Microsoft profits drop 11%; AmEx earnings fall on credit losses
CBS
Transcript
Microsoft delivered some bad news to Wall Street it posted an 11% drop in profits and gave a less than Rosy outlook for this quarter investors are worried that other tech companies will also suffer as Corporate America pulls back on spending Microsoft as you know is actively trying to buy Yahoo for $45 billion and offer Yahoo insists undervalues the company American Express is another stock to watch today quarterly profits there fell 6% as more borrowers fell behind in their credit card payments and later today will hear from Goodyear Tire and rubber and Honda we'll also get the latest look at consumer sentiment for April lawmakers are looking to push oil prices lower a group of senators called on President Bush to Halt billions of dollars in military sales to Gul oil producers unless they agree to raise crude production crude prices eased on Thursday closing at just over $115 a barrel on Wall Street stocks moved higher on solid earnings news from companies including Ford the Dow gained 85 points the NASDAQ closed up nearly 24 and it's getting more expensive to finance a home the average rate on a 30-year fixed rate mortgage shot up to 6.03% this week from 5.88% last week for a 15-year loan the average rate jumped to 5.62% that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus