Morning Money Memo …
ABC News' John Kapetaneas reports:
It's a difficult day for General Motors, as the auto giant posted an 80 percent drop in 2nd quarter profits from this time last year. The company had previously announced it will pay $400 million to the victims of its defective ignition switches after a wave of lawsuits and $1.5 billion paid out in fines. GM is facing now some immediate financial repercussions of the more than 29 million cars it has recalled since January, although overall sales of GM vehicles have not been greatly hampered as total revenues increased to $39.6 billion from $39.1 billion last year. GM stock was down more than 2 percent in pre-market trading
Corporate Reports Roll In
In earnings news, pre-market reports once again resulted in a mixed bag of highs and lows. Some of the highlights this morning:
Early Market Boosts
Markets worldwide were up this morning. Markets in Europe were in the green across the board, while Asian economies were also seeing a slight uptick. In the U.S., Dow and S&P futures were up, as earnings season brings positive results across multiple industries, and U.S. jobless claims fall to their lowest levels in eight years.
Still Weird, Now No. 1
There's a new "king" of the Billboard charts, and it's not who Gaga, Beyonce or Drake. This morning, funnyman Weird Al Yankovic reigns supreme among recording artists, after his eight-songs-in-eight-days campaign for his new album "Mandatory Fun" sold over 100,000 copies, rocketing him to the No. 1 spot on the Billboard Top 200 for the first time in his decades-long career.