Looking at strong sales to aerospace and construction customers. Alcoa executives are keeping a cautious tone as worries linger about the budget battles in washington. You look at the businesses, you actually see that the endowment dow stream businesses are hitting new records profitabilities. Another quarter of that and record year. Thats great. When you look t upstream where its basically about the commodities coming down, the cost curve, we are coming down on the cost curve 4 point. On the smelting business, our aluminum business. So thats pretty much what the quarter looks like. Ceo Klaus Kleinfeld said sentiment rather than market fundamentals will be driving a rebound in lump naluminum price its good that we start with alcoa. The earnings season is a shocker, a shocker shock to the system. Yeah. A shock to the system. You ease in, you know, never we reported alcoa but you what if you had to start with google or or apple or you had to know, you with this, you know, 9 billion, smelting a little bit better. You know, people are still using some aluminum around the world. But at least okay, now we know. Now everybody at home knows. Its earnings season. Its but it didnt bombard us with really earthshattering stuff. We will be bombarded. You ready . I am. Im ready. Ready to i dont know. Im ready. You ready . Im ready. I might i dont know. Well see how i feel. No, ill be here. Okay. Dont worry. Lets talk about boeing and the dreamliner. More news on the front page of many papers today. Lots of continued problems including this one japans all Nippon Airways canceled a boeing 787 dreamliner flight scheduled to flight from western japan to tokyo today. The airline citing brake problems. And this add to a series of setbacks for the aircraft this week. Yesterday a fuel leak forced another 787 operated by Japan Airlines to cancel takeoff at bostons Logan Airport. And on monday, there was an electrical fire on another 787 after a Japan Airlines flight to boston from tokyo got caught fire. Boeings asian customers are rallying behind the planemaker, arguing the incidents are glitches that can happen to new planes. The customers say they have no plans to scale back or cancel orders for the aircraft, but maybe we can take a look at the stock. You can see its kind of hit over the past couple of days. This is on the front page of usa today today. Also i believe the wall street journal and some other papers making a lot of what this is about. I dont want. Does this really happen to all new planes . I would say so, yeah. New designed planes or just the manufacturer of this has both. Not only a new plane but a revolutionary new plane. Ill take their word for it at this point that theres glitches. Plus, the glitches that weve seen so far, im still youve always been manageable. You have been calm about airplanes. I dont want to at this point, you look at superstitious the last ten years you should be calm. Im calm. Nothing has changed this week. If you were going vacation with your family next week and it was a 787, you would get on, take a nap and be fine . Yes. Id get on just about any hasnt the last ten years sort of allayed your fears . Statistically, i i wonder. I imagine there are people who get nervous. You know there are lights above us that could fall on us at any time. You know the satellites going around the world there are meteorites . The satellites arent held up by strings. Theres Nothing Holding them up. Theyre just moving around, moving around, and by themselves. So i mean, it would be bad luck. Figure out how many takeoffs and landings per day, around the world, figure it out. Figure out how many people have died other ways i completely agree. I doesnt change the equation, does it make you more nervous to get on a 787 . Statistically on a 787 theyve not had are you worried about the new delta jets, the 787 youre worrie worried, right . You know me. Im anxious. Dont be an anxious flyer. An anxious prompter reader. That im anxious about, too. You should be. Is it al nippon or al nippon . I actually heard it on the radio this morning al nippon . Saying al nippon. Thats why i went with al nippon. There was now a forethought on that. I didnt i dont know. Not i dont myself. I thought it was al nippon. When i first read it, i thought it had to be al nippon. Then this morning, i heard it it was said the other way. I thought maybe they know better than i did. You do it that way, ill do the other, and were covered. If i read it next hour. Let me talk about if a clever, smart viewer knows, shoot us a tweet. Okay. Squawkapedia. And dish is offering 3. 30 a share for clearwire or 2. 3 billion, the move setting the stage for a takeover battle for the wireless provider that owns crucial mobile spectrum. Analysts saying dish had planned to buy into the industry. Its spent 3 billion acquiring muchneeded capacity. Theres a number of conditions to dish buying clear good wi clearwire. Sprint is keen to buy the rest of the company. Theyd have to get through sprint there. And aigs board will meet to discuss former ceo hank greenburgs request that the company join a lawsuit challenging some of the terms of the insurers government bailout. In a statement, aig says it has an obligation to consider a demand by greenburg. The Company Expects to make a decision in the next several weeks, and i saw the new york politician just talking about it yesterday, how dare you if you think about this. Just what you would think after we talked about it yesterday morning. If you get a chance, david boyz, Hank Greenbergs lawyer, has a piece in usa today who talks about why the government not the government but that aig should do this. Right. Interesting that he went with usa today. The broadest the broadest reach, right . He wore sneakers with suit. He says, took the company, 80 of the equity, without any compensation. And he says that he says the government recently admitted that they took aigs equity not as compensation or collateral for the loan but to punish aig shareholders for letting the company ibm a victim of the 2008 liquidity crisis. Hes still not going win friends with that. Its going to be a tough argument to make. Hes making it. If you have a chance its worth the read. And phil lebeau writing in its al nippon as in lets all go to dinner. Al nippon thats all. You heard it on the radio from a dope that didnt know either. Two guys thats the problem. Two drowning guys holding on to each other. If you get the information from newspapers, you dont know how things are pronounced. If you listen to the radio, they get it wrong. Heard it in the car on the way here. You tell your you request a certain station from your driver . No, whatever whatever hes listening to. Eli. A euphemism for joint chiefs. Whatever he listens to i listen to. His name eli . The same guy every day . Pretty much. No kidding. Hes not going to be there tomorrow. What a life. What a life. If someone tries to approach the car, is eli hes big. Elis big, yeah. So you do have you have muscle and you have a driver. Absolutely. How how could you cool, isnt it . I outrun anyone thats after me at this point. I know, the own Radio Station is a big reason for driving myself. I dont like talking in the morning, and i like to pick my own Radio Station. I switch, probably switch 150 times this morning probably. That would get really annoying to be your driver. Switch it. Myself i switch it. I know. But that would be while im looking down like this, going 100. In other news, Goldman Sachs and Morgan Stanley are expected to agree to a 1. 5 billion foreclosure settlement with u. S. Regulators. An announcement could come this week. The deal would come on the heels of a separate 8. 5 billion settlement that was announced monday with ten bigger mortgage servicers. The cbo says 114 billion could be raised if u. S. Corporations ability to defer taxation of their foreign profits was limited. This change is favored by the white house. The new cbo report could fuel the debate about how to tax u. S. Multinationals. Currently corporations have to pay the top 35 Corporate Tax on foreign profits but not until the profits are brought back into the country from offshore. Theres been a huge debate. There have been sometimes holidays for these things. But theres a huge debate about what needs to happen and how we need to deal with Corporate Taxation overall. This is going to be a big Sticking Point as we get back to budget talks. Also, the irs is delaying the start of the tax Filing Season to january 30. That is eight days later than originally planned. Thats when the agency will actually begin accepting 2012 filings. The irs is blaming the fiscal cliff legislation. The change means that early filing taxpayers will have to wait until at least february for a refund. Okay. This is very Important News on wall street this morning. The fed a lot of people havent paid enough attention. The fed is considering changes to whats called the lincoln amendment in the dodd frank bill. The f. T. Says the fed is weighing a plan to treat the u. S. Arms of foreign banks as separate entities from their foreign parents. This means it would exempt foreign parents from having to actually comply with doddfrank. Only the u. S. Arm, therefore, would have to meet the requirements. So if youre a deutsche bank, just your u. S. Arm needs to meet doddfrank, not the entire institution. Cant you shuffle things . Thats the big thats what opponents of doing this would say. Makes it seem fruitless that at a corporation you could do whatever you want with exactly. A number of foreign banks and regulators have campaigned to the fed to say, look, we have our own rules in our own countries. If you apply this to everybody, to us in our own homeland, it makes things that much more complicated. Thats whats going on i guess the answer, if you run into trouble, that u. S. Arm if it is fully funded, they could go after the funds. Those would not be allowed to move back offshore. Are you if its done with the right firewalls, it could work. The question is about implementation. Right. We will see. A couple of stocks to watch this morning shares of seagate getting a boost. The hard drive maker saying it expects to report higher Second Quarter revenue than it had previously forecast. But a very different foyer for apollo group. The company which own the biggest forprofit college in the u. S. Is cutting its profit forecast. Apollo reportedly is now lowering student signups for the Third Straight quarter. And that is obviously hitting the premarket trading, down close to 4. 5 . Lets check the markets this morning. Thats weird. Isnt it . What are you looking at . We should hire that guy. Shouldnt we . Alan dodds frank . Yeah. Alan dodds frank you got an email no, hes a cnn guy. I thought you were talking about him. I realized we hadnt talked about doddfrank in a while. His name is alan dodds frank. So how that possible . Hes a business correspondent. Yeah. His name is dodd frank. Thats like yeah like arm hammer, isnt it . The guy bought arm hammer because his name then we used to have a guy on all the time, named after the craft store. Remember that guy . Michaels . No, the other one. A. C. Moore . Yeah. A. C. Moore on all the time. I dont remember. He did not buy he is at argus research, a. C. Moore. We got to hire this guy. He could be an expert on all the time. Well have Alan Dodd Frank on doddfrank, if it were repealed, would he have less value . He was repealed, i think. Where is he now . Im sorry. Did that lets go those were my kleenex. Stay away from them. Lets go across the bond. Time for the Global Markets report. Kelly evans is standing by. Is there a Famous Company or legal provision named kelly evans . Theres a kelly girl. Theyre they were temporary secretaries, werent they . Exactly. There was i saw a mug in the back here, guys, in the coffee room that says kelly talent at work. I think it refers to a temporary employment agency. Its become my favorite mug. In any case, it works a little bit. Theres also evans cycles over here. Evans cycling or something. Remember,veyanc evans, a common name. I see it more here than back in the u. S. Speaking of whats happening in europe, lets look at stocks. For most part, were up. 2 . Not any huge moves. Interestingly spurred by the alcoa Earnings Report which even though weve had guests telling us not to read too much into this, youre seeing stocks move to the upside. The ibex 35 and the xetera dax, just a little firmer. The ftse 100 up. 3 . The dakotas i want to focus on the dax i want to focus on. This has been down two out of the last three trading sessions. If its in the red again, it could spark a turnaround from the sentiment shift that pushed it up to over 30 last year. It was one of the best performing Asset Classes in the world. In a couple of minutes, we got reports out suggesting Industrial Production in november was among the other economic performances that were really weak for the german economy. So industry production up only. 2 . It was expected to rise 1 . It looks like the Fourth Quarter is going to be an extraordinarily weak one for germany. Weve seen Sentiment Survey since improve a little. Theres a sense or hope that maybe conditions bottomed in q4. A look t bond space. Germany did see plenty of demand for a fiveyear bond auction that went off this morning. The tenyear german bund below 1. 5 this morning. Prices rising there. Were seeing a rotation into safer asset like bunds and yields. And out of spain which is now up to about 5. 1 . Interestingly, treasury not catching a bid here. 1. 87 is the level to watch as people navigate the u. S. Growth outlook. Quick check of currencies, the euro dollar the focus of a debate this morning on worldwide exchange. A lot of people saying not so fast if you think that the rising dollar in tandem with rising risk is going to be a theme of the year. Today were seeing the euro dollar give up. 1 to 1. 1. 3069. And the dollar yen after reports out of japan saying there will be coordination between the bank of japan and fiscal authorities to try and get to the 2 inflation target. Nothing too concrete. Again, the proof will be in the poudre figure i can use a in the pudding if i can use a popular phrase this side of the bond. Back to you. Kelly services. I like that talent. Talent, kelly. Talent at work. Talent at work. Thanks. Coming up, the nations biggest banks preparing to post Quarterly Results in the coming days. The inside line next. First as we head to break, a look at yesterdays winners and losers. At 1 45, the a thats hard. You stink. The wing and a fractured beak. O surgery was successful, but he will be in a cast until it is fully healed, possibly several months. So, if the duck isnt able to work, how will he pay for his Living Expenses . Aflac. Like his rent and car payments . Aflac. What about gas and groceries . Aflac. Cell phone . Aflac, but i doubt hell be using his phone for quite a while cause like i said, he has a fractured beak. [ male announcer ] send the aflac duck a getwell card at getwellduck. Com. [ male announcer ] how could a luminous protein in jellyfish, impact Life Expectancy in the u. S. , real estate in hong kong, and the optics industry in germany . At t. Rowe price, we understand the connections of a complex, global economy. Its just one reason over 75 of our mutual funds beat their 10year lipper average. T. Rowe price. Invest with confidence. Request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. Welcome back. U. S. Equity futures figindicatk middleton ed up 17 point. A couple of not great days so far this week on monday and tuesday after a big week last week. People wondering where where for art thou dow rally. Well see. Earnings have a lot to do with it. Making headlines, a survey of top automotive executives finds that volkswagen and bmw are the favorites to add market share over the next five years. A survey that was conducted by Advisory Firm kpmg finds toyota also saw a big rebound in its standing after the issues its had in the past couple of years with the accelerator. In global news, the Egyptian Central Bank which weve been watching closely, reducing the size of its daily foreign currency auctions. We thought that might happen. That happened today. This comes after gutteder threw egypt an economic lifeline by sending 2. 5 billion in aid to help it get a currency crisis under control. Egypt had warned that foreign reserves had fallen to a critical minimum. And what they said like gutter. Gutter some people say qatar. Some say qatar. Some say qatar. People that are totally people that say al nippon say qatar. Right. Instead of al nippon. True. And never mind. What happened . Dont they got sick of listening to you. Yeah. Amr Business News wasnt exciting. Questionholders might receive equityholders might receive that. And eric fisher with the Weather Channel joins us. Good morning. Good morning. Hello, everybody. A big story for today, the rain in texas into louisiana, arkansas, a lot of it on the radar this morning. Weve seen over two inches of rain in dallas, we could see maybe two, three, four inches more before all is said and done. Heaviest rainfall between san antonio and houston today. Heres a look at totals already. About 24 hours into all of this, weve seen over four inches of rain around baton rouge. Over two that n dallas. An inch in houston, two inches in houston. Another two to three in dallas, three to five in lake charles, louisiana. Two to three in shreveport. There will be Flooding Issues here. Eventually the rain stretches up. If your concern is the mississippi river, anywhere from st. Louis southward, the barge traffic will get improvements as we see the water levels rise. There are the flood watches in effect. Eastern texas, almost all of louisiana, pushing into earn sw m