The fast food chain Wendy's (WEN) surpassed Burger King as the second biggest fast-food chain. Wendy's total sales came in at $8.5 billion for 2011, higher than $8.4 billion for its competitor. However, McDonald's remains at the top, with sales of $34.2 billion. The numbers are from food consulting firm Technomic. Shares of Wendy's were up 1% to $5.08.
Adobe Systems (ADBE - Get Report), a maker of digital media publishing and marketing applications, posted fiscal first quarter profit in line with analysts' estimates. Adobe posted non-GAAP profit of $284.5 million, or 57 cents a share, on revenue of $1.045 billion. Analysts were expecting earnings of 57 cents a share on revenue of $1.053 billion. For the fiscal second quarter ending in May, Adobe forecast non-GAAP earnings of 57 cents to 61 cents a share on revenue ranging from $1.09 billion to $1.14 billion. The current average analysts' view is for a profit of 60 cents a share on revenue of $1.10 billion. Shares were down 3.9% to $33.15 in premarket trading.
AstraZeneca (AZN)and Targacept (TRGT - Get Report) announced they will no longer go forward with plans to develop an experimental antidepressant following an unsuccessful late-stage clinical trial. The drug, called TC-5214, failed to show effectiveness compared to placebo when given to depressed patients. Some analysts had cut their expectations for the drug, so the announcement was not a surprise. Still the drug was a lead product candidate for Targacept. Shares of the company were plunging almost 13% to $6.40, while shares of AstraZeneca were down 1% to $44.95.
Amazon.com (AMZN) agreed to acquire privately held Kiva Systems, a maker of robotic package handling systems for $775 million in cash. Separately, Amazon will be selling $10 gift cards for $5 on Tuesday to people who visit AmazonLocal.com, its answer to deals sites such as Groupon and LivingSocial, The Associated Press reported. Shares were down 0.7% to $184.18.
Goldman Sachs (GS)has begun a new round of staff cuts in its trading and investment banking divisions, Reuters reported, citing three sources familiar with the matter. . Goldman eliminated 2,400 positions last year, and the sources said further reductions are possible as the company continues to reduce costs. The investment bank's latest round of cuts is part of its annual employee review process. Shares were off 0.6% to $123.50.
Oracle (ORCL), the database software giant, is expected by analysts Tuesday to earn 56 cents a share in its fiscal third quarter on revenue of $9.02 billion. Wall Street will be looking to see if the massive expansion of Oracle's sales force that took place in the first half of the company's hiscal year has paid off in the third quarter. Shares were down 0.4% to $29.63.
Walt Disney (DIS) said it expects to record an operating loss of $200 million in its fiscal second quarter ending in March stemming from the poor performance of the movie John Carter. Shares were down 1% to $43.01.
-- Written by Joseph Woelfel and Chao Deng. >To contact the writer of this article, click here: Joseph Woelfel Related links:
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