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U.S. Morning Call: UBS results beat, shares jump

Tuesday, Apr 30, 2013 - 03:46

Apr 30 - UBS's private bank attracted the most customer money for six years in the first quarter.

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Good morning -- Tuesday let's get right into earnings UBS shares trading up nearly 6% in the premarket. After reporting is surprisingly strong profit. Wealthy clients continue to bring business to the Swiss bank which went through major restructuring last year when it exited most of its fixed income business. And -- 101000 jobs. The cost cutting worked wonders for UBS which raise capital past the key 10% level ahead of rivals like Credit Suisse. From banks to the year the world's largest brewer AB InBev looking at very sobering results this morning. Tax hikes rising gas prices and a harsh winter are all -- to a 4% decline in sales in the US. That's where the -- controls half the market. Also out with earnings today BP shares up three and a half percent in the premarket. The energy giant nearly tripled its profit for the first quarter making my from the sale of its Russian joint venture T and KBP. But the scourge of the gulf oil spill still lingers. In the past few weeks BP has been hit by over 2200. New lawsuits seeking payback. Individuals companies and government bodies all rushing to stake their claim before their right to do so expires. BP also revealing and it's twenty billion dollar spill fund has only one point seven billion still on -- sign in compensation claims. -- to US stock futures they're pointing to a lower start this morning. Although the S&P 500 closed an all time high yesterday led by advances in -- and energy. Wall Street now looking to the Fed is it kicks off a 2 day meeting the Central Bank is expected to maintain its stimulus policy. We've also got a slew of economic data due out and the Fed will probably keep an eye on that to see how the economic recovery is coming along. Key among data is the S&P Case Shiller Index it's expected to show a slight fall in home prices for February. Terry -- stocks to watch today first today it's PayPal and it hit a new milestone. Signing contracts with fifteen merchant acquirers. What this means is that burger kings of four and Blackstone will accept PayPal in the stores by the end of this year. But guess what PayPal could get Wal-Mart. The retail giants say that accepting -- -- just checking out more complicated. This has nothing to do -- competing online business and rival mobile payment technology that's in the works. And take a look at best buy the stocks up over two and a half percent in the premarket. Electronics retailers focusing on the US and selling its 50% stake in Europe's car phone warehouse. The deal -- strength and best -- balance -- -- will pay 775. Million bucks to regain full control of its company. Happy bad idea to get -- bureaus around. And keep -- -- out Herbalife yesterday's big -- has got to -- Gayle Blackmon and that's not all last night Herbalife president said quote. It is in the results ultimately people will realize that -- act -- reckless -- is based on an unfounded hypothesis. Be sure to watch Reuters Insider and 11 this morning for more zinger is -- Herbalife holds its earnings conference call. That's your Tuesday morning call remembered follow us on Twitter at Reuters Insider and get more great videos at Reuters dot com slash -- -- -- it. I'm Lisa Bernhard.

U.S. Morning Call: UBS results beat, shares jump

Tuesday, Apr 30, 2013 - 03:46

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