Four Earnings, and Markets Are Up
It has been a huge earnings morning. Four companies posted profits. But because of the sagging economy, those earnings pale in comparison their figures a year ago.
AT&T, the largest U.S. phone company, posted an income of $3.2 billion, or 54 cents a share, down from $3.77 billion, or 63 cents a share, a year ago.
3M made $783 million, or $1.12 per share. In the same period last year, it made $945 million, or $1.33 per share.
McDonald's income declined to $1.09 billion, or 98 cents a share, from $1.19 billion, or $1.04, in the second quarter last year.
Kimberly Clark reported that its profits fell to $403 million, or 97 cents a share, from $417 million, or 99 cents, a year earlier.
So here's our lunchtime snapshot: The Dow Jones industrial average is up 168.68 points, or 1.9 percent. The Standard & Poor's 500-stock index rose 20.67 points, or 2.17 percent. The Nasdaq composite index added 41.69 points, or 2.16 percent.
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