
• Listen in: Sirius XM Radio (Nasdaq: SIRI) shares ended the session higher Monday following reports it added 622,042 net subs during the quarter, up about 38 percent. Along with the positive subscriber news, the company also raises expectations for sub growth in 2012, from 1.5 million in early May up to 1.6 million now.
  
  

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