6 Min Read
(Corrects Time Warner's name in headline) (For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for more market insights, including options activity, ; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stock index e-mini futures were slightly higher on Wednesday: Dow Jones industrial average futures were up 0.37 percent at 17,051, S&P 500 futures were up 0.46 percent at 1,977 and Nasdaq 100 futures were up 0.68 percent at 3,939.25.
** TIME WARNER INC, Tuesday close $71.01, +15.90 pct premarket
** TWENTY-FIRST CENTURY FOX INC, Tuesday close $35.19, +0.60 pct premarket
Rupert Murdoch's 21st Century Fox said it made a bid to buy media conglomerate Time Warner Inc but was rebuffed. The bid was worth roughly $80 billion, or $85 per share in cash and stock, a source familiar with the situation told Reuters.
** INTERNATIONAL GAME TECHNOLOGY INC, Tuesday close $15.5, +9.03 pct premarket
Italy's GTECH will buy U.S. slot machine maker International Game Technology for $6.4 billion including debt, shifting the lottery operator's centre of gravity away from its struggling domestic market.
** BANK OF AMERICA CORP, Tuesday close $15.81, -0.38 pct premarket
The second-largest U.S. bank reported a 43 percent drop in second-quarter profit, falling short of Wall Street estimates, as revenue from mortgages fell and litigation costs soared. Earnings attributable to shareholders fell to $2.04 billion, or 19 cents per share, in the three months ended June 30 from $3.58 billion, or 32 cents per share, a year earlier.
** MGIC INVESTMENT CORP, Tuesday close $8.35, -4.19 pct premarket
The mortgage insurer reported a lower-than-expected second-quarter profit as net premiums earned fall 13 percent. Total revenue down 12 pct at $231.2 million in the quarter ended June 30. The company said may not continue to meet government-sponsored Fannie Mae and Freddie Mac's mortgage insurer eligibility requirements and that returns may decrease if company is required to maintain significantly more capital.
** YAHOO INC, Tuesday close $35.61, -3.03 pct premarket
Yahoo pledged to pay its shareholders at least half the proceeds from Alibaba Group Holding Ltd's IPO-BABA.N mega IPO this fall and plans to keep a larger stake in the Chinese e-commerce company than expected.
Yahoo's net revenue, which excludes fees paid to partner websites, decreased 3 percent year-on-year to $1.04 billion in the three months ended June 30. Analysts polled by Thomson Reuters I/B/E/S were looking for net revenue of $1.084 billion.
** INTEL CORP, Tuesday close $31.71, +5.27 pct premarket
Intel believes the worst is over for a personal computer industry hammered by the mobile revolution. The Santa Clara, California chipmaker forecast third-quarter revenue above Wall Street's expectations on Tuesday.
** APPLE INC, Tuesday close $95.32, +2.15 pct premarket
** INTERNATIONAL BUSINESS MACHINES CORP, Tuesday close $188.49, +1.86 pct premarket
** BLACKBERRY LTD, Tuesday close $11.3, -4.25 pct premarket
IBM Corp said it will partner exclusively with Apple Inc to sell iPhones and iPads loaded with applications geared at enterprise clients.
This comes as a threat to BlackBerry, which has increasingly targeted its secure software at businesses as part of an effort to turn the company around after losing ground to Apple's iPhone and Samsung Electronics Co.
** TEXTRON INC, Tuesday close $38.37, +3.34 pct premarket
The world's largest business jet maker said business jet deliveries rose to 36 from 20 in second quarter. Kept 2014 earnings forecast of $1.92-$2.12/share. "Good execution and volumes helped overcome our conservative expectations for Beechcraft-related costs," says RBC Capital Markets' Robert Stallard.
** ABBOTT LABORATORIES INC, Tuesday close $41.17, +2.02 pct premarket
Abbott Laboratories on Wednesday reported better than expected second quarter earnings, helped by strong sales of its medical diagnostics products.
** BLACKROCK INC, Tuesday close $323.74, +1.32 pct premarket
The world's largest money manager said its second-quarter profit rose 11 percent, boosted by strong markets that helped drive flows into its products across asset classes.
** PFIZER INC, Tuesday close $30.41, +0.03 pct premarket
The drugmaker said a once-weekly dose of its drug, already approved for on-demand treatment of a blood clotting disorder, reduced bleeding rates in patients in a late-stage study. Hemophilia B patients taking the drug, BeneFIX, once a week showed a statistically significant reduction in the annualized bleeding rate compared with those administered the drug on demand.
** HERSHEY CO, Tuesday close $94.66, -0.70 pct premarket
The No. 1 candy producer in the United States on Tuesday hiked its chocolate prices for the first time in three years, a sign that a year-long soaring cocoa market is eating into confectioners' profits.
** IMPAX LABORATORIES, Tuesday close $28.66
Impax Laboratories said it was subpoenaed by the Connecticut Attorney General regarding an investigating into possible price fixing of its generic heart drug, digoxin.
** AMAZON.COM INC, Tuesday close $354.44, +0.47 pct premarket
** CBS CORP, Tuesday close $59.5, +1.09 pct premarket
Amazon.com is in talks with Simon & Schuster Inc, the chief executive of the book publisher's parent company CBS Corp said on Tuesday, representing a second front in Amazon's feud with the publishing industry over digital book pricing. (Compiled by Sneha Banerjee in Bangalore; Edited by Don Sebastian)