On the upside
KeyCorp (NYSE: KEY) posted a 3rd quarter loss due to an increase in loan-loss reserves.Petrohawk Energy (NYSE: HK) announced a significant natural gas field discovery in South Texas.
United Airlines parent UAL (Nasdaq: UAUA) posted a 3rd quarter loss and slightly higher revenues. The results beat analysts' expectations while investors hoped that lower prices may hasten the airline's return to profitability.
On the downside
U.S. Bancorp (NYSE: USB) posted its 7th consecutive quarter of profit declines, mostly due to an underperforming portfolio of $1.1 billion in residential construction loans in California.Billionaire investor Kirk Kerkorian sold part of his 6.5% stake in Ford Motor (NYSE: F) whose shares are trading at multi-year lows.
Chemical manufacturer DuPont (NYSE: DD) posted lower 3rd quarter profits which beat analysts' forecasts, but the company issued a lower 2008 outlook.
In the broad market, declining issues outpaced advancers by a margin
of nearly 2 to 1 on the NYSE and by nearly 5 to 4 on Nasdaq. The
Russell 2000 which tracks small cap stocks lost 5 points to 541.
