General Electric fourth-quarter profits were 52 cents per share, down from the 56 cents it reported last year. Sales rose 1% to $33.8 billion. GE reaffirmed its full-year profit forecast of 2% to 4% organic growth for the year. (Fox Business News)
Oil and gas exploration services company, Schlumberger says customers are abruptly cancelling projects. The world's largest oilfield services company plans to cut 10,000 jobs and a $10 billion stock buyback program to save cash. (Financial Times)
Like lemmings running over the cliff and into the sea retail investors pulled $5.2 billion from U.S. stock mutual funds in the latest week. That marks the third straight weeks of outflows. Remember the market timers Hall of Fame is an empty room in Paducah, Kentucky.
Join us this weekend for Financial Focus Radio when we will dissect this market downturn.
The S&P 500 is up 27 and the NASDAQ is up 74. The MSCI international index is up 2.46%.
Oil is up $1.56 at $31.09 a barrel. Crude oil is at 12-year lows and is cheaper than milk and a barrel. The price of one gallon of crude is equal to about half a gallon of milk, the lowest ratio since 2004. The cost of the oil inside a barrel is less than the cost of a barrel itself. (Fox Business News)
Gold is down $1 at $1098 a Troy ounce.