GM Profit Falls 82% Amid Recall
General Motors' 1Q results fell 82% to $557 million, but far
exceeded Wall Street expectations, as the push to sell cars and
trucks at higher prices in North America helped the auto maker
offset the cost of model recalls.
Verizon Profit Increases on Subscriber Additions
Verizon Communications said its profit for the first three
months of the year grew to $3.95 billion, or $1.15 a share, as the
telecommunications giant continued to boost its base of wireless
and Internet customers.
UPS Profit Slides on Harsh Weather
United Parcel Service posted a lower 1Q profit of $911 million,
or 98 cents a share, pointing to unusually harsh weather that
increased its expenses and slowed its revenue growth. Revenue rose
to $13.8 billion.
Zimmer to Buy Biomet for $13.35 Billion
Zimmer Holdings agreed to buy fellow orthopedic device maker
Biomet for about $13.35 billion in cash and stock, in a bid to
position the combined company as a leader in the musculoskeletal
industry. Zimmer shares rose 11% premarket.
Barclays Warns of Lower First-Quarter Profit
Barclays said that a continuing slowdown in fixed-income trading
would push adjusted first-quarter profit lower than in the same
quarter last year.
Unilever First-Quarter Sales Fall
The consumer-products giant Unilever reported a fall in
first-quarter sales as currency weakness across emerging markets
continued to weigh on its performance.
Raytheon Beats Forecasts
Raytheon delivered a forecast-beating 21% rise in 1Q profit,
though left its full-year guidance unchanged as it wrapped a
bullish set of reports from the largest U.S. defense contractors.
Net profit rose to $600 million, or $1.89 a share.
Alstom Denies GE Takeover Bid
Alstom said it wasn't aware of any potential takeover bid for
the company from General Electric. Alstom was responding to a
report by Bloomberg, which said the U.S. firm was in takeover talks
with the French engineer.
Sinopec Taps Banks for Asset Sale
China Petroleum & Chemical Corp., China's largest oil
refiner, said it appointed banks to handle the sale of part of its
retail assets, which include thousands of gas stations and
convenience stores.
AstraZeneca Dented by Generic Competition
AstraZeneca PLC's profits fell sharply in the first quarter,
dented by generic competition to its drugs, higher research,
development and sales expenses, and foreign-exchange movements.
Nokia's India Plant May Not Transfer to Microsoft
Unable to solve an Indian tax dispute, Nokia said it is unlikely
that it would be able to include a phone plant in a wider deal to
transfer its phone business to Microsoft.
Pernod Ricard Seeks U.S. Aquisitions
France's Pernod Ricard said it is looking to bolster its
presence in the U.S. with further acquisitions to make up for
faltering growth in some emerging markets.