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Stock Futures Down with Weak Earnings
By
Jen Chung
Published Oct 22, 2008
Modified Oct 22, 2008
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By
Jen Chung
Published Oct 22, 2008
Modified Oct 22, 2008
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A number of big companies, including Boeing, Wachovia, and AT&T, are announcing disappointing earnings, which are moving stock futures to a lower open. Notably Wachovia, which is being taken over by Wells Fargo, had a $23.9 billion loss in the third quarter--"compared with net income of $1.6 billion" during the same period last year. Yahoo posted losses yesterday, but Apple says its 26% rise in third quarter profit was due to the new 3G iPhone; still, it wasn't enough to keep the U.S. markets from falling. Markets in Asia fell, and European markets are down.
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business
economy
wall street
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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