Company News for January 19, 2011 - Corporate Summary

• Apple (NASDAQ:AAPL) reported estimate-topping sales and earnings, also guiding higher for the fiscal second quarter. Fiscal first quarter earnings of $6.43 is well ahead of the Zacks Consensus Estimate of $4.46 on revenues of $26.7 billion ahead of Zacks Consensus Estimate for $20.731 billion

• Goldman Sachs (NYSE:GS) has maintained Apple’s (NASDAQ:AAPL) place on its Conviction Buy List, raising the price target from $340 to $450; JP Morgan (NYSE:JPM) has also raised its price target from $420 to $450

• IBM (NYSE:IBM) topped expectations for fourth quarter sales and earnings, also expecting strong, full-year results. Earnings of $4.18 ahead Zacks Consensus Estimate of $2.24; revenues of $29.02 billion again ahead of the Zacks Consensus Estimate of $23.709 billion

• Bank of New York Mellon (NYSE:BK) reported fourth quarter earnings of $0.59 higher than the Zacks Consensus Estimate of $0.57, on revenues of $3.75 billion ahead of the Zacks Consensus Estimate of $3.601 billion

• US Bancorp (NYSE:USB) posted inline earnings of $0.46 matching expectations, on estimate-topping revenues of $4.72 billion ahead of the Zacks Consensus Estimate of $4.474 billion

• State Street (NYSE:STT) reported better-than-forecast fourth quarter earnings of $0.87, beating the Zacks Consensus Estimate of $0.85, on revenues of $2.04 billion that fell short of the Zacks Consensus Estimate of $2.242 billion

• Cargill reported plans to divest its 64% interest in Mosaic (NYSE:MOS), indicating a value of $24.3 billion, possibly leading to acquisition of the company

• Deutsche Bank (NYSE:DB) has downgraded US Steel (NYSE:X) to “hold” rating but maintained a “buy” rating on Nucor (NYSE:NUE)

• Goldman Sachs (NYSE:GS) showed the impact of lower bond trading revenues, with fourth quarter earnings of $3.79 above the Zacks Consensus Estimate of $3.76, but revenues of $8.64 billion lower than the Zacks Consensus Estimate of $9.193 billion

• Wells Fargo (NYSE:WFC) reported inline fourth quarter earnings of $0.61 below the Zacks Consensus Estimate of $0.63, on revenues of $21.5 billion, lower than the Zacks Consensus Estimate of $21.058 billion

Company News for January 19, 2011 – Corporate Summary

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