Morning Roundup: Today's Top Stories
At The Motley Fool, we know our readers like to be informed. Here's a quick look at today's most relevant financial news, boiled down to what you need to know.
Viacom expands stock buyback plan
Earnings tripled in the third quarter for media giant Viacom (NYS: VIA) on the success of Transformers: Dark of the Moon. Revenue was up 22% to $4.05 billion, beating analyst estimates. Viacom's board announced plans to expand the company's stock repurchase program from $4 billion to $10 billion, even after already having bought back $2.5 billion worth of shares so far this year. Read the full story at Reuters.
Adobe admits defeat
Flash technology for mobile devices is officially dead. Adobe Systems (NAS: ADBE) has abandoned its Flash software format to instead increase development of HTML5. Adobe's decision comes a year after Apple (NAS: AAPL) co-founder Steve Jobs announced that iOS devices would never support Flash. Read the full story at CNN.
Caterpillar confirms Chinese deal
The largest maker of construction and mining equipment, Caterpillar (NYS: CAT) , is set to buy Chinese ERAMining-Machinery in a deal valued at $887 million. Caterpillar has agreed to pay a 33% premium to ERA's most recent share price, in hopes of boosting market share in China. Read the full story at The Wall Street Journal (requires subscription).
Holiday outlook good for Kohl's
Kohl's (NYS: KSS) beat Wall Street EPS estimates by a penny and raised its forecast for the year. Helped by sales of exclusive merchandise, Kohl's reported an increase in profit, up 20% to $211 million in the third quarter.
Gross margins were also up for the quarter, topping a decline in margins for rival retailer Macy's (NYS: M) . Both Kohl's and Macy's plan to open at midnight on Black Friday, as retailers compete for holiday shoppers. Read the full story at Reuters.
That's a wrap
So there you have it -- the top financial stories for this afternoon. If you are interested in getting all the news and commentary on these stocks, sign up to My Watchlist here --it's free!
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At the time this article was published Fool contributor Tamara Rutter does not own shares of any of the companies mentioned in this column. Follow her on Twitter @TamaraRutter. The Motley Fool owns shares of Apple. Motley Fool newsletter services have recommended buying shares of Adobe Systems and Apple, as well as creating a diagonal call position in Adobe Systems and a bull call spread position in Apple. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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