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Futures gain on tech results, Apple soars in premarket
By Ryan Vlastelica NEW YORK (Reuters) - U.S. stock index futures were higher on Thursday, with Nasdaq futures jumping more than 1 percent following a pair of blowout results from technology stalwarts Apple and Facebook. * Apple Inc in particular will be in focus a day after the most valuable U.S. company by market capitalization posted revenue that far outpaced expectations, helped by strong iPhone sales. Shares rose 7.7 percent to $565 in heavy premarket trading. * Social media giant Facebook Inc posted a 72 percent jump in first-quarter revenue, lifted by its mobile advertising business.
GM posts lower first-quarter profit after recall costs
General Motors Co on Thursday posted lower quarterly profit after a massive recall due to defective ignition switchs linked to at least 13 deaths, but results still topped Wall Street expectations on strong pricing for its vehicles, especially in North America. Excluding a charge mostly for the devaluation of the Venezuelan currency, GM earned 29 cents a share, far better than the 4 cents analysts expected, according to a poll by Thomson Reuters I/B/E/S. Some GM ignition switches can make vehicle engines stall while operating, stop airbags from deploying, and power steering and power brakes from operating.
Lilly posts sales below estimates, trims profit forecast
(Reuters) - U.S. drugmaker Eli Lilly and Co reported lower-than-expected quarterly revenue on Thursday, hurt by disappointing sales of its cancer and diabetes drugs, and trimmed its 2014 profit forecast. Lilly said it earned $728 million, or 68 cents per share, in the first quarter. It had profit of $1.55 billion, or $1.42 per share, a year earlier, when Lilly posted special gains from transferring rights to a diabetes drug. Excluding special items, Lilly earned 70 cents per share, matching the average estimate of analysts, as compiled by Thomson Reuters I/B/E/S. Revenue fell 16 percent to ...
Nasdaq reports higher first-quarter earnings
(Reuters) - Transatlantic exchange operator Nasdaq OMX Group Inc on Thursday reported a higher first-quarter profit, helped by increased revenue from recent acquisitions. Net income attributable to Nasdaq totaled $103 million, or 59 cents per share, up from $42 million, or 25 cents per share, a year earlier. (Reporting by John McCrank; Editing by Lisa Von Ahn)
Time Warner Cable profit rises 19.5 percent
(Reuters) - Time Warner Cable Inc , the second-largest U.S. cable operator, posted a 19.5 percent rise in quarterly profit as its residential subscriber trends improved through the quarter. Net income attributable to common shareholders rose to $479 million, or $1.70 per share, in the first quarter ended March 31, from $401 million, or $1.34 per share, a year earlier. Excluding items, the company earned $1.78 per share — above analysts' average expectation of $1.68 per share, according to Thomson Reuters I/B/E/S. Revenue rose 2 percent to $5.58 billion. Analysts were expecting $5.64 billion. ...
Nokia says India plant unlikely to be part of Microsoft deal
Nokia said that due to an ongoing tax dispute its Indian mobile phone handset plant was unlikely to be included in a deal due to be concluded on Friday for the sale of its global handset business to Microsoft. Nokia will instead operate the factory as a contract manufacturing unit for Microsoft after the deal, a spokeswoman for the Finnish company's Indian unit said on Thursday. "It's highly unlikely that the plant will transfer, given that the (deal) closing with Microsoft is tomorrow," the spokeswoman said. "If the asset doesn't get transferred, we are entering into a service agreement with Microsoft." Nokia has yet to agree to conditions set by an Indian court, including payment of a guarantee for potential tax dues in a dispute with Indian authorities, before it transfers the plant to Microsoft.
Dunkin' Brands profit falls 3.5 percent
(Reuters) - Dunkin' Brands Group Inc , the parent of the Dunkin' Donuts and Baskin-Robbins chains, reported a 3.5 percent decline in quarterly profit due to higher income tax expenses and extreme cold weather that hit comparable-store sales growth. Net income fell to $23 million, or 21 cents per share, in the first quarter ended March 29, from $23.8 million, or 22 cents per share, a year earlier. Excluding items, Dunkin' earned 33 cents per share. Revenue rose 6.2 percent to $171.9 million. Sales at established Dunkin' Donuts outlets in the United States rose 1.2 percent in the first quarter. ...
Draghi says ECB should reflect on frequency of policy meetings
AMSTERDAM (Reuters) - European Central Bank President Mario Draghi said on Thursday the central bank should reflect on the frequency of its policy meetings to keep expectations for further stimulus at bay. The ECB Governing Council meets once a month to set interest rates for the 18-member euro zone. After the monthly meeting, Draghi holds an hour-long news conference, where he explains the Governing Council's policy decision. ...
Ericsson to split Network unit in two
Ericsson, the world's top mobile telecom equipment maker, said on Thursday it would split its key Network unit in two as communications technology relies more on software and the Internet. Ericsson said it would create one separate business unit for mobile telecom equipment, called Radio, and one business unit called Cloud and IP. Networks chief Johan Wibergh would remain head of both units, Ericsson said. In a statement, Ericsson Chief Executive Hans Vestberg noted that whereas Ericsson had a clear number one position in mobile telecom equipment, such as radio base stations, it was still a challenger in cloud and IP (Internet Protocol) based communications.
Tokyo Court orders bankruptcy trustee to begin Mt. Gox liquidation
Tokyo District Court ordered liquidation to begin at failed bitcoin exchange Mt. Gox, the company said on Thursday, after the bankruptcy administrator said on April 16 that it would be difficult to rehabilitate the firm. Mt. Gox, once the largest bitcoin exchange in the world, filed for bankruptcy protection on February 28, saying that 750,000 of its customers' bitcoins had been taken from the exchange due to a security flaw in its code, as well as 100,000 belonging to the exchange. A document uploaded onto its website and signed by bankruptcy administrator, attorney Nobuaki Kobayashi, said that he would conduct an investigation regarding the liability of the representative director of the company, Mark Karpeles, regarding the missing assets. A group of investors under the umbrella of a company called Sunlot made a last-ditch attempt in mid-April to prevent the liquidation of the exchange, bidding to take over Mt. Gox in order to retrieve the cryptocurrency and cash belonging to its 127,000 creditors.
China confirms three Marubeni employees detained
The customs authority in the Chinese port city of Qingdao has detained three Chinese employees of a subsidiary of the Japanese trading giant Marubeni Corp on suspicion of smuggling, a spokeswoman said on Thursday. A spokesman at the Japanese trading house said earlier that the employees worked at a Chinese unit of Columbia Grain, Inc, its subsidiary.
Hyundai Motor first-quarter profit misses estimates, hurt by slow U.S. sales
By Hyunjoo Jin SEOUL (Reuters) - South Korea's Hyundai Motor missed analyst estimates by posting first-quarter net profit that was almost identical to a year earlier, as lackluster U.S. performance offset increased sales in China and Korea. Shares of Hyundai fell over 2 percent after the automaker reported January-March net profit of 1.93 trillion won ($1.86 billion), compared with the 2.19 trillion won mean estimate of 13 analysts polled by Thomson Reuters I/B/E/S. Revenue rose 1 percent to 21.65 trillion won. As well as competing with rivals touting newer models, Hyundai also had to contend with a stronger won potentially making Hyundai's exports from Korea more expensive for overseas buyers.
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