Oil giant Exxon Mobil (XOM) is trading up nicely today after the company reported better than expected fourth quarter earnings this morning.

Before the market opened this morning, Exxon reported that it earned $1.85 for its fourth quarter, shattering analyst estimates for $1.63 per share.

Favorable economic data pushed stocks near a 100-point gain Tuesday morning. One of the positive reports came from the Institute for Supply Management (ISM), which noted that its service-sector index increased to 53.2 during September. This reading easily outpaced August's reading of 51.5 and handily trumped the Street's estimate for a reading of 52.0.

This reading is good because any readings above 50 signal growth in the service sector. This sector is considered the area where the most jobs are created; ergo, growth in this sector suggests that there will be more hiring on the horizon. On a yearly basis, the index shows that service companies have expanded every month this year.

For the first time since 2007, General Motors announced a quarterly profit this morning for its first quarter.

The Detroit automaker reported that it earned $865 million during the quarter, and that revenues were up 40% to $31.8 billion. During the same period last year the company had a loss of $6 billion.

Shares of insurance giant Aflac Inc. (AFL) were slightly higher in after-hours trading Tuesday following the company's announcement of better-than-expected earnings for its first quarter.

After the market close Aflac posted earnings per share of $1.35 for its first quarter, which was slightly higher than the $1.32 that analysts had forecast for the company's quarter. During the same period last year the company had earnings of $1.22 per share.

Shares of e-commerce giant Amazon.com, Inc. (AMZN) are trading lower in after hours trading despite posting better than expected earnings this afternoon for its fourth quarter.

Going into this afternoon's earnings release, analysts were expecting to see Amazon show earnings of 72 cents per share, on revenues of $9.04 billion in revenues.

Semiconductor maker Applied Materials (AMAT) reported its fiscal fourth quarter numbers this afternoon following the market close, and the company easily outpaced analyst estimates.

Going into this afternoon's earnings report, analysts had been expecting to see the company show earnings of 3 cents per share, but the company surprised to the upside by posting actual Q4 earnings of 13 cents.

Shares of Starbucks (NASDAQ: SBUX) are trading up in after hours trading today after the company posted strong Q4 earnings numbers after the market close.

As we noted in our earnings preview, the company was expected to show earnings for the quarter of 21 cents per share on $2.39 billion in revenues. The actual numbers came in at 24 cents per share with revenues of $2.4 billion.

This afternoon, Nike Inc. (NYSE: NKE) reported its fiscal first quarter numbers, and the company was able to put up better than expected earnings numbers, but revenues came in slightly under expectations.

As we noted in our earnings preview yesterday, analysts had been expecting to see the company show earnings of 97 cents per share, and the actual earnings figure was a bit higher at $1.04 per share. For the same period last year the company showed earnings of $1.03 per share.

July was a good month for new home sales, which saw an increase of 9.6 percent during the month.

Before we look at the good news, let's cover the bad news first. Even with the jump in sales in July, new home sales are still well below their peak four years ago. In fact, new home sales are 69 percent below their peaks when the housing market was at its best.

As we saw in yesterday's earnings preview, AK Steel Holding Corp. (NYSE: AKS) was expected to post a loss for its second quarter, but the good news is that the loss was less than analysts had been expecting to see.

Going into this morning's earnings announcement, analysts had been expecting the company to post a loss of 51 cents per share, but the company was able to show a better than expected loss of just 43 cents per share. While it is good to see the company beat estimates, we still have to keep in mind that during the same period last year the company was able to show earnings of $1.29 per share.

Game and toy maker Hasbro (NYSE: HAS) had its chance to impress Wall Street with its second quarter results Monday morning, and the company indeed did not disappoint, posting stronger than expected earnings.

Spurred by strong sales of G.I. Joe and Transformers toys, the company reported a 5% jump in profit with earnings of 26 cents per share. Going into today's earnings report analysts had expected earnings of just 23 cents per share.

Share of insurance company Progressive (NYSE: PGR) are moving higher this morning following better-than-expected numbers for its second quarter.

Going into this mornings earnings announcement analysts had been looking to see the nation's fourth largest insurer post earnings of 36 cents per share, but the company surprised to the upside with an actual 37 cents a share for its most recent quarter.

Early this morning, Wyndham Worldwide (NYSE: WYN) released its quarterly earnings, handily surpassing the Street's expectations thanks to a rise in first-quarter results. The hotelier announced first-quarter earnings of 25 cents per share, a penny better than a year ago. However, taking restructuring charges out of the equation, WYN would have earned 41 cents per share, far better than the expected 36 cents per share. These results are in stark contrast to a loss in the previous quarter, thanks to the realignment of the company's vacation ownership business and other cost-cutting measures. Quarterly revenue fell to $901 million.

Looking ahead, WYN forecast adjusted second-quarter earnings of 36 cents to 41 cents per share and $1.61 to $1.85 per share for full fiscal 2009.

If less bad news is good news than Ford Motors Co. (NYSE: F) delivered that today. Early this morning, Ford's earnings report revealed better than expected numbers, albeit another loss. Ford lost $1.4 billion in the first quarter, but it burned through less money.

Analysts expected a loss of $1.23 per share, and were positively surprised when the Detroit automaker said it lost, excluding special items such as gains from the company's debt restructuring, 75 cents per share.

The stock closed yesterday at $4.28 but is moving up over 20%, getting a jump on the market in early trading.

Health Care giant Johnson & Johnson (NYSE: JNJ) had its chance to impress Wall Street this morning with its first quarter earnings release, and the company indeed put up better than expected results, pushing shares higher in the premarket.

Analysts had been expecting the company to earn of $1.22 per share, but the company surpassed those estimates, with a reported $1.26 per share for its first quarter. First quarter earnings were also on par with the $1.22 it reported during the first quarter of 2008.