Company News for May 11, 2010 - Corporate Summary

• Fluor 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 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 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 TEF announced a $7.3 billion cash offer for 50% of Vivo Participacoes VIV that it does not own from Portugal Telecom. 

• Ameriprise AMP announced a $1.5 billion share buyback program. 

• Morgan Stanley MS upgraded UBS UBS to "overweight" from "equal weight".

• Deutsche Bank DB downgraded Royal Bank of Scotland RBS from "buy" to "hold". Deutsche Bank upgraded MetroPCS PCS to "buy" from "hold," and raised the price target from $7 to $14. 

• Piper Jaffray PJC upgraded St Jude Medical STJ to "overweight" from "neutral," and raised the price target to $44.