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| As of Friday, November 6th: |
As of October 1st, the earnings growth rate was at -24.8%.Of the 440 S&P 500 companies who have reported Q3, 80% beat estimates, 6% were in-line, and 14% were below estimates. The blended earnings growth rate for the S&P 500 for Q3 2009 is currently at -14.8%. (Data provided by Thomson Reuters)
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Troubled insurer American International Group posted its largest-ever quarterly loss on Monday, hurt once more by write-downs on assets linked to subprime mortgages and capital losses.
AIG—saved from bankruptcy by a $123 billion government lifeline in recent weeks—said its third-quarter net loss was $24.47 billion, or $9.05 a share, compared with a year-earlier profit of $3.09 billion, or $1.19 a share.
The loss included write-downs of $7.05 billion on credit default swaps, adding to the $25 billion in market losses on these debt guarantees in the previous three quarters.
AIG also recorded $18.31 billion in capital losses in the third quarter.
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On Monday, AIG said it had reached an agreement to revise terms of an earlier federal rescue plan, which cuts its holdings of troubled mortgage debt and eases repayment terms.
AIG shares [AIG
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] rose about 14 percent to $2.41 after the third-quarter report, issued before regular trading on the New York Stock Exchange.
A year ago, AIG stock was trading at about $57 a share.
It closed at $2.11 on Friday, off an all-time low of $1.25 in the hours before the federal government stepped in on Sept. 16 with an $85 billion loan.
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- Tyco International Profit Falls Less Than Expected
Industrial conglomerate Tyco International posted a 53 percent drop in quarterly net profit as soft economic conditions sapped demand for its construction and control products.
- EA Profit Beats Street, Announces Job Cuts
EA posted earnings on Monday that declined compared with last year, but profit topped analysts' forecasts. The company also announced layoffs of 1,500 positions in another round of restructuring and shares rose in extended trading.
- Priceline Crushes Profit Forecasts; Shares Jump
Online travel agency Priceline.com posted a higher quarterly profit on a spike in bookings during an "exceptionally strong" summer travel season.
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- Berkshire Hathaway Says Net Income Tripled
Warren Buffett's Berkshire Hathaway Friday said third quarter net income tripled, as rising stock markets boosted its investment holdings and a quiet hurricane season contributed to higher insurance profit.
- Berkshire Hathaway Says Net Income Tripled
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- AIG in the Black Again, Operating Profit Tops View
- Starbucks Profit Beats Forecasts; Shares Rise
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- Nvidia Profit, Sales Top Wall Street's Forecast
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Data is a real-time snapshot *Data is delayed at least 15 minutes