Early Movers: BAC, MAT, YHOO & More
Check out which companies are making headlines before the bell on Wednesday:
Bank of America - The bank earned $0.20 per share for the first quarter, below estimates of $0.22, while revenue was slightly above forecasts. Profits were about four times higher than a year earlier, due to cost cuts and less money set aside to cover bad loans.
Mattel - The toymaker earned $0.11 per share for the first quarter, beating estimates by two cents, while revenues also exceeded consensus. Mattel also registered a 320 basis point increase in its profit margins.
Yahoo - Yahoo reported first-quarter profit of $0.38 per share, excluding certain items, 14 cents above estimates. However, its first-quarter revenue and current-quarter revenue projections are below Street estimates, as its display ad business sees declining sales for a second consecutive quarter.
(Read More: See the Day's Top Percentage Winners & Losers)
Intel - Intel reported first-quarter profit of $0.40 per share, one cent below estimates, with revenue essentially in line. The chipmaker also predict a current-quarter revenue decline of as much as eight percent due to a drop in PC sales.
Quest Diagnostics - The medical lab operator earned $0.89 per share for the first quarter, well short of consensus estimates of $1.03. Quest has been hurt by consumers cutting back on doctor visits due to the slow economy.
CSX - CSX reported quarterly profit of $0.45 per share, five cents above estimates. The rail operator also increased its dividend by 7 percent to $0.15 per share, and announced a $1 billion share buyback. CSX was helped by higher shipment volumes and lower expenses.
PNC Financial Services - The bank reported quarterly profit of $1.76 per share for the first quarter, 19 cents above estimates. The results were boosted by cost cutting, offsetting the effects of reduced loan demand.
Bank of New York Mellon - The bank earned $0.50 per share for the first quarter, two cents below estimates, as net interest and investment income slid.
Textron - The business aircraft maker earned $0.40 per share for the first quarter, excluding certain items, five cents below estimates. The maker of Bell helicopters also cut its current-quarter forecast to $1.90 to $2.10 per share, below estimates of $2.26 per share. That's due to reduced demand for its business jets.
Amgen - The company will pay $24.9 million dollars to settle Justice Department allegations that it violated the False Claims Act. The biotech giant had been accused of paying kickbacks to pharmacy providers to switch patients to its Aranesp treatment.
Discover Financial Services - The credit card issuer has increased its quarterly dividend by 43 percent to $0.20 per share, payable on May 23 to shareholders of record as of May 9.
BHP Billiton - The mining giant reported third-quarter iron ore output of 40.2 million tons, less than consensus estimates of 42.3 million tons.
Cirrus Logic - Cirrus gave a preliminary estimate of fiscal fourth-quarter revenue of $206.9 million, below Street estimates of $210 million.The chipmaker expects profit margins to be lower than forecasts, and that it will record a significant inventory reserve charge.
Toyota Motor - The automaker has surpassed the five million vehicle sales mark for its hybrid models. It started selling the Prius in 1997, with hybrid vehicles now accounting for 14 percent of Toyota's global sales.
Procter & Gamble - The consumer products maker is reportedly increasing the time it will take to pay suppliers by as much as 30 days, according to The Wall Street Journal.
Johnson & Johnson - The company received a favorable court ruling from an Illinois jury, in a product liability case involving hip implants made by J&J's DePuy orthopedics unit.
Apple - Apple could see a 20 percent to 30 percent quarter-to-quarter drop in iPad mini shipments during the current quarter, according to DigiTimes. The story points to consumers waiting for a new version of the device to hit the market.
J.C. Penney, Macy's - A New York appeals judge prevented J.C. Penney from selling certain Martha Stewart Living Omnimedia goods in its stores until Thursday. The court is expected on Thursday to decide whether to extend the block as Macy's continues to appeal.
(Read More: See CNBC's Market Insider Blog)
—By CNBC's Peter Schacknow
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