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.