Company News for December 16, 2009

• General Electric (NYSE:GE - Analyst Report) told investors the "worst is over" for its finance unit, even as Chairman and CEO Immelt forecast next year's revenues and earnings are likely to match this year's

• Best Buy (NYSE:BBY - Analyst Report) was downgraded to "sell" from "buy," reflecting the third quarter earnings numbers were of "low quality," and derived from a one-off tax settlement. The company reported third quarter earnings of 53 cents a share, beating Zacks estimates of 43 cents a share as sales grew 5% to inline results of $12 billion.  However, the firm said it sees fourth-quarter gross margins of 23.5%, down from 24.5% in the third quarter as customers lean toward less-profitable items

• Adobe Systems (NASDAQ:ADBE - Analyst Report) reported adjusted earnings of 39 cents a share, two cents higher than expected, versus 46 cents a year earlier as revenues fell 17% to $757.3 million, which topped Zacks estimates of $742 million.  First quarter guidance for 2010 was set at 24 cents to 39 cents a share on sales of $800-$850 million

• Broadcom (NASDAQ:BRCM - Analyst Report) lifted its fourth quarter revenue guidance, noting stronger broadband and corporate network demand, to about $1.32 billion from previous guidance at $1.25 billion

• Goldman Sachs (NYSE:GS - Analyst Report) eliminated BJ Wholesale (NYSE:BJ) from the firm's Conviction Buy List

• UBS (NYSE:UBS - Snapshot Report) upgraded Darden Restaurants (NYSE:DRI - Analyst Report) from neutral to buy with a price target of $36, up from $34

• Joy Global (NASDAQ:JOYG) reported fourth quarter earnings of $1.20, 20 cents above Zacks estimates, on revenues of $964 million, which topped Zacks estimates of $930 million. Guidance for 2010 was set at $2.65-$3.05

Read the full analyst report on GE

Read the full analyst report on BBY

Read the full analyst report on ADBE

Read the full analyst report on BRCM

Read the full analyst report on GS

Read the full analyst report on BJ

Read the full analyst report on UBS

Read the full analyst report on DRI

Read the full analyst report on JOYG