Company News for September 22, 2010 - Corporate Summary

• Adobe Systems (NASDAQ:ADBE) reported fiscal third-quarter earnings of 54 cents a share, a nickel higher than anticipated, on revenues, up 42% to $990 million, versus estimates of $985 million. For the current quarter the company expects earnings of 48 cents to 54 cents. However, the company’s shares dropped more than 12% in after-hours trading yesterday after the firm provided downside revenue guidance, citing slower demand from back-to-school student and school shoppers and Japanese purchasers

• eBay (NASDAQ:EBAY) said it sees fiscal third-quarter results to post at the high end of its July guidance, which projected revenues of $$2.13 billion-$2.18 billion and earnings of 35-37 cents

• Microsoft (NASDAQ:MSFT) boosted its dividend 23% from the previous quarter to 16 cents from 13 cents, taking the annual yield to 2.54%. The firm also authorized up to $6 billion in additional debt

• Deutsche Bank (NYSE:DB) kept its “buy” rating on Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS), but cut estimates for third quarter earnings, taking Goldman Sachs from $3.00 to $1.95, versus the consensus of $3.27, and Morgan Stanley’s from 50 cents to 15 cents, versus the consensus of 51 cents

• General Mills (NYSE:GIS) posted fiscal first quarter earnings of 64 cents a share, one penny higher than expected, on inline revenues of $3.53 billion

• Goldman Sachs (NYSE:GS) downgraded Novartis (NYSE:NVS), taking it off the Conviction Buy List and rating it at “neutral”

• Jefferies (NYSE:JEF) initiated coverage of Time Warner (NYSE:TWX) with a “buy” rating and a $42 price target

• Susquehanna initiated American Express (NYSE:AXP) with a “positive” rating, with a price target of $53

• Soleil upgraded Baxter International (NYSE:BAX) from “hold” to “buy,” taking the price target from $45 to $56

Company News for September 22, 2010 – Corporate Summary

SIGN UP TO NEWSLETTER

Free E-Book

Recent Posts