Market Update: Wells Fargo (NYSE:WFC), Bank of America (NYSE:BAC), Apache (NYSE:APA), Wal-Mart Stores (NYSE:WMT)

The Securities and Exchange Commission pressed Bank of America (NYSE:BAC) during enforcement talks to give shareholders more power to oust directors, after years of struggling to pass similar rules covering all U.S. companies, people with direct knowledge of the effort said. Bank of America persuaded the SEC to drop the “proxy access” provision as they negotiated a $150 million settlement of a lawsuit tied to the takeover of Merrill Lynch & Co., the people said. They declined to be identified because talks that led to the Feb. 4 accord were private. -Bloomberg

Apache (NYSE:APA) Thursday reported fourth-quarter net income of $582.8 million, or $1.72 a share, versus a loss of $2.95 billion, or $8.80 a share, in the same quarter in 2008. Revenue rose to $2.56 billion from $1.94 billion, the oil and gas exploration and production firm said. In other news, American Eagle Outfitters (NYSE: AEO) was Raised to Buy at Wells Fargo (NYSE:WFC). -MarketWatch

Wal-Mart Stores, Inc. (NYSE:WMT) reported a 22 percent increase in its fourth-quarter profit as the world’s largest retailer cut costs and slimmed down its inventories. But a key measure of sales showed its third consecutive quarterly decline, the discounter said Thursday, as it continues to grapple with deflation in groceries and electronics and a tough economy. Wal-Mart earned $4.63, or $1.21 per share, in the quarter ended Jan. 31. That compares with $3.8 billion, or 96 cents per share, in the same quarter last year. –Daily Finance

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Crude futures fell in Europe Thursday due to a firming dollar and cautious sentiment ahead of key U.S. oil inventories data due at 11 a.m. EST. Trading activities are muted, with crude futures largely stuck in a narrow range. Some traders have opted to cash in their profits after overnight gains, as the strength in the dollar is expected to persist, while the euro is still pressured by lingering concerns over Greece’s debt problems. –The Wall Street Journal