The markets managed to hold onto their gains today, despite some disappointing earnings results, which were offset by news out of China, which reported GDP growth which beat expectations.
Citigroup (NYSE:C) was the latest bank to report earnings, which missed analysts expectations by a wide margin, on both profit and revenue. It has been a shaky start to earnings season for banks, with JP Morgan (JPM) also missing revenue expectations last week.
Shares of Carnival (NYSE:CCL) are sharply lower after the cruise line had its earnings estimates cut, after one of its ships was grounded off the coast of Italy. There are concerns that the accident will impact the industry, and in reaction, shares of rival Royal Caribbean Cruises (RCL) are also trading lower today.
Kraft Foods (KFT) announced it will cut up to 1,600 jobs in North America, as the food producer plans to split into two independent companies.
The company also said its fourth quarter earnings will beat previously boosted estimates.
Tomorrow, we'll have more earnings results from banks, including Goldman Sachs (NYSE:GS) and Bank of NY Mellon (NYSE:BK).
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