NEW YORK -- Best Buy (BBY - Get Report), the electronics retailer, is exiting Europe by agreeing to selling its 50% stake in a joint venture with Europe's Carphone Warehouse back to Carphone Warehouse for about $775 million.
Best Buy bought 50% of the mobile-phone company's European retail operations for about $2.1 billion in 2008 as it looked to expand across Europe. But the venture proved costly, and Best Buy had to abandon plans to build megastores on the continent.
British oil company BP (BP - Get Report) posted underlying replacement cost net profit of $4.22 billion in the first quarter, down from $4.65 billion a year earlier. But the first-quarter numbers topped analysts' estimates. "These strong first-quarter results demonstrate the progress BP is making ... and underpin our commitment to material operating cash flow growth by 2014," said BP CEO Bob Dudley, in a statement Tuesday.
Swiss banking giant UBS (UBS) posted first-quarter net profit of $1 billion, a swing from a $2 billion loss in the fourth quarter of 2012 thanks to strong investment banking and wealth management. In the first quarter, UBS' investment bank posted a profit of 977 million francs before taxes and the wealth management arm posted a profit 664 million francs before taxes.
Herbalife (HLF - Get Report) on Monday posted earnings that beat Wall Street's first-quarter estimates and raised earnings guidance. The nutrition specialist reported revenue of $1.1 billion, a 17% increase over the prior year's quarter, topping analysts' estimates of $1.07 billion. Herbalife also enjoyed saw volume growth of 13% from the same period last year. Excluding items, Herbalife earned $1.27 a share, up from 88 cents a share in the prior year's quarter. Analysts were looking for earnings of $1.07 a share. The Los Angeles-based company, which has recently faced accusations that it's a pyramid scheme, also raised its 2013 guidance to between $4.60 and $4.80 a share. Herbalife Slips Despite Raising Guidance
Domino's Pizza (DPZ) is expected by Wall Street on Tuesday to post earnings of 55 cents a share in the first quarter on revenue of $413.3 million.
Aetna (AET) is projected by analysts on Tuesday to report first-quarter earnings of $1.39 a share on revenue of $9.64 billion.
-- Written by Joseph Woelfel
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