Money Daily Brief: GE earnings drop(Read article summary)
Bank of America, Halliburton and General Electric all posted third quarter losses.
Updated 8:15 a.m. EDT (12:15 UTC)
•GE earnings down: Poor performance by the financial arm of General Electric led to a 43 percent drop in third quarter earnings to $2.4 billion. GE Capital posted a loss of 87 percent. Separately, Bank of America and Halliburton posted losses of $1 billion and $410 million, respectively.
•Sony Ericsson posts losses: The European mobile phone joint venture saw a €164 million drop in third quarter profit due to slow sales. Still, Ericsson shares rose 2.25 percent on news that the company secured €455 million in financing.
•Asian stocks down: After strong advances, Asian stocks fell for the first time in four days on the back of product price cut forecasts by Korea's LG Display, the world's second largest liquid-crystal display makers, and disappointment with earnings from Goldman Sachs Group and Citigroup.