Bank of America will remit to MBIA bonds it purchased through a tender offer that mature in 2034. The bank also will terminate other trades between the two institutions, including credit default swaps it bought from MBIA on commercial mortgage-backed securities. Bank of America also will provide MBIA with a $500 million credit line.
Walt Disney (DIS) is expected by Wall Street on Tuesday to post fiscal second-quarter earnings of 77 cents a share on revenue of $10.49 billion. The media giant announced Monday that it entered a multi-year deal with Electronic Arts (EA) to develop new "Star Wars" video games.
Electronic Arts is expected by analysts on Tuesday to report fiscal fourth-quarter profit of 57 cents a share on sales of $1.03 billion.
Microsoft (MSFT) said it has sold more than 100 million Windows 8 licenses, but is retooling the latest version of its Windows operating system to address customer complaints and shortcomings in the OS. The tune-up will be released to consumers and businesses later this year. International Data Corp. said Windows 8 confused customers so much it contributed to a 14% decline in worldwide PC sales during the first three months of the year, the biggest year-over-year drop ever. 3 Tech Stocks Spiking on Big Volume
First Solar (FSLR) on Monday posted a first-quarter profit of $59.1 million, or 66 cents a share, a swing from a year-earlier loss of $449.4 million, or $5.20 a share. Adjusted earnings in the quarter were 69 cents a share; analysts were looking for profit of 75 cents. First Solar said sales rose 52% to $755 million, topping estimates. 5 Stocks Ready to Soar on Bullish Earnings
Fashion accessory company Fossil (FOSL) is forecast to report first-quarter earnings on Tuesday of 97 cents a share on revenue of $650.9 million.
-- Written by Joseph Woelfel
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