NEW YORK (
) -- Here are the top stock market headlines for the morning of Wednesday, June 23, 2010.
Wednesday's Early Headlines
- Fed Decision Due at 2:15 p.m. ET; No Change Expected -- The Federal Open Market Committee, the policy-making arm of the central bank, will end its two-day meeting on interest rates Wednesday and will deliver their statement shortly after 2 p.m. ET. Economists expect that the Federal Reserve will leave the target range for the federal funds rate at the low 0% to 0.25% level. Instead, market watchers will watch for any changes in the language of the accompanying statement.
- Judge Who Ended Drilling Ban Has Oil and Gas Investments -- U.S. District Judge Martin Feldman, who struck down the Obama administration's six-month ban on deepwater oil drilling, reported owning less than $15,000 in stock in 2008 in Transocean (RIG) - Get Report, the company that owned the sunken Deepwater Horizon drilling rig, according to a report by The Associated Press. Feldman overturned the deepwater drilling ban Tuesday, and the White House quickly promised an immediate appeal.
- IEA Raises Oil Demand Forecast -- The International Energy Agency said Wednesday it expects oil demand to increase by up to an average about 1.4% a year for the next five years to about 92 million barrels a day by 2015 based on relatively strong gross domestic product growth of nearly 4.5% a year from 2010. Last year, the IEA predicted oil demand growth of 0.6% from 2008 to 2014.
- Verizon to Launch Motorola Droid X -- Verizon (VZ) - Get Report is expected to introduce Motorola's( MOT) Droid X today, the latest of its Google (GOOG) - Get Report Android phones. TheStreet's Scott Moritz will be live blogging at 1 p.m. ET from the launch event, which will feature key executives from Motorola, Google and Adobe Systems (ADBE) - Get Report.
- Nissan's Ghosn Gets $9.5 Million Pay Package -- Nissan (NSANY) said Wednesday that it paid CEO Carlos Ghosn $9.5 million last year, making him the highest paid executive at a listed Japanese company. Ghosn received another $1.5 million in 2009 as the CEO of French auto company Renault
Wednesday's Earnings Roundup
- Rite Aid (RAD) - Get Report said it had a first-quarter loss of 9 cents a share, narrower than the Thomson Reuters average analyst estimate for a loss of 14 cents a share in the quarter. Sales were down 2.1% from the year-ago quarter to $6.39 billion, which was in line with consensus. Looking ahead, Rite Aid reaffirmed its earnings and revenue guidance for the full year, saying it expects a loss of 41 cents to 65 cents a share on revenue of $25.2 billion to $25.6 billion.
- CarMax (KMX) - Get Report reported a first-quarter profit of 44 cents a share on revenue of $2.26 billion, above the Thomson Reuters average estimate for earnings of 33 cents a share on revenue of $2.09 billion. In addition, the stock will replace XTO Energy( XTO) in the S&P 500, news that boosted shares in early trading Wednesday.
- Adobe Systems (ADBE) - Get Report said late Tuesday it had second-quarter earnings of 44 cents a share, coming in a penny ahead of analysts' estimates. Revenue of $943 million was also above consensus. Looking ahead, Adobe offering in-line earnings and revenue guidance for the third quarter.
- Philip Morris International (PM) - Get Report revised its outlook for 2010 earnings to a range of $3.70 to $3.80 a share, down from the prior guidance range of $3.75 to $3.85 a share. Philip Morris said that business has improved, although it expects the weaker euro will impact net income.
-- Written by Robert Holmes in Boston
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