Company News for September 1, 2010

• Joy Global (NASDAQ:JOYG) reported fiscal third quarter earnings ten cents higher than estimated at $1.13, on a 11.1% revenue decline to $850 million, off projections of $877 million

• PerkinElmer (NYSE:PKI - Analyst Report) agreed to sell its illumination and detection solutions business to a private equity firm for about $500 million, adding 19-21 cents to third quarter operation results. The company also approved an increase in its share buyback program to 13 million

• HJ Heinz (NYSE:HNZ - Analyst Report) posted fiscal first quarter results of 75 cents, up from consensus estimates of 73 cents, on revenues of $2.48 billion that missed estimates of $2.53 million

• HSBC (NYSE:HBC - Analyst Report) upgraded both Arch Coal (NYSE:ACI - Analyst Report) and Massey Energy (NYSE:MEE) to "overweight" from "neutral"

• Kaufman initiated coverage of Veeco (NASDAQ:VECO - Snapshot Report) with a "buy" rating and a price target of $56

• Piper Jaffray (NYSE:PJC - Snapshot Report) maintained an "overweight" rating on Netflix (NASDAQ:NFLX - Analyst Report) with a $140 price target

• Burger King (NYSE:BKC) is reportedly in talks with several private equity firms on its possible sale

• Barclays (NYSE:BCS - Snapshot Report) initiated coverage of CIT (NYSE:CIT - Analyst Report) at "overweight" with a price target of $46

Read the full analyst report on JOYG

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Read the full analyst report on ACI

Read the full analyst report on MEE

Read the full analyst report on VECO

Read the full analyst report on PJC

Read the full analyst report on NFLX

Read the full analyst report on BKC

Read the full analyst report on BCS

Read the full analyst report on CIT