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Business News - updated 9:36 PM ET Oct 17 |
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U.S. stocks may be poised to suffer further losses on Wednesday, after computer giant International Business Machines Corp. on Tuesday reported disappointing third quarter sales, and scaled back its outlook. IBM Profit Rises, Sales Miss Expectations International Business Machines Corp. on Tuesday posted disappointing third-quarter sales and a scaled-back outlook for the world's largest computer maker, making it the latest big-gun technology stock to unsettle investors. Intel Earnings Beat Expectations Intel Corp. gave investors an early Christmas present on Tuesday as the world's largest chip maker reported third-quarter profits that rose 52 percent -- topping diminished expectations -- and forecast that sales in the fourth quarter will rise from the third-quarter's $8.73 billion. AOL Stock Hits 52-Week Low on Ad Jitters Shares of America Online Inc. tumbled 17 percent to hit a fresh 52-week low amid jitters that the Internet giant may not be immune to the decline in advertising spending that has hit the industry. Citigroup Quarterly Profits Up 27 Percent Citigroup Inc. , the No. 1 U.S. financial services company, said on Tuesday its third-quarter profits rose a better-than-expected 27 percent, driven by fees from advising on mergers and growth in its vast consumer banking arm. Industry Output Gains Slow in September Production by U.S. mines, factories and utilities slowed in September as industry posted its smallest quarterly output gains in 1-1/2 years during the July-September period, the Federal Reserve said on Tuesday. Media Stocks Fall on Ad Spending Concerns Shares of some of the world's top media companies took a beating on Wall Street on Tuesday as investors turned jittery over the outlook for advertising sales in the face of a possible economic slowdown and the end of the political season, industry experts said. Philip Morris Posts Strong 3rd Quarter While the broader markets, particularly technology shares, fell on Tuesday, tobacco-related shares rose, boosted by strong results from No. 1 cigarette maker and Dow component Philip Morris Cos. Inc. . Teradyne Shares Tumble on Profit Worries Teradyne Inc. , the semiconductor industry's leading test equipment maker, said on Tuesday its third-quarter profits more than doubled, but its stock fell 27 percent as analysts worried about future results and the company's shift to less profitable business. Avis Beats Earnings Estimates Car rental chain Avis Group Holdings Inc. on Tuesday posted better-than-expected results for the third quarter and said it is comfortable with analysts' earnings estimates for the fiscal 2000 fourth quarter and for fiscal year 2001. Earlier Stories
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