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Exxon and Colgate Beat Q2 Estimates, Kellogg Misses


U.S. markets opened lower on Thursday's session as investors digested worries over the European markets and awaited a heavy dose of earnings reports, with 419 companies set to announce results today. Exxon Mobil (XOM) posted profits which blew past Wall Street forecasts. Helping to boost profits at the oil giant was an uptick in exploration and production and refined products, such as gasoline. Colgate-Palmolive (CL) reported a jump in profits in its second quarter thanks to its continued lead in market share of oral hygiene products. And, shares of Kellogg (K) are moving to the downside today after the company reported a decline in profit and revenue for the second quarter and lowered its full-year outlook. On the economic front, the number of people who applied for U.S. unemployment benefits rose sharply last week but remained near a postrecession low. in the latest week, Initial jobless claims climbed by 23,000 to 302,000, matching Wall Street expectations. TheStreet's Ruben Ramirez reports from New York.