Company News for June 22, 2011

• Walgreen Co. (NYSE:WAG) reported Q3 EPS of $0.65, above the Zacks Consensus Estimate of $0.62 per share. Revenues for the quarter grew 6.8% year-over-year to $18.37 billion, beating the Zacks Consensus Estimate of $18.277 billion

• Adobe (NASDAQ:ADBE) reported Q2 EPS of $0.55, higher than the Zacks Consensus Estimate of $0.42 per share. Revenues for the quarter rose 9% year-over-year to $1.02 billion, above the Zacks Consensus Estimate of $998.0 million

• Shares of Nokia (NYSE:NOK) rose 3.59% to close at $6.06 after the mobile handset maker launched its new range of affordable mobile phones and also unveiled its new Nokia N9 smart phone.

• Share prices of Peabody Energy Corp. (NYSE:BTU) gained 5.07% after Goldman Sachs (NYSE:GS) revised its rating for the company from "Neutral" to "Buy" citing higher demand for thermal coal because of steep oil prices. Thermal coal is a relatively cheaper alternative for power generation

• NPower announced that it has inked a three-year deal with Cognizant Technology Solutions Corp. (NASDAQ:CTSH). The deal will allow Npower to receive financial support from Cognizant.

• Tower Bancorp (NASDAQ:TOBC) said it was being sold off to Susquehanna Bancshares (NASDAQ:SUSQ) in a deal worth around $343 million in cash and stock

• Analysts at Credit Suisse downgraded shares of Motorola Mobility Holdings Inc. (NYSE:MMI) to "Underperform" Rating from "Outperform" rating. Credit Suisse believes that other handset makers will benefit more from the growing popularity of Google's (NASDAQ:GOOG) latest mobile-phone platform

• Analysts at Morgan Keegan initiated coverage on Aruba Networks, Inc. (NASDAQ:ARUN) with an "Outperform" rating and a target price of $35.00

• Shares of credit card issuer and electronic payment services company Discover Financial Services (NYSE:DFS) were upgraded by Macquarie to "Outperform" rating from "Neutral" rating