Bleak day on Wall Street
Stocks slump as Wachovia revives worries about bank sector, and earnings of Caterpillar, Honeywell and other blue chips disappoint; oil briefly tops $90 a barrel; Dow down over 200 points.



Wachovia quarterly profit falls
Wachovia Corp (WB.N: Quote, Profile, Research), the fourth-largest U.S. bank, on Friday said third-quarter profit fell, hurt by write-downs related to difficult credit market conditions.
Net income fell to $1.69 billion, or 89 cents per share, from $1.88 billion, or $1.17, a year earlier.
Excluding merger costs, profit was $1.71 billion, or 90 cents per share.

3M Shares fall on investor worries
3M Co (MMM.N: Quote, Profile, Research), whose products range from Scotch tape to optical films for liquid crystal displays, on Friday posted a stronger-than-expected quarterly profit, but shares fell almost 7 percent as investors worried about falling profits in the LCD television market.

Caterpillar net misses expectations
Caterpillar Inc, the world's top maker of earth-moving equipment, diesel engines and gas turbines, posted disappointing quarterly earnings on Friday and cut its full-year profit forecast, sending its shares down nearly 4 percent.







Xerox quarterly profit beats estimates
Xerox Corp (XRX.N: Quote, Profile, Research), the world's biggest supplier of office printers, copiers and related services, on Friday posted better-than-expected quarterly earnings, boosted by solid gains in equipment sales.
Third-quarter net income was trimmed in half to $254 million, or 27 cents a share, from $536 million, or 54 cents a share a year earlier when the company benefited from a tax gain.

Other news included:
Xbox finally outsells Wii
Market sinks on growth fears
GM no longer on review for rating upgrade: S&P
Stock Dive Lower on Large Volume
Buffet sells entire Petrochina stake

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Labels: Takeaways for Today

This entry was posted by David Choi, on Friday, October 19, 2007. You can leave your response.