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Market Update

U.S. Movers: Adobe, Cracker Barrel, FedEx, General Mills, GM, Safeway

Author: Mukesh Buch
Last Update: 8:19 AM ET September 18 2013

11:45 AM New York Adobe net tumbled 7% as revenue dropped 8%. Cracker Barrel slid 1% and revenue and comparable sales jumped. FedEx net soared 7% and increase the rates. General Mills profit declined 16% but sales rose 8%. U.S. Treasury sold additional stake in GM to 7.3%.

Adobe Systems Inc (ADBE) surged 7.1% or $3.42 to $51.56 after the diversified software company reported total revenue in the third-quarter ending in August dropped 8% to $995.1 million.

Net income in the quarter tumbled 7% to $83 million or diluted earnings 16 cents per share compared to $201.4 million per share or 40 cents per share.

Cracker Barrel Old Country Store, Inc. (CBRL) declined 4.4% or $4.50 to $102.50 after the restaurants and bars operator said total revenue in the fourth-quarter ending on August 2 jumped 4% to $674.1 million. Comparable store restaurant sales in the quarter increased 2.6%.

Net income in the quarter slid 1% to $34.3 million or diluted earnings $1.43 per share compared to $34.7 million per share or $1.47 per share.

For the year, Cracker Barrel expects total revenue between $2.7 billion and $2.75 billion and diluted earnings per share in the range of $5.60 to $5.80.

The company expects to report diluted earnings per share for the first quarter between $1.05 and $1.15.

FedEx Corporation (FDX) climbed 3.7% or $4.16 to $114.80 after the air freight & logistic company reported revenue in the first-quarter ending in August increased 2% to $11 billion.

Net income in the quarter soared 7% to $489 million or diluted earnings $1.53 per share compared to $459 million or $1.45 per share.

FedEx Express segment revenue in the quarter slightly fell to $6.61 billion from $6.63 billion a year ago but revenue from FedEx ground segment soared 11% to $2.73 billion from $2.46 billion and revenue from Freight segment rose 2% to $1.42 billion compared to $1.40 billion.

FedEx reaffirmed its forecast of full-year earnings per share growth of 7% to 13% from last year''s adjusted results.

FedEx plans to increase average shipping rates by 3.9% for U.S. domestic, U.S. export and U.S. import services effective January 6, 2014.

General Mills, Inc. (GIS) fell 1.1% or 56 cents to $49.20 after the consumer foods maker reported net sales in the first-quarter ending on August 25 climbed 8% to $4.37 billion.

Net income in the quarter declined 16.3% to $459.3 million or diluted earnings 70 cents a share compared to $548.9 million per share or 82 cents per share.

The company reaffirmed net sales guidance for the fiscal 2014 to low single-digit growth from mid single-digit growth and adjusted diluted earnings per share between $2.87 and $2.90.

General Motors Corporation (GM) gained 1.3% or 48 cents to $37.19 after the U.S. Treasury sold another block of shares and reduce its stake to 7.3% to moves toward exiting its holdings in the automaker by the end of March.

The U.S. government holds 60.8% stake in automobile company as part of $49.5 billion bailout to the company in 2009. Treasury said it would sell all its GM shares in 12 to 15 months.

Safeway Inc. (SWY) rose 28 cents to $31.27 after the food and drug retailer adopted one-year stockholder rights plan.

On June 12, Safeway planned to sale of all of the net assets of its Canadian division.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc