Company News for August 24, 2011 - Corporate Summary - Apple (NASDAQ:AAPL)

• UBS AG

UBS

reported that it will slash 3,500 jobs across the globe in an attempt to save $2.5 billion by the end of next year

• The Wall Street Journal reported that Sprint Nextel Corp.

along with AT&T, Inc.

and Verizon Communications Inc.

will be acquiring the rights to Apple Inc.'s

AAPL

iPhone 5 that is expected to hit the market in September

• Microsoft Corporation

MSFT

said it is going to develop and market cloud-computing products in China

• Omnicare Inc.

OCR

said that it might acquire its rival PharMerica Corporation

PMC

• Williams-Sonoma Inc.

WSM

posted second quarter earnings per share (EPS) of $0.37, ahead of the Zacks Consensus Estimate of $0.36

• HJ Heinz Co.

HNZ

reported first quarter EPS of $0.78, falling short of the Zacks Consensus Estimate of $0.76

• William Blair initiated coverage on Adolor Corp.

ADLR

with an “Outperform” rating

• Atlantic Equities downgraded Eaton Corporation

ETN

to an “Underweight” rating from a “Neutral” rating