Wachovia profit falls 10 pct on big write-down
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Wachovia Corp  posted on Friday a 10 percent decline in third-quarter profit, missing forecasts, as the fourth-largest U.S. bank suffered $1.3 billion of write-downs resulting from credit market turmoil.
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The bank said its fourth-quarter earnings fell sharply,  to $268 million from $5.26 billion a year earlier, hurt by mounting credit losses and weak investment banking results.
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BERLIN The German engineering company Siemens said Thursday that its profit fell 10 percent in the fourth quarter as costly product defects led to losses in its mobile phone and train car businesses.
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Wells Fargo & Co  on Wednesday  said fourth-quarter profit fell, the first decline in more than  six years, hurt by rising losses from home equity loans.
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Bank of America Corp  and Wachovia Corp , the second- and fourth-largest U.S. banks, on Tuesday said quarterly profits were nearly wiped out by more than $10 billion of credit losses and write-downs.
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The company said fourth-quarter earnings fell from year-ago results that included a one-time gain. But adjusted profit exceeded expectations on Wall Street, driven by higher sales.
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NEW YORK  - The world&#39;s leading alumium producer, Alcoa, said Thursday quarterly net profit slipped as operations took a double-hit from a labour strike and Hurricane Ivan.
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American Express Co , the  credit card and travel services company, on Monday said  fourth-quarter profit fell 10 percent, hurt by a charge to  boost reserves for bad loans.
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Lehman Brothers, the first of the big US investment banks to report results, says its profits have fallen.
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Chevron Corp. , the No. 2 U.S. oil company, said on Friday its fourth-quarter profit fell, pulled down by weaker natural gas prices and refining margins.
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U.S. investment bank Morgan Stanley on  Wednesday said quarterly profit fell amid reduced trading  revenue, reflecting the impact of sluggish markets this summer.
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American Express posts a 10% drop in quarterly profits as it sets aside $274m to cover credit card defaults.
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The Dow was down more than 200 points at one point today as earnings reports from Wachovia and Caterpillar disappointed investors.
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S&P 500 stock index futures fell back to near session lows on Tuesday after disappointing earnings from Bank of America and Wachovia Corp added to recession fears.
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Computer chip maker Infineon Technologies AG posted a 10 percent drop in net profit for the fourth quarter after taking large charges to cover potential civil claims from US and European antitrust actions, the company said Tuesday.
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Texas Instruments Inc  posted a 10 percent rise in quarterly profit on Monday, but gave a disappointing revenue forecast due to the loss of some business at customer Ericsson, sending its shares down as much as 4 percent.
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Coca-Cola Co.  reported lower fourth-quarter earnings on Wednesday, hurt by an asset write-down at its largest bottler, but operating profit exceeded Wall Street expectations.