Stocks Holding to Positive Route

American Express (AXP Quote) signaled it was preparing for a tough year ahead, as the company announced it would cut jobs and reduce compensation in an effort to save $1.8 billion in costs for 2009.

Analyst actions further illustrated uncertainty about the future of the banking sector. Merrill Lynch reduced 2009 earnings estimates for Goldman Sachs (GS Quote) and Morgan Stanley (MS Quote) further below consensus, while raising estimates for Citigroup (C Quote) and JPMorgan Chase (JPM Quote) further above consensus.

A smattering of corporate earnings were once again occupying traders' attention. Following Wednesday's close, insurance company MetLife (MET Quote) announced a decline in quarterly profit. Fellow insurer Prudential (PRU Quote) swung to a loss.

Exchange operator CME Group (CME Quote) said profit declined year over year.

Investors heard from a variety of energy companies. Integrated oil firm and Dow component Exxon Mobil (XOM Quote) posted earnings of $14.8 billion, the largest quarterly profit ever reported by a U.S. company.

Royal Dutch Shell (RDS.A Quote) reported income that rose 71% year over year on higher oil prices.

Murphy Oil(MUR Quote), on the other hand, reported a substantial increase in third-quarter earnings but lowered guidance for the fourth quarter. Oil and natural gas firm Apache (APA Quote) reported a profit for the third quarter that increased 94% from the year-ago period.

Ahead of Thursday's trading, telecommunications equipment maker Alcatel-Lucent (ALU Quote) reported a loss on falling revenue and charges stemming from the merger between Alcatel and Lucent.

Cell-phone manufacturer Motorola (MOT Quote) swung to a loss and lowered guidance for the full year.

Pharmaceutical company AstraZeneca (AZN Quote) reported net income that rose year over year. Consumer products maker Colgate-Palmolive (CL Quote) also announced an increase in profit on rising sales.