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Bailout talks between Greece, creditors delayed: reports

Greece and its creditors had been getting ready Friday to open talks to complete a bailout deal, but the talks have been delayed, according to multiple reports. Talks likely won’t start until Monday and may have been delayed because of the International Monetary Fund’s unexpected demand that Greece formally request its participation in a new bailout, according to a Guardian report Security issues have delayed the start of the discussions, as the creditors are still looking for a secure place to hold negotiations in Athens, said a Reuters report.

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Biogen’s stock tumbles after sales missed expectations, outlook cut

Biogen Inc.’s stock tumbled 9.1% in premarket trade Friday, after the biotechnology company beat second-quarter profit expectations, but missed on sales and lowered its full-year outlook. Earnings for the latest quarter rose to $927.3 million, or $3.93 a share, from $714.5 million, or $3.01 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came in at $4.22, above the FactSet consensus of $4.10. Revenue rose to $2.59 billion from $2.42 billion, below the FactSet consensus of $2.71 billion, as Tecfidera sales of $883 million missed expectations of $1.02 billion and Tysabri revenue of $463 million was below expectations of $508.8 billion. For 2015, Biogen cuts its adjusted EPS outlook to $15.50 to $15.95, below the FactSet consensus of $16.63, and its revenue growth outlook to 6% to 8%, primarily because of lowered expectations for sales growth of its multiple sclerosis treatment Tecfidera. The FactSet revenue consensus implies growth of 13%. The stock has lost 4.2% over the past three months through Thursday, while the S&P 500 has slipped 0.7%.

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American Airlines shares climb about 3% as company tops profit estimates

American Airlines Group Inc. shares rose almost 3% in premarket trade Friday, after the carrier beat profit estimates for the second quarter and increased its share buyback program. The company said it had net income of $1.71 billion, or $2.41 a share, in the second quarter, up from $864 million, or $1.17 a share, in the year-earlier period. Excluding special charges, EPS came to $2.62, topping the FactSet consensus of $2.60. Revenue fell 4.6% to $10.8 billion, just below the FactSet consensus of $10.9 billion. Available seat miles rose 1.9%, while passenger revenue per ASM fell 6.9% to 13.57 cents. Consolidated passenger yield eased 6.1% to 16.28 cents. Total operating costs fell 10.5% to $8.9 billion, mostly due to lower fuel costs. The airline said its board has approved the repurchase of an additional $2.0 billion of stock, bringing the total authorized to $4.0 billion. Shares are down 20% in the year so far, while the S&P 500 has gained 2%.

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Xerox matches profit expectations, but provides downbeat outlook

Document management company Xerox Corp. reported on Friday a second-quarter net profit that dropped to $12 million, or 1 cent a share, from $266 million, or 22 cents a share, in the same period a year ago. Excluding non-recurring items, such as software impairment charges, adjusted earnings per share came in at 22 cents, matching the FactSet consensus. Revenue declined 7% to $4.59 billion, just below the FactSet consensus of $4.64 billion, as services revenue fell 3% and document technology revenue declined 12%. Xerox expects third-quarter adjusted EPS of 22 cents to 24 cents, below the FactSet consensus of 25 cents. For the full year, adj. EPS is expected to be at the “lower end” of 95 cents-to-$1.01 range, compared with the FactSet consensus of 98 cents. “We are intensely focused on improving our services margin and are implementing restructuring actions and prioritizing investments to accelerate benefits from our new operating model,” said Chief Executive Ursula Burns. The stock, which was still inactive in premarket trade, had dropped 22% year to date through Thursday, while the S&P 500 has gained 2.1%.

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WWE appears to cut ties with wrestler Hulk Hogan: reports

World Wrestling Entertainment Inc. appears to have severed its ties with Hulk Hogan, according to multiple reports early Friday. The company reportedly has removed the pro wrestler from its websites and online stores in the wake of an audio clip with controversial racial comments, said a Daily Beast article. Shares in WWE were largely inactive in premarket trading. WWE didn’t immediately respond to a request for comment.

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Anthem to buy rival health insurer Cigna in $54.2 billion deal

Health insurer Anthem Inc. said Friday it’s purchasing Cigna Corp. in a deal valued at $54.2 billion. The combined company will cover about 53 million members, and the deal should result in the addition of roughly 10% to adjusted per-share earnings in the first year, the companies said in a statement. Cigna shareholders will receive $103.40 in cash and 0.5152 Anthem common shares for each Cigna common share, equating to about $188.00 a share.

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