Stocks Slump, Exxon Mobil Profit Declines

• November 1, 2007
• TradingMarkets Editors

Stocks are sharply lower on Thursday, more than erasing yesterday’s gains. Stocks rose on Wednesday after the Fed cut interest rates by a quarter point.

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).

Market Snapshot

Dow -202.65 13727.36 NASDAQ -33.13 2825.99 S&P 500 -21.72 1527.66   NYSE NASDAQ Volume 801,660,850 1,238,920,709 Up Volume 136,700,380 298,062,852 Down Volume 660,524,370 926,033,773 Advances 551 616 Declines 2587 2280 New Highs 50 70 New Lows 127 152

Strongest/Weakest Industry Groups

Strongest Industries % Change Weakest Industries % Change Wholesale, Other +2.39% Surety & Title Insurance -7.17% Accident & Health Insurance +2.29% Textile – Apparel Footwear & Accessories -5.20% Oil & Gas Equipment & Services +1.02% Savings & Loans -4.40%

Economic News

Personal Income (Sep): Actual 0.4%, Consensus 0.4% Personal Spending (Sep): Actual 0.3%, Consensus 0.4% Initial Claims (10/27): Actual 327K, Consensus 330K ISM Index (Oct): Actual 50.9, Consensus 51.5