Chronicles Of Depression 2.0: #024

Wall St set to open down on gloomy GE results

The sharpest drop in GE’s profit came at its financial divisions, dragging down shares of some U.S. banks in trading before the open. Citigroup’s stock fell more than 1 percent.

Other recent gloomy earnings from U.S. companies have contributed to fears the economy is heading for or is already in a recession.

United Parcel Service Inc, the world’s largest package delivery company, forecast weak first-quarter earnings. Aluminum producer Alcoa Inc said its quarterly profit was cut in half due to higher energy costs and a weak dollar. Advanced Micro Devices gave a revenue estimate below expectations and said it would cut its work force.

Adding to recent turmoil in the airline industry, low-cost carrier Frontier Airlines Holdings Inc filed for bankruptcy, citing unexpected problems with its principal credit card processor.

Emphasis added by me.

So, is it starting to look bad to you too now?

Explore posts in the same categories: C.O.A.T. - Money, Depression 2.0

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