P&G Cuts Fourth-Quarter Forecasts: Hot Trends
NEW YORK (TheStreet) -- Popular searches on the Internet include Procter & Gamble(PG) after the consumer-products company cut its fourth-quarter earnings and revenue forecasts.
Shares of P&G fell more than 2% in premarket trading on Wednesday.
Procter & Gamble said it expects adjusted earnings between 75 cents and 79 cents a share, down from its prior forecast of 79 cents to 85 cents. It expects revenue to drop 1% to 2% compared with its previous estimate of a 1% to 2% increase.
While the company has experienced stalled growth in North America, P&G said it was also hurt by foreign exchange rates. The company reaffirmed its restructuring plan, which will account for 5,700 jobs cut by the end of fiscal 2013. The plan will allow P&G to save $10 billion by the end of fiscal 2016.
Facebook(FB) is trending as the social networking site announced it will start allowing users to subscribe to different applications.
In an announcement on its developer blog, Facebook said that beginning next month, users will be able to pay to subscribe to apps like games or magazines. Facebook had previously only allowed its users to purchase virtual items through Facebook apps. Items for sale on the site via apps will be priced in the user's local currency.
Facebook will keep 30% of subscription revenue. The new feature will be available across Facebook.com and mobile web apps.
Ryanair is another popular search. The European budget carrier launched a third bid to take over rival Aer Lingus.
Ryanair, which already owns nearly 30% of Aer Lingus, said it would offer shareholders a 38% premium to the market to acquire at least 50% of the airline.
The bid of €1.30 a share values Aer Lingus at €694 million ($880 million). The bid comes after Ryanair repeatedly tried to sell its stake in the airline. Britain's competition monitor recently launched an investigation into the ownership Ryanair already has of Aer Lingus.
The deal would give Ryanair control of 80% of traffic between the United Kingdom and Ireland, something Ryanair would need to prove would not smother competition. It would also be subject to approval by the European Commission.