Record Oil Price and Housing Worries Push Stocks Lower
Stock are lower on Tuesday, with oil prices hitting another record high, near $88 per barrel. Concerns about the housing slump persist, after comments by both Fed Chairman Bernanke and Treasury Secretary Paulson merely reinforced the view that the worst is still to come.
Wells Fargo
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PowerRating) earnings rose by 4%, despite the company having to write down nearly $500 million in losses, primarily related to the credit markets (read more).
Johnson & Johnson
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PowerRating) reported a decline in Q3 profits but boosted its full-year outlook (read more).
D.R. Horton
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PowerRating) shares are trading lower after disappointing results. The company announced a fall in net sales for Q4 and full-year 2007 sales significantly below the previous year (read more).
Genentech
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PowerRating) is also falling, despite posting a 24% jump in Q3 earnings (read more).
Delta Airlines
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PowerRating) reported profit more than quadrupled in the third quarter (read more).
Bear Stearns
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PowerRating) is in the news today, with stories circulating that the banking unit of China Citic Group may be looking to take a minority stake in the fifth largest U.S. securities firm (read more).
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