Stocks in the news: FedEx, Adobe Systems, Morgan Stanley

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The following post rounds up the companies making headlines today:

FedEx (FDX) reported a $876 million quarterly loss, or $2.82 a share. Adjusted earnings beat analyst estimates of 51 cents, coming in at 64 cents per share, but FedEx missed on the revenue line. Revenue declined 20 percent to $7.85 billion from $9.87 billion. FedEx warned fiscal first-quarter earnings may be as much as 76% below last year's levels, with the company saying it's in a "difficult environment," but that "there are signs that the worst of the recession is behind us." Shares fell over 3 percent in pre-market trade.

Adobe Systems (ADBE) said its fiscal second-quarter net income fell to $126 million, or 24 cents a share as did revenue for the quarter falling to $704.7 million from $886.9 million. Excluding special items, Adobe said earnings for the quarter were 35 cents a share, inline with estimates. But the software company guided third-quarter estimates to the low side of analyst estimates. Shares declined about 1.3 percent ahead of the bell.

Morgan Stanley (MS) reportedly will begin repaying billions of dollars in bailout funds received from the U.S. Treasury. It is also planning more changes in its prime-brokerage division to get back some of its hedge-fund clients that left the company last year, the Wall Street Journal said.

Savient Pharma (SVNT) shares surged about 30 percent before the bell after the FDA panel voted to push for the approval of Krystexxa, aimed for the treatment of gout.

Lockheed Martin Corp. (LMT) managed to muscle its way into the intelligence business at the Paris Air Show with the F-35 Joint Strike Fighter jet. Executives stressed the stealthy aircraft's ability to gather data on enemy combatants for transmission to command centers on the ground.

Palm Inc. (PALM) has seen its market value soar over the past six months ahead of the launch of its new smartphone, the Pre, but analysts are wondering whether investors are betting on the company becoming a takeover target for a hungry buyer. Sales of the Pre are solid, inline with -- and exceeding some -- Wall Street expectations after just over one week in stores. Shares continued to gain, up 2.7 percent ahead of the bell.

Bank of America Corp. (BAC) has made "considerable" cost savings in Asia since its January purchase of Merrill Lynch & Co. and has hired more than 100 employees in the region as rebounding equity markets help halt a revenue drop.

Goldman Sachs (GS) plans on Wednesday to repay the TARP bailout funds it received and the firm's CEO issued a brief mea culpa of sorts for taking part in the "market euphoria" that preceded the economic downturn.

E-Trade Financial Corp. (ETFC) announced a $1.2 billion capital-raising plan that involves the sale of $400 million of common stock and a debt exchange. Shares plunged some 15 percent ahead of the bell.

U.S. Bancorp (USB) was upgraded at Deutsche Bank to Buy from Hold on valuation considering the likely large amounts of excess capital within a few years and positive book value growth. Shares were up about 1 percent in pre-market trade.

Scotts Miracle-Gro Co. (SMG) on Wednesday lifted its earnings forecast for fiscal 2009, citing strong consumer demand in the U.S. Shares gained about 4.8 percent ahead of the bell.

Watson Pharmaceuticals Inc. (WPI) said Wednesday that it will acquire privately held Arrow Group for $1.75 billion in cash and stock. Shares fell about 4.6 percent in pre-market trade.
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