Oct 21, 2008 6:20 PM ET
Revenue in the third quarter rose 5% to $25.3 billion or 3% in constant currency from a year ago. Earnings per share rose 22% to $2.05. Free cash flow in the third quarter fell to $2.1 billion, a decline of $500 million from a year ago. IBM guided $8.75 a share for the full year 2008.
Oct 21, 2008 5:29 PM ET
Stocks in U.S. fell on the weak earnings outlook from several industrial companies. Investors, focused on economic conditions overlooked a drop in overnight lending rates between banks below charged by the Fed. The dollar rose to a 20-month high. Argentina may nationalize pension funds.
Oct 21, 2008 3:16 PM ET
The Fed provided additional facility of $540 billion, this time to support the money market mutual funds. In the last five weeks the funds have seen withdrawals of $500 billion as crisis of confidence spreads to short term lending or commercial paper market.
Oct 21, 2008 1:58 PM ET
The cement company plans to sell assets worth $2 billion and reduce its leverage on the balance sheet. During the quarter, free cash flow after maintenance capital expenditures reached $957 million, 1% lower than in the same period of 2007. The company recorded $271 million in currency swaps.
Oct 21, 2008 2:05 PM ET
Western Union, the money transfer service provider plunged after it tightened its earnings guidance. The company did not back its long term earnings goals. ManPower, the employee staffing service provider dropped 10% after it reported a quarterly loss.
Oct 21, 2008 11:13 AM ET
Copper and crude oil prices fell sharply in the morning trading in New York. Canada lowered its rate for the second time this year and indicated that the economy may just avoid a recession. Exports from Germany and China are weak and China recorded its weakest quarterly economic growth rate.
Oct 21, 2008 10:24 AM ET
The Bank of Canada lowered its key lending rate 25 basis points to 2.25% for overnight lending. The second cut in rate this month follows the previous rate cut of 50 basis points on October 8. The central bank also lowered the economic growth rate to 0.6% for this and next year but not a recession.
Oct 20, 2008 11:42 PM ET
The company lowered its headcount by 5% in the first nine months of the year. The quarterly breakeven rate will decline from $115 million in 2008 to $95 million in 2009. In the third qurter the investment bank reported $72.7 million in revenue and $21.7 million in pre-tax loss.
Oct 20, 2008 11:30 PM ET
For the first nine months economic growth in China eased to 9.9% from 12.2% in the prior year peorid and consumer prices in September rose 4.6%. China trade surplus at the end of first three quarters of this year rose to $181 billion, a decline by $4.7 billion.
Oct 20, 2008 6:48 PM ET
Australian stocks surged 4% after money market rates declined and crude oil and metals prices gained. Producer price index for three months ending in September rose 2%. Australian dollar gained 1.5% against one U.S. dollar.