Stocks in the news: U.S. Steel, BP, Valero Energy, Palm

U.S. Steel Corp. (X) continued to suffer from the global economic downturn and the soft demand for metals as it posted third straight quarter loss. But it said its production and shipments rose significantly from the previous quarter, and that it expects a narrower loss in the current quarter. The company topped estimates on both top and bottom lines.

BP PLC (BP) reported a 34 percent fall in third-quarter profit to $5.3 billion as oil and gas prices fell from record levels a year earlier. The results handily beat Street estimates. Shares jumped 4.7 percent ahead of the bell.