$MCHP 1Q16 PR: GAAP net sales were $534MM, up 1% from GAAP net sales of $528.9MM in 1Q15. GAAP net income was $130.7MM, or $0.60 per diluted share, up 45.3% from GAAP net income of $89.9MM, or $0.40 per diluted share, in 1Q15.
$WFC agreed to hike its payout in a class-action settlement over unauthorized accounts by $32 million to $142 million for its retail sales practices. The settlement will now include customers who were impacted as early as May 2002.
$LLY announced phase 3 Monarch 3 breast cancer study of abemaciclib demonstrated superior progression-free survival at interim analysis. The trial met its primary endpoint of demonstrating statistically significant improvement in progression-free survival.
$TCB said expenses were higher than revenue in 1Q17 due to a
one-time charge. The company believes that for the remainder of 2017, revenue
growth will exceed the expense growth. $TCB is making some investments in
technology initiatives but in general the company is cognizant about managing
expenses in proportion to its revenues.