News Summary

Shares of Time Warner Inc (NYSE: TWX) fell about 2.3% after the company reported better-than-expected adjusted profit for the first quarter on Wednesday. The company's quarterly profit dropped to $653 million, or $0.59 per share, from $725 million, or $0.62 per share, in the year-ago quarter. The company's adjusted earnings came in at $0.58 per share. The company's revenue surged to $6.68 billion from $6.32 billion. However, analysts were expecting earnings of $0.56 per share on revenue of $6.48 billion.

Shares of Varian Semiconductor Equipment Associates Inc (NASDAQ: VSEA) jumped about 51.4% after Applied Materials Inc (NASDAQ: AMAT) agreed to acquire VSEA for about $4.9 billion. Applied Materials will buy VSEA for $63 per share in cash, representing a 55% premium to Varian's closing price on Tuesday. Applied Materials is expecting the deal to lift its adjusted earnings in the first year.

Shares of Walgreen Co (NYSE: WAG) fell about 0.2% about after the company reported a 3.4% rise in its April sales at stores open at least one year. However, analysts were expecting April same-store sales to increase 3.3%. The company's total sales increased to $5.99 billion, from $5.68 billion, in the year-earlier period.

Read more from Benzinga's Markets.