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U.S. stocks were little changed higher on Thursday as investors assessed quarterly earnings from big banks: Dow Jones industrial average futures were down 0.04 percent at 17,821, S&P 500 futures were down 0.06 percent at 2,074.75 and Nasdaq 100 futures were down 0.16 percent at 4,540.5.
** SEAGATE TECHNOLOGY PLC, $28.92, -14.77 pct
** WESTERN DIGITAL CORP, $41.72, -6.88 pct
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.
** SUNEDISON INC, $0.6701, +81.06 pct
** TerraForm Power Inc, $10.44, +4.19 pct
** TerraForm Global Inc, $2.75, +4.17 pct
SunEdison 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.
** BANK OF AMERICA CORP, $13.93, +1.02 pct
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, $0.2499, -61.68 pct
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.
** WELLS FARGO & CO, $48.83, -0.41 pct
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”.
** PIER 1 IMPORTS INC, $6.65, -9.40 pct
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 comparable sales to fall 1-3 percent for the quarter.
** TAIWAN SEMICONDUCTOR MANUFACTURING CO, $25.23, -3.59 pct
The world’s largest contract chipmaker trimmed its outlook for the global smartphone market as consumers increasingly demand lower-priced handsets that still boast advanced technology.
** BREITBURN ENERGY PARTNERS LP, $0.51, -17.13 pct
The oil and gas master limited partnership said it had decided to suspend distributions on preferred units and to defer an interest payment as the company was in talks with secured debtholders.
** BLACKROCK INC, $347.35, -0.27 pct
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.
** MCDONALD’S CORP, $127.36, +0.37 pct
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, $49.74, +3.54 pct
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, $33.15, +0.15 pct
Standard & Poor’s on Thursday 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. The rating agency, which lowered its corporate credit ratings on Valeant to ‘B’ from ‘B+’, also lowered its rating the secured debt to ‘BB-‘ from ‘BB’. (Compiled by Ramkumar Iyer in Bengaluru; Editing by Anil D’Silva)