Company News for December 16, 2009 - Corporate Summary
• General Electric (NYSE:GE) told investors the "worst is over" for its finance unit, even as Chairman and CEO Immelt forecast next year's revenues and earnings are likely to match this year's
• Best Buy (NYSE:BBY) was downgraded to "sell" from "buy," reflecting the third quarter earnings numbers were of "low quality," and derived from a one-off tax settlement. The company reported third quarter earnings of 53 cents a share, beating Zacks estimates of 43 cents a share as sales grew 5% to inline results of $12 billion. However, the firm said it sees fourth-quarter gross margins of 23.5%, down from 24.5% in the third quarter as customers lean toward less-profitable items
• Adobe Systems (NASDAQ:ADBE) reported adjusted earnings of 39 cents a share, two cents higher than expected, versus 46 cents a year earlier as revenues fell 17% to $757.3 million, which topped Zacks estimates of $742 million. First quarter guidance for 2010 was set at 24 cents to 39 cents a share on sales of $800-$850 million
• Broadcom (NASDAQ:BRCM) lifted its fourth quarter revenue guidance, noting stronger broadband and corporate network demand, to about $1.32 billion from previous guidance at $1.25 billion
• Goldman Sachs (NYSE:GS) eliminated BJ Wholesale (NYSE:BJ) from the firm's Conviction Buy List
• UBS (NYSE:UBS) upgraded Darden Restaurants (NYSE:DRI) from neutral to buy with a price target of $36, up from $34
• Joy Global (NASDAQ:JOYG) reported fourth quarter earnings of $1.20, 20 cents above Zacks estimates, on revenues of $964 million, which topped Zacks estimates of $930 million. Guidance for 2010 was set at $2.65-$3.05
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