Wednesday headlines include: Earnings from Bank of America and Blackrock, Qualcomm buying CSR, Hewlett-Packard not merging with EMC and Toyota issuing a recall.
Bank of America
Financial giant Bank of America (BAC) said Wednesday that it lost about 1 cent per share in the third quarter. That figure includes a $16.65 billion mortgage settlement. Analysts had expected the bank to lost 9 cents per share. The comparability of the two figures is unclear.
Semiconductor firm Qualcomm (QCOM) is buying CSR, a British chip maker, as it tries to expand its reach into the market for connected devices. Qualcomm will pay about 9 pounds per CSR share, giving the deal a value of about $2.5 billion. Qualcomm said it expect the deal to add to adjusted earnings per share in fiscal 2016.
Tech giant Hewlett-Packard (HPQ) has reportedly ended merger talks with EMC Corp. (EMC). Activist hedge fund Elliott Management has been pushing EMC to sell itself, but apparently the company could not reach a deal with Hewlett-Packard.
Automaker Toyota (TM) said Wednesday that it is recalling about 1.67 million vehicles to fix a trio of defects. The most serious issue is a problem with a brake master cylinder that could keep brakes from performing effectively. The recall applies to 1.05 million vehicles in Japan and 615,000 in other countries.
Asset manager Blackrock (BLK) said Wednesday that it earned $5.37 per share in the third quarter, or $5.21 per share on an adjusted basis. Revenue was $2.85 billion. Analysts had expected the company to earn $4.66 per share on $2.82 billion in revenue. Assets under management rose to $4.52 trillion from $4.10 trillion in the year-ago quarter.