Dec 01, 2008 11:04 AM ET
Sunoco reported net income of $549 million or $4.70 a share in the third quarter compared to $216 million or $1.81 a share a year ago. Refining and supply segment earned $424 million and non-refining businesses earned $140 million in the quarter. The company will reduce capital spending by approximately $375 million.
Dec 01, 2008 10:51 AM ET
AutoNation, the largest auto retailer reported third quarter revenues declined 22% to $3.5 billion and net loss from continuing operations of $1.4 billion or $7.95 per share. In the quarter the company recorded noncash charges for goodwill and franchise impairment of $1.46 billion after tax.
Dec 01, 2008 7:03 PM ET
U.S. stocks fell as much as 4% in the morning trading. Holiday sales kicked off strong but after heavy merchandising discount by retailers. Most retailers are likely to face a sharp decline in earnings. Asian markets closed lower and European markets declined. Crude oil fell 5%.