Daily Cheat Sheet Buzz: P&G at $60, Arena Amped at $10, Adobe Ambivalence

Shares of Procter & Gamble Co. (NYSE:PG) fell 3.47 percent in afternoon trading. The world’s largest consumer-goods company cut its earnings and revenue estimates for the second time in two months, citing “market-share softness in developed regions.” The company expects its earnings per share for the April-to-June quarter to be in the range of 75 to 79 cents, down from a previously expected range of 79 to 85 cents.

Arena Pharmaceuticals Inc. (NASDAQ:ARNA) jumped 3.09 percent as of this afternoon. Shares have been outperforming as the company expects a decision from the Food and Drug Administration on its diet drug lorcaserin this month.

Vodafone Group PLC (NASDAQ:VOD) shares dipped .32 percent this afternoon. In its joint venture with Verizon Wireless (NYSE:VZ), the company recently unveiled new pricing for mobile plans that focus on data usage by subscribers.

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Adobe Systems Inc. (NASDAQ:ADBE) shares dropped 2.86 percent. The company announced that net income for the second-quarter fell to $223.9 million (45 cents per share), compared to $229.4 million (45 cents per share) a year earlier. Revenue for the quarter rose 9.9 percent to $1.12 billion.

Affymetrix Inc. (NASDAQ:AFFX) shares climbed 2.37 percent as of this afternoon. The company announced an agreement today to sell $105 million aggregate principal amount of unsecured 4 percent Convertible Senior Notes, which are due 2019. Affymetrix plans to use the proceeds to aid its pending acquisition of eBioscience Holding Company.

Shares of Quest Software Inc. (NASDAQ:QSFT) declined .38 percent in afternoon trading. The company accepted a sweetened $25.75 per share bid from Insight Venture Partners. It was slightly higher than the $25.50 per share bid Quest received from Dell Inc. (NASDAQ:DELL) last week.

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