Stocks to Watch: UBS, Oracle, FedEx
NEW YORK -- UBS(UBS) , the Swiss bank, admitted to fraud, agreeing Wednesday to pay about $1.5 billion in fines in the Libor rate-rigging scandal.
The fine will be paid to regulators in the U.S., the U.K. and Switzerland.
UBS is the second bank after Britain's Barclays(BCS) to reach a settlement in the scandal related to the London interbank offered rate.
UBS acknowledged that some of its employees tried to rig the Libor rate in several currencies. The bank's Japanese unit, where much of the manipulation took place, entered a plea to one count of wire fraud in an agreement with the U.S. Justice Department.
Oracle (ORCL) reported fiscal second-quarter earnings that topped Wall Street estimates.
Oracle said Tuesday it earned 64 cents a share on a non-GAAP basis on revenue of $9.09 billion, thanks in part to new software licenses and cloud software subscriptions revenue, which rose 17% from a year earlier.
Analysts were expecting second-quarter earnings of 61 cents a share on $9.01 billion in revenue.
Shipping giant FedEx(FDX) is expected by analysts Wednesday to report fiscal second-quarter earnings of $1.41 a share on revenue of $10.84 billion.
Getco will buy Knight Capital Group(KCG) for about $2 billion after sweetening its offer for the market-maker, Reuters reported, citing people close to the deal.
Getco clinched the deal over rival Virtu Financial after it raised the amount of cash in its cash-and-stock offer that will have it merge into Knight to create a new publicly traded company, the sources told Reuters.
The deal is two-thirds cash and values Knight at $3.75 a share.
Knight shares closed at $3.33 on Tuesday.
Analysts expect General Mills(GIS) on Wednesday to post fiscal second-quarter profit of 79 cents a share on revenue of $4.88 billion.
A deal could value Gardner Denver at about $85 share; Gardner Denver's shares closed Tuesday at $73.68.
-- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel
>To submit a news tip, send an email to: firstname.lastname@example.org.