Earnings Roundup: Pfizer, State Street

The Associated Press

Among the earnings stories for Tuesday, Oct. 20, from AP Financial News:

Drugmaker Pfizer Inc. posted a 26 percent jump in third-quarter profit despite the recession, as sharp cost cuts made up for a dip in sales.

State Street Corp. said its third-quarter profit rose but warned its business in the second half of 2009 is weaker than previously expected as it is collecting fewer transaction fees.

Luxury handbag maker Coach Inc. said its new lower-priced handbag lines such as its colorful Poppy bags are boosting growth in an environment where consumers will spend less on nonessentials for the long term.

Shares of Zions Bancorp tumbled a day after the bank holding company reported a wider-than-expected quarterly loss driven by continuing problems from soured loans.

LaBranche & Co., a stock-exchange trading firm, said it lost more in the third quarter than it did a year earlier as it earned far fewer fees.

Bank of New York Mellon Corp. said it took a hefty charge during the third quarter to restructure its investment portfolio, resulting in a loss of almost $2.5 billion for the period.