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Tobacco Stocks and Earnings
Oct 17, 4:40 PM EDT |
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| Tobacco stocks rallied on the news that Supreme Court barred federal government from collecting $280 penalties. Oil up $1.73. IBM revenue falls short. |
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| General Motors reported larger than expected loss but investors cheered as the company annouced agreement with UAW to cut 25,000 jobs and cut total of $5 billion in annual cost by 2006. Citigroup, Schwab and Wachovia reported better than forecasted earnings. Citigroup shares fell. After-the-close IBM reported earnings of 94 cents vs. $1.03 a year ago. Excluding one-time charges, the earnings were $1.26 vs. average estimate of $1.13 per share. |
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Citi, Wachovia, Schwab Shine
Oct 17, 1:42 PM EDT |
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| General Motors had reached a tentative agreement with the United Auto Workers union to cut health-care costs. |
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| A number of major companies released quarterly results. Citigroup posted 35% Q3 earnings rise of $1.38 per share on higher revenue. Commerce Bancorp released Q3 13%earnings growth of 45 cents a share, meeting estimates. GM posted wider Q3 loss of $1.92 a share, missing estimates of a loss of 87 cents. Schwab reported 16 cents profit vs. loss of 3 cents a year ago and Wachovia reported Q3 profit of $1.06 vs. 96 cents a year ago. |
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Citigroup's Q3 Profit Jumps 35%
Oct 17, 11:45 AM EDT |
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| General Motors had reached a tentative agreement with the United Auto Workers union to cut health-care costs. |
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| A number of major companies released quarterly results. Citigroup posted 35% Q3 earnings rise of $1.38 per share on higher revenue. Commerce Bancorp released Q3 13%earnings growth of 45 cents a share, meeting estimates. GM posted wider Q3 loss of $1.92 a share, missing estimates of a loss of 87 cents. |
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GM Posts Wider Q3 Loss
Oct 17, 9:36 AM EDT |
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| Oil prices rose over $64 a barrel on a new tropical storm Wilma, threatening to hit. Gold advanced in European trading. The U.S. dollar was mostly up. |
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| Asian-Pacific markets finished down on banking shares decline, with the Nikkei down 0.2% and Seoul's Kospi down 1.2%. European stocks were steady at mid-day. Citigroup posted 35% Q3 earnings rise of $1.38 per share on higher revenue. Commerce Bancorp released Q3 13%earnings growth of 45 cents a share, meeting estimates. GM posted wider Q3 loss of $1.92 a share, missing estimates of a loss of 87 cents. |
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