From Fnno.com, this is the Financial News Network, your source for the latest business news. Here’s a few things to watch for in the financial world today July 12. HSBC (NYSE:HSBC) shares falling in London and are down premarket today on reports the company could face a $1 billion fine following a U.S. investigation into money laundering practices. The Financial Times first reported the news, not having details on the level of the fine. If true, the penalty would be substantially higher than those on ING Bank and Wachovia over similar practices. So far HSBC hasn’t made a formal statement but the Senate panel conducting the investigation said it will release more information on July 17.SuperValu (NYSE:SVU) not fairing well this morning. Shares of the supermarket chain dropped over 36% in the premarket session after several Wall Street firms cut their price targets on the stock after its disappointing first quarter results. The company reported sales of $10.6 billion, down from the previous year of $11.1 billion and posted an EPS of $0.19, down from $0.35 year over year. SuperValu also announced it would be suspending its dividend to fund aggressive price cuts aimed at growing their customer base. Analysts who cut their forecast are worried the company will not be able to compete with other companies such as Kroger and Wal-Mart. There has even been talk of selling the company. Keep an eye on this stock as trading continues today.Finally, Fastenal (NYSE:FAST) reported its second quarter earnings this morning, posting an EPS of $0.38 just above analyst estimates of $0.37 per share. Revenue for the quarter rose 15% to $804.9 million, below estimates of $808 million. This constitutes a 19% increase in earnings over the quarter even as the company opened 53 new stores during the first six months of 2012. The company, which makes tools and other industrial and construction supplies, is sticking to their double-digit earnings growth trend over the past couple quarters. The company says it is due to increasing demand from customers in the manufacturing industry.Those were a few things to watch out for here on the Financial News Network. For more coverage and analysis of the business world check us out at fnno.com or follow us on twitter @FNNOnline. I’m Chuck Pierce.
