IBM posted a 26% jump in profit as gains were led by its services business and surprising strength in the U.S. where revenue rose 6%. The results and a bullish forecast, coupled with Intel’s outlook, appear to show that some tech companies are escaping the subprime fallout and the subsequent consumer slowdown.
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Comerica, KeyCorp and PNC all reported declining first-quarter net income as the regional banks boosted their credit-loss provisions and net loan charge-offs piled up.
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MGIC Investment swung to a loss as the mortgage insurer suffered amid increased foreclosures in the first quarter. Delinquent loans increased.
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CIT swung to a first-quarter net loss on surging credit-loss provisions and said it has agreed to sell some $5.4 billion in assets and is looking at selling another $2 billion of loans.
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Danaher posted an 8.5% rise in first-quarter net income amid stronger revenue and profit margins.
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GE CEO Immelt defended his strategy despite cries to split up and remake the conglomerate in the wake of disappointing earnings.
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SLM swung to a first-quarter loss and warned it can’t make profitable loans at this time, prompting the nation’s largest student lender to assess its operation and call for a “system-wide liquidity solution.”
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Abbott Labs’ quarterly net rose 34% amid fewer charges and strong international results, thanks in part to the weak U.S. dollar. Sales of anti-inflammatory drug Humira surged.
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