Wachovia 4th-quarter profit sinks 98 percent
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Wachovia Corp , the  fourth-largest U.S. bank, on Tuesday said quarterly profit fell  a larger-than-expected 98 percent, hurt by write-downs relating  to turmoil in mortgage and credit markets.
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The software maker said its profit slipped in the fourth quarter even as sales edged higher, and forecast revenue from software sales and services of about 14 percent in 2008.
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The company said its fourth-quarter profit tumbled 26.3 percent due to slumping U.S. motorcycle sales amid a weakening economy.
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Wachovia Corp  on Friday posted  a 10 percent decline in quarterly profit, missing forecasts, as  the fourth-largest U.S. bank suffered $1.3 billion of  write-downs at its investment banking unit.
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The Dow closed down 366.94  today as earnings reports from Wachovia and Caterpillar disappointed investors.
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Appliance maker Whirlpool Corp. WHR.N  on Wednesday posted a 4 percent drop in third-quarter earnings  and cut its profit outlook for the full year, citing higher  costs for steel and oil.
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Profit fell 94 percent in the third quarter as sales fell in the companyâs cell phone business, but it forecast better-than-expected fourth-quarter results.
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Sears reported profit that trailed analystsâ estimates while earnings at Costco Wholesale fell 4.9 percent on the cost of a new return policy.
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Wachovia, the nationâs fourth-largest bank, said Friday that its profits fell 10 percent in the third quarter due to losses related to turmoil in the credit markets.
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The newspaper publisher and television station operator said fourth-quarter profit dropped 70 percent, hurt by a write-down and less political advertising revenue.
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The copper miner said its fourth-quarter earnings fell 3 percent from a slew of one-time charges and higher costs, despite surging revenue.
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The power company said fourth-quarter profit fell to $271 million, hurt by discontinued operations and higher plant maintenance costs.
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The company reported a loss of $369.9 million in its fourth quarter, citing higher taxes, difficulty in its mortgage referral unit and costs for proposed spinoffs that would make five companies out of one.
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Wachovia Corp. (WB.N: Quote, Profile, Research) , the No. 5 US bank, on Friday said third-quarter profit rose 14 percent, helped by increased lending to consumers and a decline in bad loans.
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The company reported fourth-quarter profit of $85 million on weakness in its risk and insurance services business.
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3M Co  said on Tuesday fourth-quarter earnings fell as last year's results included a gain for selling a business.
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LONDON, Feb. 6  â BP said Tuesday that its fourth-quarter profit fell 22 percent to a two-year low, driven down by the declining price of oil and increased safety spending.