Major US banks (NYSE:XLF) are heading higher in early trading after the European Central Bank cut its main interest rate by 25 basis points to 1.25%. Goldman Sachs (NYSE:GS), Wells Fargo (NYSE:WFC), and JP Morgan (NYSE:JPM) both climbed more than 1.5% higher. Bank of America (NYSE:BAC) and Citigroup (NYSE:C) surged nearly 3% higher. Morgan Stanley (NYSE:MS) is jumping 3.8% on the news.
CVS Caremark (NYSE:CVS) shares are rising by 2.5% before the opening bell. The company reported a 7.3% rise in third quarter earnings. CVS posted a profit of $868 million (65 cents per share), compared to $809 million (59 cents per share) last year. The company competes with Walgreen (NYSE:WAG). Dig Deeper: CVS Caremark Earnings: Snaps Cold Streak with Profit Growth.
Shares of Kellogg (NYSE:K) are sinking 7% after reporting a 14% fall in net income for the third quarter. Earnings declined to $290 million (80 cents per share), compared to $337 million (90 cents per share) last year. Shares of General Mills (NYSE:GIS) are also trading lower. Don’t Miss: Kellogg Company Earnings Cheat Sheet: Margins Shrink as Net Income Drops.
DirecTV (NASDAQ:DTV) is up by 4% after reporting a 7.7% rise in third quarter earnings. The television entertainment provider added 327,000 net subscribers in the US. Earnings came in at $516 million (70 cents per share), compared to $479 million (55 cents per share) last year. Competitors to watch include: Time Warner (NYSE:TWX), Dish (NASDAQ:DISH), Netflix (NASDAQ:NFLX), Google (NASDAQ:GOOG), Amazon (NASDAQ:AMZN), and Apple (NASDAQ:AAPL).