Money Daily Brief: GE earnings drop

Bank of America, Halliburton and General Electric all posted third quarter losses.

Kevin Dietsch/UPI
Bank of America CEO Kenneth Lewis testifies in June before a House Oversight and Government Reform Committee hearing on Bank of America's purchase of Merrill Lynch. Bank of America, Halliburton and General Electric all posted third quarter losses.

Updated 8:15 a.m. EDT (12:15 UTC)

•GE earnings down: Poor performance by the financial arm of General Electric led to a 43 percent drop in third quarter earnings to $2.4 billion. GE Capital posted a loss of 87 percent. Separately, Bank of America and Halliburton posted losses of $1 billion and $410 million, respectively.

Sony Ericsson posts losses: The European mobile phone joint venture saw a €164 million drop in third quarter profit due to slow sales. Still, Ericsson shares rose 2.25 percent on news that the company secured €455 million in financing.

•Asian stocks down: After strong advances, Asian stocks fell for the first time in four days on the back of product price cut forecasts by Korea's LG Display, the world's second largest liquid-crystal display makers, and disappointment with earnings from Goldman Sachs Group and Citigroup.

•Oil spurs Gulf: Most markets in the Persian Gulf region rose as oil traded for up to $78 per barrel, the highest in a year, with Abu Dhabi stocks reaching an 11-month peak. Oil prices settled around $77.

•In my backyard: Turbulence is forecast at troubled British Airways where unions representing cabin crew say that strike action is inevitable unless a deal with management is reached by Monday. The airline wants to save £140 million a year from its cabin crew budget while instituting changes to working practices.

Ben Quinn is a Monitor correspondent based in London. Where did all that stimulus money go, anyway? Check out the Monitor's take on the government's clearinghouse for stimulus data.

You've read  of  free articles. Subscribe to continue.
QR Code to Money Daily Brief: GE earnings drop
Read this article in
QR Code to Subscription page
Start your subscription today