Thursday, June 24, 2010

Stock Market News Briefs: Best Buy Co., ConAgra Foods, Credit Suisse Group, Darden Restaurants, Hasbro, McCormick & Company, Incorporated, Morgan Stanley, Nike, Radioshack, Sprint Nextel, Wal-Mart Stores, Apple, Bed Bath & Beyond, Cisco Systems, Dell


  •  Bed Bath & Beyond (BBBY: 39.90 -1.56 -3.76%) reported earnings of 52 cents a share, up from Zacks estimates of 48 cents on revenues of $1.92 billion, versus Zacks projections of $1.89 billion
  •  Nike (NKE: 69.76 -2.76 -3.81%) fiscal fourth quarter earnings came in at $1.06, in-line with Zacks estimates on inline revenues of $5.1 billion
  •  Darden Restaurants (DRI: 39.58 -2.32 -5.54%) reported earnings of 86 cents, 2 cents below Zacks estimates on revenues of $1.86 billion, slightly below Zacks estimates of $1.89 billion.  The firm raised its quarterly dividend 28% to 32 cents
  •  Dell (DELL: 13.16 -0.66 -4.78%) said it sees 2011 adjusted operating income to improve 18-23% YoY and revenues to climb 14-19% from $52.9 billion
  •  Apple (AAPL: 270.439 -0.531 -0.20%) releases it new iPhone 4 to its own stores as well as other retailers including Wal-Mart (WMT: 50.20 -0.61 -1.20%), RadioShack (RSH: 21.081 -0.459 -2.13%) and Best Buy (BBY: 35.75 -0.88 -2.40%) today
  •  Reports said Hasbro (HAS: 42.74 +1.62 +3.94%), with a market capitalization of about $6 billion, may sell itself to a private equity firm
  •  Credit Suisse (CS: 38.90 -1.23 -3.07%) raised its rating on the telecommunication sector to “market weight” from “underweight,” naming Sprint (S: 4.4725 -0.0475 -1.05%) its top pick in the group
  •  Kaufman started Cisco (CSCO: 22.7718 -0.0882 -0.39%) with a “buy” rating and a $30 price target, implying a 31% upside possibility on the shares
  •  Dick Bove lowered his estimates for Morgan Stanley’s (MS: 24.399 -0.631 -2.52%) second quarter results the second time in the past month, reflecting slowing trading volume and i-banking.  The analyst took fiscal 2010 projections to $2.65 from $2.95 prior, under Street estimates of $3.04, and lowered 2011 estimates to $3.73 from $3.83, which top consensus estimates of $3.56
  •  ConAgra (CAG: 24.40 -0.29 -1.17%) reported fiscal fourth quarter earnings of 39 cents a share, a cent miss, on revenues of $3.06 billion, below Zacks estimates of $3.16 billion
  •  McCormick (MKC: 39.60 +0.43 +1.10%) posted fiscal second quarter earnings of 49 cents, which was ahead of Zacks estimates of 45 cents, on better-than-expected revenues of $798.3 million, which topped estimates of $788 million

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