The market is digesting some ugly earnings reports this morning. Bank of America (BAC) said it lost $2.2 billion in the third quarter. General Electric (GE) reported that its earnings plunged 43% from a year ago. The conglomerate earned 23 cents a share which fell two cents below Wall Street’s consensus. Also, Halliburton (HAL) saw its profits drop 61%.
Not all earnings have been bad. Google (GOOG) surprised Wall Street with a 27% earnings gain. The CEO even said, “We believe the worst of the recession is behind us.” Google earned $5.13 a share compared with $4.06 a year ago.