British taxpayers may be able to sell their stakes in two banks in five years, with RBS exiting the government’s asset-insurance program in “two to three years”, a panel of lawmakers reported, citing testimony by Treasury official. (BBG)

UK

BP – Co. reports “fuel/gas imbalances” at Carson refinery. (BBG)

AstraZeneca – Co.’s widely used cholesterol-lowering drug Crestor was approved by US regulators to prevent heart attacks and strokes for a broader group of patients. (BBG)

TUI Travel – Co.’s Q1 revenue GBP 2.53bln, down 8% vs. last year and Q1 underlying operating loss GBP 107mln vs. Prev. GBP 35mln. Co. says significant improvement in Q2 profitability and sees H1 results in line with forecasts. Co. is confident that it can meet board’s forecasts for 2010. (BBG)

BSkyB – Co. places 10% of ITV and says proceeds were GBP 196mln in placement. Says to keep 7.5% ITV stake for medium term. (BBG)

US

Equities finished lower as continued concerns regarding the creditworthiness of certain Eurozone nations dented sentiment. Financials were the worst performing sector, closely followed by basic materials as equities oscillated between gains and losses. With a light economic calendar, stocks were range-bound in the latter half of the session however came under further selling pressure before the bell. At the closing bell; the S&P 500 closed down 0.89% at 1056.74, the DJIA closed down 1.04% at 9908.39 and the NASDAQ 100 closed down 0.64% at 1734.88.

Electronic Arts – Q3 adjusted EPS USD 0.33 vs. Exp. USD 0.31, Q3 adjusted net revenue USD 1.35bln vs. Exp. USD 1.34bln. Co. sees Q4 adjusted EPS USD 0.02-0.06 vs. Exp. USD 0.13 and Q4 adjusted revenue USD 800-850mln vs. Exp. USD 859.04mln. Also says sees Q1 adjusted loss per share USD 0.35-0.40 vs. Exp. USD 0.04 and sees Q1 adjusted revenue USD 460-500mln vs. Exp. USD 762.0mln. In after market trade co. shares fell 6.5%. (BBG/RTRS)

Boeing – Co.’s 747-8, the biggest jumbo jet it’s ever built, flew for the first time today, joining the composite-plastic 787 Dreamliner in delayed flight-test programs the co. aims to complete this year. (BBG)

United Technologies - Co. increases quarterly dividend by 10.4% to USD 0.425 per share. (RTRS)

Kraft Foods – About 400 workers at Cadbury Somerdale plant may lose their jobs despite co. saying that it “would be in a position to continue to operate” the factory. (Times)

Europe

Credit Agricole – Co. may take a write-down of about EUR 1bln as it ends its shareholder pact in Intesa Sanpaolo with Assicurazioni Generali. (Les Echos)

Renault – Nissan forecasts JPY 35bln FY net income and scraps loss forecast. Nissan Q3 net income JPY 45bln vs. Exp. JPY 27.2bln profit. (BBG)

Lafarge – Co. wants to develop further in Poland and will try to use any opportunity to acquire. (Parkiet) Generali - Co. CEO says unwinding of agreement with Credit Agricole Intesa is credible option. (RTRS)

SAS – Co. subject to various rumours, including another share issue. (Kauppalehti)

Swedbank – Co. post a Q4 operating loss of SEK 1.67bln but says it might make a profit this year. (BBG/RTRS) Novartis – Co. gains exclusive rights to Debio 025, a hepatitis C drug currently in phase 2 trials. In other news, the UK’s NICE says it has been unable to recommend everolimus (afinitor) for the second line treatment of advanced renal cell carcinoma. (BBG)

UBS – Q4 net CHF 1.21bln vs. Exp. CHF 416mln, investment bank Q4 pretax profit CHF 297mln vs. CHF 1.37bln loss, Q4 trading loss CHF 62mln vs. Exp. CHF 536mln profit. Q4 outflows CHF 12.0bln for wealth management Americas and says sees money outflows in immediate future, margin pressure. Co. says regulatory changes may have “profound consequences”. (BBG)

Credit Suisse – Co.’s Americas Private Bank Head Dechellis wants to expand in Brazil and Mexico, later Canada and sees ‘aggressive’ growth in 2010. (RTRS) In other news, co. is expanding its US wealth management business, ups private wealth advisers by 300 to a total of 700. (Sources)

Swatch Group – Co. FY net CHF 759mln vs. Exp. CHF 700mln, FY operating profit CHF 903mln vs. CHF 1.2bln. Says excellent outlook for rest of year. (BBG)

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