Citigroup's profit plunges; Wells Fargo downgrade; Foot Locker declines

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Citigroup (C) – The big bank reported first quarter earnings that topped Wall Street’s dismal estimates, beating on both the top and bottom lines. But compared to one year ago, Citi's revenue fell 11% to $17.6 billion while its net income plunged 27%.

Polycom (PLCM) – Mobile technology company Mitel (MITL) is buying Polycom for $1.8 billion in cash and stock. The combined company, which will operate under the name Mitel, will also maintain the Polycom brand.

Valeant Pharmaceuticals (VRX) – Valeant Pharmaceuticals is talking to investment banks amid interest from buyout firms and other companies for its assets, according to a Reuters report. Goldman Sachs and Centerview Partners are among the companies being consulted.

Goldman Sachs (GS) – Bloomberg is reporting that the big bank is looking to cut costs after Wall Street recorded its worst first quarter since 2009. Goldman Sachs is set to report first-quarter earnings on Tuesday.

Allegiant Travel (ALGT) – Barclays downgraded the airline to underweight from equal weight and lowered its price target to $188 per share from $205.

Foot Locker (FL) – Cowen lowered its rating on Foot Locker to market perform from outperform. The investment firm noted that promotional activity from Nike could dampen Foot Locker’s comparable-store sales growth.