Stocks to Watch: Pfizer, Sirius, Bank of America (Update 1)
NEW YORK -- Dow component Pfizer(PFE) on Tuesday reported first-quarter adjusted earnings of 58 cents a share on revenue of $15.4 billion.
Analysts were expecting first-quarter earnings of 56 cents a share on revenue of $15.47 billion.
Pfizer's first-quarter earnings of $1.8 billion fell from year-earlier earnings of $2.2 billion.
The drugmaker is fresh off last week's agreement to sell its nutrition business to Nestlé for $11.85 billion.
Shares of Pfizer ticked down 15 cents, or 0.66%, in premarket trading Tuesday to $22.75.
Sirius XM Radio(SIRI) , the satellite radio company, reported Tuesday first-quarter earnings of $107.8 million, or 2 cents a share, up from year-earlier earnings of $78.1 million, or a penny a share. Sirius' first-quarter revenue was $700.2 million.
Analysts anticipated first-quarter profit of 2 cents a share on revenue of $803.8 million.
Sirius shares inched up 3 cents, or 1.55%, in premarket trading Tuesday to $2.29.
Bank of America(BAC) intends to cut about 2,000 people from its commercial banking and investment banking divisions as well as its non-U.S. wealth management unit in an effort to cut costs, according to The Wall Street Journal.
These staff reductions are aimed at higher-paid staff "whose efforts helped Merrill Lynch account for the bulk of Bank of America's profit since the financial crisis," according to the newspaper.
Sears Holdings(SHLD) said Tuesday it anticipates first-quarter net income of between $155 million and $195 million, or $1.46 a share to $1.84 a share.
A year earlier, the retailer posted a loss of $165 million, or $1.53 a share.
Shares of Sears rose 4.13% in premarket trading Tuesday to $56.