Company News for June 16, 2009

• Adobe Systems (NASDAQ:ADBE - Analyst Report) 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 - Analyst Report) reported US credit card write-offs increased almost one percent in May

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

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

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

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