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Good morning. Here’s what you need to know.
- Asian indices were up in overnight trading, with the Nikkei up 1.76%. Major European indices are in the green and U.S. futures indicate a positive open.
- Intel reported Q1 earnings of $0.56 per share on revenue of $12.85 billion, beating projections. The company’s shares were up over 6% after hours on the news.
- Existing home sales data came in slightly ahead of expectations. Read about it here >
- The Bank of England released minutes for its April 2011 meeting. The Monetary Policy Committee remains split on what to do over rate increases. A rate change is unlikely until inflation spreads to wages. Check out Niall Ferguson’s presentation on the decline of the West >
- Bank of America is selling off the $5 billion private-equity arm it helped form during its takeover of Merrill Lynch. BAML Capital Partners will be relaunched in June without the bank’s prefix to its name. It will manage Bank of America’s investment portfolio until the assets are sold. Don’t miss: The most heavily taxed countries in the world >
- IBM reported a 10% rise in net income for Q1 2011 to $2.9 billion and its earnings rose 17% to $2.31 a share. The company reported a 5% increase in revenue after adjusting for currency gains and raised full-year guidance to $13.15.
- Wynn Resorts announced Q1 net profit of $173.8 million with earnings of $1.39 per share. The revenue increase was driven by a 46.6% jump in revenues at Wynn Macau and a 24% increase in its Las Vegas operations. Now here’s the biggest resort China is building in the Caribbean >
- United Technologies recognised for its brands including Otis Elevators and Pratt & Whitney reported Q1 earnings of $1.01 billion, or $1.11 a share, slightly ahead of expectations.
- NRG Energy Inc. has announced that it will not build two nuclear reactors in Texas but that its partner, Toshiba Corp., plans to go forward and request permission from the U.S. Nuclear Regulatory Commission. Check out the next 16 nuclear power plants that will be built in your backyard >
- Apple will announce earnings today and Wall Street expects lower earnings and revenue on account of delayed iPad shipments. Consensus stands at earnings of $5.35 per share on $23.3 billion of sales. Reuters has also reported that iPhone 5 will be shipped in September this year. Now here are the 15 features Apple must build Into iOS 5 >
- BONUS: Jennifer Lopez was seen promoting the new Blackberry Playbook in Los Angeles.