• Fluor (NYSE:FLR) reported better-than-expected first quarter earnings of 76 cents. Revenue was $4.9 billion, which fell shy of Street estimates of $5.1 billion.
• Legg Mason (NYSE:LM) posted fiscal fourth quarter earnings, which were 4 cents better-than-expected, at 39 cents. Revenue was $671 million, ahead of consensus estimates of $664 million.
• McDermott International (NYSE:MDR) reported first quarter earnings of 38 cents, two pennies higher than expected. Revenue was $1.2 billion, which fell short of Street estimates of $1.4 billion.
• Telefonica (NYSE:TEF) announced a $7.3 billion cash offer for 50% of Vivo Participacoes (NYSE:VIV) that it does not own from Portugal Telecom.
• Ameriprise (NYSE:AMP) announced a $1.5 billion share buyback program.
• Morgan Stanley (NYSE:MS) upgraded UBS (NYSE:UBS) to “overweight” from “equal weight”.
• Deutsche Bank (NYSE:DB) downgraded Royal Bank of Scotland (NYSE:RBS) from “buy” to “hold”. Deutsche Bank upgraded MetroPCS (NYSE:PCS) to “buy” from “hold,” and raised the price target from $7 to $14.
• Piper Jaffray (NYSE:PJC) upgraded St Jude Medical (NYSE:STJ) to “overweight” from “neutral,” and raised the price target to $44.
