Stocks to Watch: Adobe, Procter & Gamble (Update 1)
Adobe forecast non-GAAP earnings of 56 cents to 61 cents a share for the three months ending in August on revenue of $1.075 billion to $1.125 billion. Analysts forecast profit of 61 cents a share on revenue of $1.133 billion.
Adobe shares dropped 5.75% to $31.00 in premarket trading Wednesday.
Procter & Gamble (PG) , the consumer-products giant, reduced its fourth-quarter profit and revenue forecasts because of slower-than-anticipated sales growth in developed markets.
P&G said Wednesday it expects to post core earnings for the quarter ending in June of 75 cents to 79 cents a share; its previous estimate was 79 cents to 85 cents a share.
Analysts forecast core earnings of 82 cents a share in P&G's fiscal fourth quarter.
P&G said organic sales are expected to rise 2% to 3% in the quarter; its previous estimate was 4% to 5%.
The company said foreign exchange is expected to reduce net sales by 4% in the quarter. Net sales are expected to be in the range of down 2% to 1%; it previously expected an increase of 1% to 2%.
Shares of Procter & Gamble fell 2.01% in premarket trading Wednesday to $60.96.
Quest Software(QSFT) agreed to a higher buyout bid of $2.17 billion after Insight Venture Partners added Vector Capital as a new partner.
The new bid is for $25.75 a share, up from a competing bid of $25.50 a share that was reportedly made by Dell(DELL) .
Shares of Quest Software fell 1.02% in premarket trading Wednesday to $26.25.
Bed, Bath & Beyond(BBBY) is scheduled to report fiscal first-quarter results Wednesday, and analysts expect a profit of 84 cents a share on revenue of $2.25 billion.
Bed, Bath & Beyond announced on May 9 a deal to acquire Cost Plus(CPWM) for $495 million in cash.
Jabil Circuit (JBL) reported adjusted fiscal third-quarter profit of 64 cents a share on revenue of $4.3 billion, in line with analysts' estimates.
-- Written by Joseph Woelfel
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