Stocks Surge Despite Oil High and Dollar Low
A choppy morning session was followed by a strong afternoon rally, which saw the Dow rise by triple digits.
IndyMac Bancorp
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PowerRating) reported a $202.7 million loss in Q3 but declared a $0.25 dividend for Q4 (read more).
Anadarko Petroleum
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PowerRating) Q3 profit fell 64%, and the company narrowed its full-year ’07 production outlook (read more).
Valero Energy
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PowerRating) reported third quarter profit declined 21%, citing weak margins (read more).
Lear
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PowerRating) turned a profit in Q3, after reporting a loss in same period last year (read more). The company also raised its full-year ’07 outlook and provided guidance for ’08.
The shake-up continued at Citigroup
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PowerRating), with Robert Rubin announcing the names brought-in to help steer the company through the credit crisis. The company expects the problems will take until the middle of 2008 to sort out.
Crude oil hit a record high, rising above $97 per barrel for the first time, and the U.S. dollar hit a record low versus the euro.
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