Earnings Reports Pound Away at Markets
Disappointing earnings reports continue to have a negative effect on the markets. Here's a quick look at a few of the results coming out today.
--Xerox said it will cut 3,000 jobs, or 5 percent of its work force, due to a slowdown in orders from large U.S. companies.
--Jetblue Airways swung to a loss of $4 million in the quarter, but still managed to beat analysts' forecasts. The company said revenue rose 18 percent but fuel costs jumped 59 percent from the same quarter last year.
--Corporate Executive Board reported a 3 percent drop in third-quarter earnings and warned that the fourth quarter will fall short of expectations.
--The New York Times Co. reported that its third-quarter profit dropped 51 percent but still beat Wall Street estimates.
--Chrysler LLC suffered in the last quarter as car buyers chose fuel-efficient cars over bigger trucks. It lost about $772.5 million in the second quarter due to a slump in sales.
October 23, 2008; 3:06 PM ET
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