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U.S. stock index futures were little changed on Thursday as investors assessed quarterly earnings reports from big banks: Dow Jones industrial average futures were up 0.15 percent at 17,855, S&P 500 futures were up 0.12 percent at 2,078.5 and Nasdaq 100 futures were up 0.04 percent at 4,549.5.
** SEAGATE TECHNOLOGY PLC, Wednesday close $33.93, -12.29 pct premarket
** WESTERN DIGITAL CORP, Wednesday close $44.8, -5.56 pct premarket
Analysts at six brokerages cut price targets on Seagate’s shares, after the company on Wednesday estimated Q3 revenue and gross margin below its forecast. Analysts at Craig-Hallum also cut their price target on Western Digital’s stock on Seagate’s gloomy estimates.
** WELLS FARGO & CO, Wednesday close $49.03, -1.04 pct premarket
The third-largest U.S. bank by assets reported a 7 percent fall in quarterly profit as it set aside more than $1 billion to cover bad loans and the bank said its energy portfolio remained under “significant stress”.
** BANK OF AMERICA CORP, Wednesday close $13.79, -0.51 pct premarket
The No. 2 U.S. bank by assets, reported an 18 percent slide in quarterly profit as concerns about a global economic slowdown and uncertainty about the pace of U.S. interest rate increases dampened bond and stock trading.
** ENERGY XXI LTD, Wednesday close $0.6522, -72.40 pct premarket
The U.S. oil and gas producer, which has operations in Louisiana, Texas and the Gulf of Mexico, said on Thursday it has filed for bankruptcy protection, becoming one of the biggest casualties of the oil rout to date.
** BLACKROCK INC, Wednesday close $348.29, -1.81 pct premarket
The world’s largest asset manager posted a 20 percent drop in first-quarter profit amid a dramatic reversal in financial markets earlier this year.
** SUNEDISON INC, Monday close $0.3701, +43.20 pct premarket
The solar energy company said an independent audit committee had identified several issues in the company’s cash accounting practices but found no “material misstatements” in its historical financial statements.
** MCDONALD‘S CORP, Wednesday close $126.89, +0.17 pct premarket
The U.S. fast food giant is targeting private equity firms, including Bain Capital, MBK Partners, TPG Capital Management and Chinese state-backed conglomerate China Resources (Holdings) for its planned sale of 2,800 restaurants in North Asia, people familiar with the matter told Reuters.
** DELTA AIR LINES INC, Wednesday close $48.04, +2.27 pct premarket
The airline reported a first-quarter profit above analysts’ expectations and forecast a smaller decline in passenger unit revenue for the spring, promising to change its fall flight capacity if necessary to improve the measure.
** VALEANT PHARMACEUTICALS INTERNATIONAL INC, Wednesday close $33.1, +0.03 pct premarket
Standard & Poor’s downgraded the Canadian drugmaker’s corporate credit rating, after the company got a notice of default from its bondholders as a result of a delay in filing its annual report.
** PIER 1 IMPORTS INC, Wednesday close $7.34, +0.03 pct premarket
The home decor and furniture importer forecast a loss in the first quarter, citing higher marketing and supply chain costs. The company also said it expects first-quarter comparable sales to fall 1-3 percent. (Compiled by Ramkumar Iyer in Bengaluru; Editing by Anil D‘Silva)