Stocks to Watch: UBS, Adobe, VeriFone
NEW YORK -- UBS (UBS) is close to an agreement to pay more than $1 billion to resolve allegations the Swiss bank tried to rig interest-rate benchmarks -- including the London interbank offered rate -- to boost trading profits, The Wall Street Journal reported, citing people briefed on the negotiations.
A settlement could be announced as early next week, the people told the newspaper.
Adobe Systems(ADBE) , the software maker, posted fiscal fourth-quarter results on Thursday that topped analysts' expectations.
The maker of Photoshop earned 61 cents a share on an adjusted basis in the quarter; analysts were looking for profit of 56 cents.
Adobe said fourth-quarter revenue was $1.153 billion, up from $1.152 billion a year earlier; Wall Street was expecting revenue of $1.1 billion.
VeriFone Systems (PAY) issued a forecast Thursday for the first quarter that was below Wall Street estimates.
The electronic-payments company said it expects first-quarter adjusted earnings of 70 cents to 73 cents a share on revenue of $490 million to $500 million.
Analysts are calling for first-quarter earnings of 75 cents a share on revenue of $498 million.
AkzoNobel, the Dutch chemicals company, reached a deal to sell its North American decorative paints operations to PPG Industries (PPG) for $1.1 billion.
AkzoNobel's North American business sells the Glidden paint brand.
Retailer Quiksilver (ZQK) posted fiscal fourth-quarter results that were weaker than analysts' estimates.
-- Written by Joseph Woelfel