Sirius XM Radio (SIRI - Get Report), the satellite radio company, reported Tuesday first-quarter earnings of $107.8 million, or 2 cents a share, up from year-earlier earnings of $78.1 million, or a penny a share. Sirius' first-quarter revenue was $700.2 million. Analysts anticipated first-quarter profit of 2 cents a share on revenue of $803.8 million. Sirius shares inched up 3 cents, or 1.55%, in premarket trading Tuesday to $2.29.
Bank of America (BAC - Get Report) intends to cut about 2,000 people from its commercial banking and investment banking divisions as well as its non-U.S. wealth management unit in an effort to cut costs, according to The Wall Street Journal. These staff reductions are aimed at higher-paid staff "whose efforts helped Merrill Lynch account for the bulk of Bank of America's profit since the financial crisis," according to the newspaper.
Sears Holdings (SHLD) said Tuesday it anticipates first-quarter net income of between $155 million and $195 million, or $1.46 a share to $1.84 a share. A year earlier, the retailer posted a loss of $165 million, or $1.53 a share. Shares of Sears rose 4.13% in premarket trading Tuesday to $56.
Delta Air Lines (DAL) announced Monday that it is entering the fuel refining business. A Delta subsidiary acquired the Trainer refinery, which is near Philadelphia, from Phillips 66. Monroe Energy invested $150 million to acquire the refinery, including $30 million in state aid. Delta shares increased 2.19% to $11.20 in premarket trading Tuesday.
Office Depot (ODP) reported Tuesday first-quarter earnings of $41 million, or 14 cents a share, a swing from a year-earlier loss of $15 million, or 5 cents.. Analysts expected the office supplies retailer to post earnings of 5 cents a share in the first quarter on revenue of $2.89 billion. 6 Stocks to Benefit From Truckers' Switch to Natural Gas
British lawmakers said in a report Tuesday that News Corp's (NWSA) Rupert Murdoch is not a "fit person" to lead a major company. The report followed an investigation into the closure of Murdoch's News of the World, the tabloid that was shut down amid a phone-hacking scandal. Genworth's Down Under for a Reason
Oil giant BP (BP - Get Report) said first-quarter net profit fell 18%, hurt by weakness in its downstream business. BP posted net profit of $5.9 billion, down from $7.3 billion a year earlier. Replacement cost profit declined 12% to $4.9 billion. Underlying replacement cost profit at BP's downstream business fell 58%. Shares of BP dropped 2.6% in premarket trading Tuesday to $42.28. 5 'Noisy' Banks and What They Really Earned
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