Money Daily Brief: GE earnings drop(Read article summary)
Bank of America, Halliburton and General Electric all posted third quarter losses.
•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.