Comcast to Drop Bid for Time Warner Cable

Comcast is planning to drop its proposed acquisition of Time Warner Cable, according to people familiar with the matter, after stiff resistance from U.S. regulators threw the merger of the cable giants off track.

American Airlines Earnings Nearly Double

American's 1Q earnings nearly doubled, to $932 million, or $1.30 a share, as it continues to benefit from low fuel prices. However, it added that the strong dollar, competitive capacity growth, and economic softness in Latin America pulled down sales.

Biogen First-Quarter Profit, Revenue Miss Expectations

Biogen reported lower-than-expected 1Q profit and revenue growth as sales of its key multiple-sclerosis drug slowed. Overall, the company reported a profit of $822.5 million on revenue of $2.55 billion. Shares down 3% early.

Tyco Profit Drops, Further Cuts Year Outlook on Strong Dollar

Tyco's fiscal 2Q profit fell 19% to $167 million as revenue fell to $2.43 billion. The company again cut its outlook for the year, as the stronger dollar continues to pressure the company's top line.

Xerox Cuts Earnings Outlook for Year

Xerox's 1Q profit fell to $225 million, as revenue fell to $4.47 billion, below analysts' forecasts. Excluding special items, earnings were 21 cents a share. Xerox lowered its earnings outlook for the year amid strengthening currency headwinds and softer signings.

HSBC Mulls Overseas HQ Move

HSBC said it was reviewing whether to move its headquarters outside the U.K, a high stakes decision which comes as the bank faces tighter regulatory scrutiny and higher taxes in the country.

China's Cnooc to Slash Spending as Oil's Slide Cuts Into Revenue

Cnooc is likely to slash spending further after low oil prices led to a sharp drop in 1Q revenue, which fell nearly 40% to $5.93 billion. The results indicate further pain ahead for the Chinese oil industry as it grapples with a price slump and softening demand.

Metro Warns on Goodwill Impairments

German retailer Metro warned investors of a goodwill impairments amounting to $483.6 million this year, but said this won't cause a revision its outlook for profit before one-offs.

State Street Earnings Beat Expectations

State Street posted better-than-expected 1Q profit, driven by surge in foreign-exchange trading and stronger fee revenue. On an operating basis, EPS was $1.17. Revenue came to $2.61 billion. Analysts expected operating EPS of $1.05 and revenue of $2.67 billion.

Merck Says Experimental Hepatitis C Treatment Shows 95% Cure Rate

Merck said that its experimental drug combination for treating chronic hepatitis C patients demonstrated a 95% effective rate in a late-stage study. Shares up 1% early.

Simon Property Profit Rises on Higher Occupancy Rates

Simon's 1Q profit grew to $362 million, or $1.16 a share, as revenue increased 5.1% to $1.22 billion, on higher occupancy and rent numbers. Earnings beat expectations, although revenue was in line.

BAE Systems Considers Exiting Some U.S. IT Work

BAE Systems said it's considering exiting some of its U.S.-based information technology activities after having been approached by others about taking over the assets.

AstraZeneca Reports Fall in First-Quarter Profit

AstraZeneca reported a fall in first-quarter revenue and profit as the company invests in new drugs while sales of its older blockbusters are eroded by cheaper rivals.

Electrolux Posts Fall in First-Quarter Profit

Shares in Swedish home appliance maker Electrolux surged after first-quarter earnings beat low market expectations following a profit warning for its North American major appliances unit earlier this month.