Stocks Tumble on Credit Worries
Stocks tumbled on Thursday, with credit worries returning to the fore. After cutting interest rates by 25 basis points yesterday, the Fed pumped $41 billion into the financial system today.
Citigroup
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PowerRating) fell 7% after the stock was downgraded, with much of the attention focussing on potential credit market woes.
Exxon Mobil
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PowerRating) reported a 10% decline in Q3 profit, attributed to lower refining margins, but revenues rose by 2.8% to $102.34 billion (read more).
Eastman Kodak
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PowerRating) swung to a profit in the third quarter on higher digital revenue (read more).
Mining companies Barrick Gold and Newmont Mining reported earnings yesterday. Barrick Gold
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PowerRating) Q3 profit was down on higher costs and lower production (read more), while Newmont Mining
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PowerRating) Q3 profit surged (read more).
Crude oil is currently trading around $93 per barrel, after rising above $96 in late trading yesterday (full story).
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