Mixed Earnings Make For Mixed Markets: Morning Buzzers
U.S. stock futures were mixed on Tuesday morning as the Federal Open Market Committee headed to its third meeting of the year.
At the open.: DJIA: -0.18%, S&P 500: -0.04%, NASDAQ: +0.00%.
Here’s what’s buzzing on Tuesday morning:
Pfizer (NYSE:PFE) fell as much as 3.5 percent in pre-market trading on Tuesday after the biopharmaceutical company released first-quarter financial results that fell short of analyst expectations. Reported revenues decreased 9 percent on the year to $13.5 billion, missing estimates of $14.0 billion. Adjusted earnings fell 5 percent to $0.54 per share, missing estimates of $0.56.
BP (NYSE:BP) climbed as much as 2.8 percent in pre-market trading. The company reported that underlying replacement cost profit for the quarter fell 10.6 percent on the year to $4.2 billion, while operating cash flow climbed 17.6 percent on the year to $4.0 billion. BP also announced a quarterly dividend of $0.09 per share.
UBS AG (NYSE:UBS) climbed as much as 7 percent in pre-market trading after reporting first-quarter operating results. The bank reported pre-tax adjusted group profit of 1.9 billion CHF ($2.03 billion). Adjusted group revenues climbed 1.4 billion CHF ($1.5 billion) to 8.0 billion CHF ($8.55 billion), driven by higher client activity. Costs fell 1.7 billion CHF ($1.82 billion) to 6.1 billion CHF ($6.52 billion) on lower litigation and regulatory charges.
Best Buy (NYSE:BBY) climbed as much as 4.7 percent in pre-market trading. The electronics retailer announced that it has agreed to sell 50 percent of its interest in Best Buy Europe, a joint venture it started with Carphone Warehouse Group in 2008. Best buy comments that “the sale price of 500 million pounds (approximately $775 million as of April 29, 2013) is comprised of 420 million pounds in cash and 80 million pounds in CPW stock subject to a 12-month lock-up restriction.”
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