Hello friends and Fortune readers.
Wall Street stock futures are sharply lower this morning under pressure from a volatile morning in Europe, where the Volkswagen emissions scandal and the rest of the car sector continue to weigh on sentiment. The dollar is higher against the euro while crude oil future are back below $46 a barrel on fears for the global economy.
As presidential hopeful Carly Fiorina moves her way up in the recent Republican candidate polls, Fortune’s Geoff Colvin takes a look back at her disastrous record as CEO of Hewlett-Packard (HPQ)–one that is the centerpiece in her bid for the presidency. Read more here.
Here’s what else you need to know today.
1. Volkswagen scandal widens
The German car giant has set aside 6.5 billon euros ($7.3 billion) to cover damages it expects from the scandal over its falsified emissions tests. Earlier Tuesday, South Korea, Germany, France and Italy all said they would be taking a closer look at the revelations. The company’s shares have lost another 19% in Frankfurt, after sliding by a similar amount on Monday.
2. Brian Moynihan’s chairman title hangs in the balance.
Bank of America (BAC) shareholders will cast their ballots today to decide whether the company’s board had the right to name Brian Moynihan both the CEO and chairman of the board. Back in 2009, shareholders had voted to split the two positions, but last year the board decided to recombine the roles. If shareholders decide to break up the two titles once again, Moynihan will have to choose only one.
3. General Mills updates investors.
The maker of Cheerios and Betty Crocker dessert mixes will report its first-quarter earnings. General Mills (GIS) has reported better-than-expected earnings report for three consecutive quarters so far–and that’s expected to continue. The company said it will sell its Green Giant frozen food and Le Sueur canned vegetable brands to B&G Foods for about $765 million. Meanwhile, it’s focused on revamping its core products, removing artificial colors and flavors from its cereals and launching new gluten-free options.
4. When will Carnival cruise its way to Cuba?
Carnival (CUK) will report its third-quarter earnings today, which are expected to fall short of analyst estimates. The world’s largest cruise ship operator recently had to abandon a seven-day cruise due to a fire on one of its ships. Cruisers and investors alike will be listening carefully for any update on when the company plans to launch its service to Cuba, which Carnival plans to make part of its new social impact-focused Fathom brand.
5. A look at housing prices.
The U.S. Federal Housing Finance Agency will release its home price index for July at 9 a.m. ET. Many home owners may be hoping for a slight uptick after month-over-month prices remained mostly flat in June, a sign that the market is holding steady after a rough past few years. Economists expect home prices to be up 0.4% in July, slightly above the 0.2% boost in June.
Additional reporting contributed by Reuters.
