FLO, ZOLL, ADBE, WTW, ABFS, ODFL, S, CKR Popular Stocks
U.S. stocks were higher Wednesday as the Dow Jones Industrial Average gained 0.30% to 10278, the Standard & Poor’s 500 rose about 0.45% to 1098 and the Nasdaq Composite moved up 0.69% to 2166.
Bakery company Flowers Foods Inc.’s (NYSE:FLO, $22.46, -$1.40, -5.87%) third-quarter earnings rose 16% amid increased promotions in its bakery segment, while warehouse sales were aided by acquisitions. The company also sees 2009 results at the low end of its prior forecast.
Zoll Medical Corp. (NASDAQ:ZOLL, $22.26, +$2.03, 10.03%) reported better-than-expected fiscal fourth-quarter results. Despite the core business not rebounding to years-ago levels, the overall business seems to be stabilizing, if not sequentially improving, Natixis Bleichroeder said.
Oppenheimer downgraded Abode Systems Inc. (NASDAQ:ADBE, $35.54, -$1.06, -2.88%) to perform from market perform as the shares approached the firm’s $38 price target. The worst is “likely behind” the software company, but the analysts “feel the environment remains more challenging than most investors are modeling.” Tuesday’s news of a 9% headcount reduction underscores that, the firm said. Adobe said Tuesday it will cut about 680 full-time positions world-wide as the company moves to align costs with 2010 projections.
Weight Watchers International Inc. (NYSE:WTW, $26.54, -$0.95, -3.46%) reported a 0.2% dip in third-quarter earnings as lower costs offset falling sales. The provider of weight-loss services again backed its 2009 profit target as the results topped analysts’ expectations.
Trucking companies’ shares rose after Arkansas Best Corp. (NASDAQ:ABFS, $26.19, +$1.70, 6.94%) gave an update into the current quarter, saying tonnage declines improved and it has had some improvement in market share. It added it is moving forward carefully as it looks at diversification and acquisitions at an ongoing industry conference. Others, such as Old Dominion Freight Line Inc. (NASDAQ:ODFL, $29.01, +$2.77, 10.56%), were set to present Wednesday.
Standard & Poor’s Ratings Services placed Sprint Nextel Corp.’s (NYSE:S, $3.18, -$0.06, -1.85%) junk-level credit ratings on watch for downgrade, saying the struggling mobile-phone service provider’s weak performance has led to deteriorating credit measures.
CKE Restaurants Inc. (NYSE:CKR, $8.51, -$0.80, -8.59%) got tagged with a downgrade after the restaurant chain reported its same-store sales fell 7% at Carl’s Jr. and 3.4% at Hardee’s during the latest month. SunTrust cut CKE to neutral from buy, as it sees “no visibility on the timing when comparable sales may improve.”
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