Sirius XM Radio ( SIRI), 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) 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) 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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