With four billionaires controlling TNK-BP through a 50 percent share, they have agreed to sell their stake to Rosneft for $28 billion, reported Sky News. The sale price comes in higher than expected and comes as BP (NYSE:BP) also trying to sell its 50 percent stake in it. There is a Thursday morning deadline for bids.
Bank of America’s (NYSE:BAC) third quarter net profit tanked to $340 million from the previous year’s $6.2 billion; its zero EPS exceeded forecasts, while revenue dropped to $20.4 billion from $28.5 billion, missing expectations. Income was hurt by a $1.9 billion in debit valuation adjustments and fair value option adjustments, with total litigation costs of $1.6 billion and $0.8 billion charge related to the bank’s U.K. tax affairs.
Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.
IBM’s (NYSE:IBM) third quarter revenue fell 5 percent to $24.75 billion and missed estimates while its $3.62 EPS fell in line. Net profit came in flat at $3.8 billion. The company’s overall sales were affected by EMEA forex fluctuations and a weak performance in North American hardware due to a “falloff in demand.”
Intel’s (NASDAQ:INTC) third quarter net profit dropped 14 percent to $2.97 billion but a $0.60 EPS and its $13.46 billion revenue exceeded forecasts. For the fourth quarter, Intel forecast sales of $13.1 billion-$14.1 billion vs. a $13.8 billion consensus. Intel’s PC division revenue fell 8 percent, and its inventory and capex guidance imply it isn’t doesn’t see demand bouncing back anytime soon. On a positive note, cloud sales reported strong numbers.
ASML (NASDAQ:ASML) will acquire Cymer (NASDAQ:CYMI) for EUR 1.95 billion ($2.5 billion) in cash and stock. With the deal, ASML will be able to speed up its development of extreme ultraviolet (EUV) semiconductor lithography technology, which is vital for manufacturing advanced microchips. In addition, ASML’s third quarter net profit dropped to EUR 274.7 million from 355.2 million from the previous year but came in below the EUR 278 million consensus. Revenues of EUR 1.23 billion dropped to EUR 1.46 billion but fell in line.
Don’t Miss: Will This Old Hand Enter Apple’s Supply Line?