Market Update

Shares of Electronic Arts Inc ERTS dropped about 2.3% after the company announced its plans to offer $550 million of Convertible Senior Notes due 2016 in a private placement. Shares of Yum! Brands Inc YUM gained about 3% after the company reported a 10% rise in its second-quarter profit and lifted its full-year earnings forecast. Yum reported its quarterly profit at $316 million, or $0.65 per share, up from $286 million, or $0.59 per share, in the year-earlier period. Excluding tax-related impacts and other items, Yum's earnings came in at $0.66 per share. Its revenue climbed 9.4% to $2.82 billion. Analysts were expecting a profit of $0.61 per share on revenue of $2.7 billion. Associated British Foods PLC ASBFY reported a 7% y/y rise in its revenue from continuing operations for the 16 weeks to June 25.