U.S. stocks fall as Bank of America results disappoint

11:50 am ET Oct 18, 2007

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U.S. stocks fall as Bank of America results disappoint

NEW YORK
Bank of America Corp.'s larger-than-expected profit drop and a rise in
weekly jobless claims sparked a decline in U.S. stocks Thursday, with
the disappointing results reported by the country's second-biggest bank
serving as another example of ongoing trouble in the financial sector.

Bank of America's quarterly profit falls 32%

NEW YORK
Bank of America Corp.'s third-quarter net income fell 32% from a year
ago as trading losses, write-downs on a wide variety of loans and
soaring reserves for likely future loan losses undermined profit,
financial results showed Thursday.

Pfizer's quarterly profit drops on product-termination charge

BOSTON
Pfizer Inc. reported dramatically lower third-quarter earnings Thursday,
largely reflecting charges associated with its decision to stop selling
Exubera, a once-promising inhaled-insulin therapy.

Nokia shares rally after 85% jump in quarterly profit

LONDON
Nokia Corp., the world's largest maker of mobile phones, posted an 85%
jump in third-quarter profit Thursday as margins surged at its
mobile-device business and it continued to gain market share.

Economic Report: U.S. leading indicators point to slow growth

WASHINGTON
Slow growth could continue into the early months of 2008, the Conference
Board said Thursday, reporting that a gauge of future economic growth
rose 0.3% in September.