From NPR's Scott Neuman, a round-up of financial news: Stocks Fall On Gloomy Earnings As Summit Is Set.
The "summit" is to be in Washington, D.C., where the so-called G-20 nations meet to talk about the global financial crisis. The "gloomy earnings" are all over the place. Wow. Neuman writes:
"[J]ust as worldwide measures to free up the credit markets began to get traction, investors turned their attention to the next economic storm front — a series of earnings reports that looked to forecast more rough weather ahead:
"— Wachovia Corp., already being snatched up by Wells Fargo after getting hammered in the subprime mortgage meltdown, lost $23.89 billion in the third quarter.
"— Profits at drugmaker Merck & Co. plunged 28 percent as the company said it would slash 7,200 jobs, 12 percent of its workforce.
"— Boeing's earnings were down 38 percent after a machinists' strike plagued aircraft production."