Yahoo Inc. YHOO, +4.11% late Tuesday said it plans to spin off its 384-million share stake in Alibaba into a separate, publicly-traded company named SpinCo. and will retain its 35.5% interest in Yahoo Japan. Separately, it reported fourth-quarter adjusted earnings of 30 cents a share, down from 46 cents a share in the year-earlier period, but above the FactSet consensus analyst estimate of 29 cents a share. Yahoo rose more than 7% ahead of the bell.
Boeing BA, +2.92% shares rose in premarket trade after topping fourth-quarter earnings and revenue forecasts, with investors shrugging off a downbeat earnings outlook for 2015. Boeing reported core operating earnings of $2.31 a share on revenue of $24.47 billion versus expectations for $2.31 in earnings on $23.93 billion in revenue.
After Tuesday’s closing bell, Apple Inc. AAPL, +7.66% said fiscal first-quarter profit jumped to a record $18 billion on the back of strong demand for its iPhone. Earnings per share rose to $3.06 from a split-adjusted $2.07. Revenue increased 30% to $74.6 billion from $57.6 billion. Apple sold 74.5 million iPhones during the quarter, above analysts’ estimates for 66.5 million units. Shares rose more than 8% in premarket trade.
U.S. Steel Corp. X, +9.12% posted earnings that topped Wall Street estimates by nearly $1 a share.