Shares of SunEdison, Inc. (SUNE) are higher by nearly 60% in pre-market trading on Thursday after the world’s biggest renewable-energy developer said an independent audit committee identified several issues in the company’s cash accounting practices, but it uncovered no” material misstatements” or evidence of fraud in its historical financial statements.
SunEdison, a $117 million market cap company with more than $12 billion in debt, is widely expected to file for bankruptcy this week.
BlackRock, Inc. (BLK) shares are down $4.31 to $343.98 in pre-market trading Thursday after the company reported its first-quarter earnings results.
The investment manager posted earnings of $4.25 per share on revenues of $2.62 billion, down 3.6% from a year ago. Analysts were expecting EPS of $4.30 on revenues of $2.74 billion. CEO Larry Fink attributed the decline to lower fees collected on investment products, such as hedge funds, and to what he called a “challenging market environment.” BlackRock did announce a 5% increase in its quarterly dividend.
Valeant Pharmaceuticals International, Inc. (VRX) – S&P has lowered Valeant’s credit rating to “B” from “B+” after the struggling drugmaker got a notice of default from bondholders as a result of a delay in filing its annual report.
Valeant said on Tuesday that it had until June 11 to file the report, but reiterated its intention to file it on or before April 29.
Disk drive maker Seagate Technology (STX) cut its outlook for the quarter ended April 1, citing weaker than expected demand for enterprise disk drives, and lower demand for ordinary desktop hard drives, particularly in China.