Stocks Move Lower
Disappointing earnings, high oil prices and the sinking U.S. dollar are combing to pressure stocks on Thursday.
Pfizer
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PowerRating) reported a 77% decline in Q3 net income, citing a number of reasons from generic drugs, to a charge it had to take for exiting its diabetes drug (read more). The company also revised its full-year 07 outlook and backed its full-year 08 forecast.
Bank of America
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PowerRating) third quarter profit fell by 32%, with trading losses and write-downs being the primary cause, once again related to the credit markets (read more).
UnitedHealth
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PowerRating) reported a a 15% rise in Q3 profit (read more).
Sales were up at Nucor
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PowerRating) but profit fell by 27% (read more).
The U.S. peso dollar fell to a record low versus the euro and crude oil hit another record high.
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