Wells Fargo ( WFC) reported fourth-quarter earnings of 61 cents a share, in line with Wall Street estimates. Shares of the company were falling 0.3% to $32.40.
ASML ( ASML), the Dutch maker of semiconductor equipment, said fourth-quarter profit surged from a year earlier as the company achieved record sales and bookings and ramped up production at its factories to meet demand. Shares of the company edged lower by 1.5% to $39.51 in early trading.
John Havens, who has led Citigroup's ( C) institutional clients group for the past three years, is expected to be named president and chief operating officer, the Wall Street Journal reports. CEO Vikram Pandit briefed the board on the management change Tuesday after the bank reported quarterly profits that fell far short of Wall Street expectations. Shares of Citigroup fell 0.2% to $4.79.
Depomed ( DEPO) disclosed a potentially damaging contract dispute with Abbott Labs ( ABT) over the marketing of a shingles drug. Depomed stock was falling 13.4% to $5.70 in early trading. There were no premarket quotes reported for Abbott. Shares of Abbott ended Tuesday's trading session at $47.20, up 0.7%.
U.S. Bancorp ( USB) reported fourth-quarter earnings of 49 cents a share vs. the consensus estimate of 46 cents. The stock was down 0.1% to $27.28 in early trading.
eBay ( EBAY) is slated to report fourth-quarter earnings after the closing bell. Analysts, on average, are calling for earnings of 47 cents a share on revenue of $2.49 billion. The expectation is that the company benefited from a rise in shopping during the holiday season. Shares of the company rose 0.7% to $29.64.
IBM ( IBM) topped Wall Street's expectations for its fourth-quarter earnings by a healthy margin. IBM was up 2.5% to $154.35.
Bank of New York ( BK) reported fourth-quarter earnings of 55 cents vs. the consensus estimate of 57 cents a share. Bank of New York shares were down 2.3% to $31.28.
Cree ( CREE) fell short with its fiscal second-quarter results on both the top and bottom lines. Shares of Cree dropped 15.6% to $52.92 in early trading.
Cargill, the privately held agribusiness giant, plans to divest its majority stake in fertilizer producer Mosaic ( MOS), the companies announced after the close Tuesday. Shares of Mosaic were falling 2.2% to $83.20 in premarket trading.
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