Stocks to Watch: Pfizer, Sirius, Bank of America (Update 1)

NEW YORK -- Dow component Pfizer on Tuesday reported first-quarter adjusted earnings of 58 cents a share on revenue of $15.4 billion.

Analysts were expecting first-quarter earnings of 56 cents a share on revenue of $15.47 billion.

Pfizer's first-quarter earnings of $1.8 billion fell from year-earlier earnings of $2.2 billion.

The drugmaker is fresh off last week's agreement to sell its nutrition business to Nestlé for $11.85 billion.

Shares of Pfizer ticked down 15 cents, or 0.66%, in premarket trading Tuesday to $22.75.

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Sirius XM Radio , the satellite radio company, reported Tuesday first-quarter earnings of $107.8 million, or 2 cents a share, up from year-earlier earnings of $78.1 million, or a penny a share. Sirius' first-quarter revenue was $700.2 million.

Analysts anticipated first-quarter profit of 2 cents a share on revenue of $803.8 million.

Sirius shares inched up 3 cents, or 1.55%, in premarket trading Tuesday to $2.29.

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Bank of America intends to cut about 2,000 people from its commercial banking and investment banking divisions as well as its non-U.S. wealth management unit in an effort to cut costs, according to The Wall Street Journal.

These staff reductions are aimed at higher-paid staff "whose efforts helped Merrill Lynch account for the bulk of Bank of America's profit since the financial crisis," according to the newspaper.

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Sears Holdings said Tuesday it anticipates first-quarter net income of between $155 million and $195 million, or $1.46 a share to $1.84 a share.

A year earlier, the retailer posted a loss of $165 million, or $1.53 a share.

Shares of Sears rose 4.13% in premarket trading Tuesday to $56.

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Delta Air Lines announced Monday that it is entering the fuel refining business. A Delta subsidiary acquired the Trainer refinery, which is near Philadelphia, from Phillips 66.

Monroe Energy invested $150 million to acquire the refinery, including $30 million in state aid.

Delta shares increased 2.19% to $11.20 in premarket trading Tuesday.

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Office Depot reported Tuesday first-quarter earnings of $41 million, or 14 cents a share, a swing from a year-earlier loss of $15 million, or 5 cents..

Analysts expected the office supplies retailer to post earnings of 5 cents a share in the first quarter on revenue of $2.89 billion.

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British lawmakers said in a report Tuesday that News Corp's Rupert Murdoch is not a "fit person" to lead a major company.

The report followed an investigation into the closure of Murdoch's News of the World, the tabloid that was shut down amid a phone-hacking scandal.

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Oil giant BP said first-quarter net profit fell 18%, hurt by weakness in its downstream business.

BP posted net profit of $5.9 billion, down from $7.3 billion a year earlier.

Replacement cost profit declined 12% to $4.9 billion.

Underlying replacement cost profit at BP's downstream business fell 58%.

Shares of BP dropped 2.6% in premarket trading Tuesday to $42.28.

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-- Written by Joseph Woelfel

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