Exxon Mobil, Chevron Beat Expectations But Job Cuts Loom

U.S. stocks opened steady Friday as the oil companies are starting to report their quarterly results. As expected, it's a tough quarter for energy as oil prices have plummeted. Exxon Mobil (XOM) said revenue and profit slid as oil prices tumbled but results came in above Wall Street expectations. However, the United States's largest oil company had to cut spending to get there. Things are hard enough at Chevron (CVX) that it's cutting jobs. Not surprisingly, the CEO says the 3rd quarter earnings were down substantially from a year ago. As a result of lower oil prices, Chevron will cut back on capital investment and exploration and will cut 6,000 to 7,000 jobs as a result. Starbucks (SBUX) is seeing success with its new menu items and its expansion of digital ordering and payment capabilities. It saw profits higher but the expenses of rolling out the digital offerings did eat into the bottom line.