U.S. stock futures fell sharply Wednesday, the first day of the hastily-drawn-up German short-sale ban, which served to reinforce rather than dispel worries over the health of European governments and the lenders that possess their debt.
Bank of America Corp. agreed to sell preferred and common shares in Itau Unibanco Holding SA, Brazil’s largest bank by market value, in a transaction worth as much as $4.4 billion to boost capital. Bank of America Corp. (NYSE:BAC, $15.95, -$0.4, -2.45%) fell 0.63 percent to $15.85 on Wednesday morning pre-market trading session, even on Tuesday, shares of Bank of America declined 2.45 percent, closed on $15.95.
Pharmaceutical giant Pfizer Inc will close eight manufacturing plants and will cut 6,000 jobs, or 18% of its worldwide workforce, as it pares back operations following last year’s purchase of rival Wyeth. Pfizer Inc. (NYSE:PFE, $15.81, -$0.3, -1.86%) dropped 0.57 percent to $15.72 on Wednesday morning pre-market trading session, shares of Pfizer edged down 30 cents to $15.81 yesterday on the New York Stock Exchange, a decline of 1.86 percent.
Computer and printer maker Hewlett-Packard Co. (HPQ) quarterly results beat expectations and the company raised its full-year outlook on solid demand for personal computers and servers and resurgence in its printing business. The world’s largest technology company reported net earnings were $2.2 billion, or 91 cents per share, in the fiscal second quarter ended April 30, up from USD 1.7 billion, or 71 cents a share and revenue rose 13% to $30.8 billion from $27.4 billion, a year ago. Hewlett-Packard Company (NYSE:HPQ, $46.79, -$0.73, -1.54%) rose 2.91 percent to $48.15 on Wednesday morning pre-market trading session, while on Tuesday, shares of HPQ fell 1.54 percent, closed on $46.79.
Chip maker Analog Devices Inc. has announced second-quarter net income of $167.1million, more than triple the figure from a year ago. Analog Devices reported net earning $167.1 million, or 55 cents per share, in the fiscal second quarter ended May 1, from $51.7 million, or 18 cents per share and revenue rose 41 percent to $668.2 million from $474.7 million, a year ago. Analog Devices, Inc. (NYSE:ADI, $27.60, -$0.75, -2.65%) jumped 1.52 percent to $28.02 on Wednesday morning pre-market trading session, shares of Analog Devices edged down 75 cents to $27.60 yesterday on the New York Stock Exchange, a decline of 2.65 percent.
Air and liquid filtration maker Donaldson Co Inc (DCI) on Tuesday reported preliminary fiscal third-quarter results above analyst estimates and raised its full-year outlook. For the third quarter, the company expects net income of 61 cents to 63 cents per share, or 64 cents to 66 cents per share excluding restructuring charges and other items. The company expects to record revenue of $498 million. It again boosted its full-year targets, predicting $2.10 to $2.20 a share in adjusted profit and $1.83 billion to $1.86 billion in revenue. Donaldson Company, Inc. (NYSE:DCI, $43.37, -$0.83, -1.88%)) rose 4.45 percent to $45.30 on Wednesday morning pre-market trading session, while on Tuesday, shares of Donaldson fell 1.88 percent, closed on $43.37.
Salt Lake City-based Questar Corp. (STR) said Tuesday that its board approved the spinoff of the company’s natural gas and crude oil exploration and production businesses into a separate entity that will be known as QEP Resources. Questar Corporation (NYSE:STR, $46.60, -$0.36, -0.77%) shares were down 0.77 percent, closed on $46.60 yesterday.