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Analysts expect earnings to grow about 3 percent, though that is
down from estimates as high as 15 percent a year ago, according to
S&P Capital IQ. Revenue is expected to fall by 0.3 percent. "We're not seeing any significant bottom-line growth," said Chip Cobb,
senior vice president of BMT Asset Management in Bryn Mawr, Penn. "It's all
been cost-cutting measures." Chris Baggini, senior portfolio manager at Turner Investments in Berwyn, Penn., pointed out that the stocks that performed best are the kind that investors tend to buy when they're nervous about the economy. Investors are "buying bonds and bond-like stocks," Baggini said. Friday is the last trading day for the second quarter, which could also make the market's moves erratic. Money managers will be looking to get out of their holdings and book profits for clients before then. Among companies making big moves: Gun manufacturer Smith & Wesson fell after its quarterly revenue missed analysts' forecasts. The stock slipped 21 cents, or 2.1 percent, to $9.78. Uniform company UniFirst fell after quarterly revenue missed analysts' expectations. Shares dipped $5.43, or 5.7 percent, to $90.22 Adobe, maker of Photoshop, rose after a Jefferies analyst upgraded the stock to "Buy" from "Hold," praising its shift to an online, subscription-based model. The stock rose $1.31, or 3 percent, to $45.68.
[Associated
Press;
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