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Weak earnings rouse worries about global recession

Discussion in 'Other News' started by Cybergal, Oct 22, 2008.

Oct 22, 2008 #1

Cybergal Road Train Member

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Weak earnings rouse worries about global recession
10/22/08

WASHINGTON A barrage of poor earnings Wednesday from major corporations revived worries of a global recession and showed the depth of the financial crisis the Bush administration is trying to tackle.

Wachovia Corp., which is being bought by Wells Fargo for about $14 billion in stock, said it lost $23.89 billion in the third quarter. It earned $1.62 billion in the same quarter a year ago. Airplane maker Boeing reported its earnings slumped 38 percent as a strike halted production of commercial jets.

Merck & Co. said it will slash 7,200 jobs as part of a new restructuring program. The drugmaker's third-quarter profit plunged 28 percent, partly due to flat sales.
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http://www.thetrucker.com/News/Stories/2008/10/22/Weakearningsrouseworriesaboutglobalrecession.aspx

Cybergal, Oct 22, 2008

Cybergal, Oct 22, 2008

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