Xerox, Others Drag Down Markets
General Electric is not the only drag on Wall Street today.
Xerox reported this morning that fourth-quarter revenue at the printer and copier company dropped 10 percent from the same period last year, missing Wall Street estimates, and profit plunged from $382 million in the fourth quarter of last year to just $1 million -- barely break-even -- in this year's fourth quarter.
Elsewhere, Harley-Davidson reported today that fourth-quarter profit dropped nearly 60 percent compared to the fourth quarter of 2007. The Milwaukee-based motorcycle company said it will lay off 1,100 workers over the next two years and close some plants as the market for high-end bikes dries up in a recessionary market.
And overseas, Britain has joined the United States in officially declaring a recession, as fourth-quarter gross domestic product dropped by 1.5 percent -- the biggest decline in nearly 30 years when Margaret Thatcher was beginning her government.
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