Company News for August 20, 2010 - Corporate Summary

• JM Smucker (NYSE:SJM) reported better-than-expected fiscal first quarter earnings of $1.04 up from estimates of 96 cents, as revenues slightly missed projections at $1.05 billion off estimates of $1.07 billion

• Goldman Sachs (NYSE:GS) raised Republic Services (NYSE:RSG) to “buy” from “neutral,” taking the price target from $32 to $34

• Bank of America (NYSE:BAC) and Visa (NYSE:V) announced plans to test smartphone payments next month

• Deutsche Bank (NYSE:DB) upgraded MeadWestvaco (NYSE:MWV) to “buy” from “hold,” with a $29 price target

• Lorillard (NYSE:LO) announced plans for a $1 billion stock repurchase.

• Kaufmann reiterated a “hold” an Amazon.com (NASDAQ:AMZN), with a $135 price target

• After yesterday’s close of markets: Hewlett-Packard (NYSE:HPQ) posted fiscal third quarter earnings inline with pre-announced results at $1.08, on revenues of $30.7 billion that beat estimates of $30.4 billion

• Dell (NASDAQ:DELL) reported second quarter earnings 2 cents above estimates at 32 cents on a 21.7% revenue gain to $15.5 billion, above projections of $15.2 billion

• Marvell Tech (NASDAQ:MRVL) posted inline second quarter earnings of 40 cents on a 4.8% revenue gain to $896 million, off estimates of $912 million

• Gap (NYSE:GPS) reported a cent above expectations with second quarter earnings of 36 cents, on inline revenues of $3.3 billion, up 2.3% y/y

• Foot Locker (NYSE:FL) reported second quarter earnings of 4 cents, a 1-penny beat, on inline sales of $1.1 billion, off 0.3% from a year earlier

• Salesforce.com (NYSE:CRM) reported second quarter results 2 cents higher than anticipated at 29 cents, on a 24.8% revenue jump to $394 million, ahead of estimates of $385 million.

• Intuit (NASDAQ:INTU) posted a nickel beat on its fiscal fourth quarter loss of 5 cents, as revenues advanced 17.5% to $537 million, beating projections of $501 million

Company News for August 20, 2010 – Corporate Summary

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