• 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.
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