Author: 123jump.com Staff
123jump.com
Last Update: 4:40 PM EDT October 17 2005

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.