European woes continue

Another day, another dismal earnings statement from a European company. Some of the region's best-known corporations seem to be queuing up to disappoint investors. At France's Renault, one of Europe's most successful car companies, first-quarter revenue was down 2.9%. Britain's WPP Group, one of the world's biggest advertising agencies, saw first-quarter sales fall 4%. WPP joined other UK companies including InterContinental Hotels Group and Allied Domecq in reporting a slump in earnings or sales. In Germany, Siemens, Deutsche Bank and Volkswagen all reported weaker first-quarter res...