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U.S. Stocks Open Broadly Higher -2-

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05/02/2013 | 01:05pm CEST

Northeast Utilities' (>> Northeast Utilities System) first-quarter income more than doubled thanks to higher revenue following last year's merger with New England utility Nstar.

Pioneer Natural Resources Co.'s (>> Pioneer Natural Resources) first-quarter earnings fell 53% as the oil-and-gas exploration-and-production company's results were hurt by a loss on derivatives, though revenue and production increased.

Prudential Financial Inc.'s (>> Prudential Financial Inc) first-quarter loss narrowed as the insurer posted stronger revenue from premiums, helping mask higher investment losses.

RenaissanceRe Holdings Ltd.'s (>> RenaissanceRe Holdings Ltd.) first-quarter earnings fell 6.4% as the insurer recorded lower investment income, though its operating profit improved.

Stillwater Mining Company (>> Stillwater Mining Company) said its latest offer to resolve a proxy fight with Clinton Group Inc. was declined by the dissident shareholder.

Tenaris SA's (TS, TEN.MI) first-quarter earnings fell 5.7% as the Luxembourg-based steel-pipe manufacturer reported higher expenses.

Tesoro Corp.'s (>> Tesoro Corporation) first-quarter earnings increased 66% as the independent refiner continued to report stronger refining margins and increased fuel sales.

Proxy advisory firm Glass Lewis said it supports offshore oil-driller Transocean Ltd.'s (>> Transocean Ltd) proposed dividend over Carl Icahn's proposal for a higher payout, but also recommended shareholders vote for one of the activist investor's three board nominees.

Unum Group's (>> Unum Group) first-quarter earnings edged down amid impacts from net investment gains and pension adjustments, masking continuing growth in the insurer's U.S. business.

Write to Nathalie Tadena at nathalie.tadena@dowjones.com

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