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Money Daily Brief: GE earnings drop

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Kevin Dietsch/UPI

(Read caption) Bank of America CEO Kenneth Lewis testifies in June before a House Oversight and Government Reform Committee hearing on Bank of America's purchase of Merrill Lynch. Bank of America, Halliburton and General Electric all posted third quarter losses.

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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.

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