Company News for June 16, 2009

• Adobe Systems (NASDAQ:ADBE) is scheduled to report fiscal second quarter earnings after the market closes, with analysts anticipating results of 35 cents versus 50 cents a year ago

• General Motors (NASDAQ:GMGMQ) announced a preliminary agreement to sell its Saab unit to Koenigsegg, a local sports car manufacturer

• Capital One Financial (NYSE:COF) reported US credit card write-offs increased almost one percent in May

• Microsoft (NASDAQ:MSFT) shares rose on reports that its new search engine, Bing, outperforms rival Google's (NASDAQ:GOOG) product

• Smithfield Foods (NYSE:SFD) reported a fiscal fourth quarter loss of 55 cents a share on revenues of $2.85 billion

• JP Morgan (NYSE:JPM) upgraded Magna International (NYSE:MGA) and Tenneco (NYSE:TEN) to "overweight" from "neutral"

• Goldman Sachs (NYSE:GS) initiated coverage of Cummins (NYSE:CMI) with a "buy" rating and a price target of $42

Read the full analyst report on ADBE

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Read the full analyst report on JPM

Read the full analyst report on MGA

Read the full analyst report on TEN

Read the full analyst report on GS

Read the full analyst report on CMI