Stocks to Watch: ADBE, JBL, RIMM, AET & More
Take a look at some of Wednesday's morning movers:
Adobe Systems - The software producer did beat estimates by a penny with fiscal second-quarter earnings per share of 60 cents, but it cut its full year guidance, reflecting weaker demand in Europe.
Jabil Circuit - Jabil reported fiscal third-quarter profit of 64 cents per share, matching estimates, but its current quarter outlook falls below Street consensus. However, the electronic contractor’s shares are getting a boost after beleaguered mobile phone maker Research In Motion dropped Jabil competitor Celestica as a supplier.
Research In Motion itself is in the news, with the Wall Street Journal reporting that the company has started laying off small groups of employees as part of a broad restructuring.
Aetna - The insurer has won a Medicare contract from the Teachers Retirement System Of Texas. The contract could bring in more than $800 million in premiums for Aetna next year.
Lockheed Martin - The defense contractor is warning that says its cost will jump by hundreds of millions of dollars if $500 billion in mandated additional defense spending cuts take effect in January as scheduled.
GNC Holdings - GNC has announced a $300 million stock buyback program. The health products retailer expects to program to begin on or about July 31 and last for 12 months.
Quest Software - Quest has accepted an improved takeover bid from private equity firm Insight Venture Partners. The new bid is $25.75 per share in cash, compared to the prior bid of $23. Dell had reportedly topped the original bid with an offer of its own.
Procter & Gamble - P&G has lowered earnings guidance for the current quarter as well as the fiscal year. The consumer products giant — which was presenting at a consumer conference in Paris — cites negative impact from currency exchange rates, as well as softness in developed markets.
Apple squares off with Google in a Chicago courtroom today, as Apple seeks an order barring the sale of some phones made by Google’s Motorola Mobility unit. The lawsuit is part of ongoing patent disputes between the two companies over phone design.
Boeing - Boeing's first customer for the 787 Dreamliner, Japan’s All Nippon Airways, is reportedly complaining that the jet’s electronic dimmable windows are not dark enough for long haul flights. Reuters reports ANA is asking Boeing to come up with a way to make the aircraft’s cabin darker.
PepsiCo - The beverage and snack maker says unfavorable exchange rates will hurt its 2012 profits more than it previously expected. It now sees an impact of three percentage points. compared to a prior forecast of two percentage points.
—By CNBC’s Peter Schacknow
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