Stock Market Briefs: Yahoo Hiring Again, Adobe To Cut 9% Of Workforce, JP Morgan To Reinstate 401k Matching

• Goldman Sachs (GS) added Cytec Industries (CYT) to its Conviction Sell List, with a target of $31. The analyst warned of the bleak outlook for the late-cycle aerospace industry, and economic uncertainties in Europe, which represents 40% of sales
• JP Morgan (JPM) plans to reinstate 401K matching programs starting with 2009 as well as plans to hire 1,200 mortgage officers
• Yahoo (YHOO) CEO Bartz said the company is hiring again as the firm expects to increase its operating profit margin to the 15-20% range on cost cutting and sales growth
• Adobe Systems (ADBE) said it plans to cut 680 jobs, or about 9% of its workforce, as part of a restructuring plan. The company said the move would result in pre-tax charges of $65 million to $71 million, with $18 million to $20 million to be taken in the fourth quarter
• Monsanto (MON) confirmed its full-year 2010 earnings outlook and said it still sees a 2012 gross profit of at least $8.6 billion, claiming an accelerated launch of new corn and soybean products
• Bond insurer, Ambac Financial Group (ABK) warned of a possible bankruptcy protection filing in its 10-Q
• Reports said General Electric (GE) is in talks with United Technologies (UTX) to sell its security systems unit for over $1.5 billion
• Wells Fargo (WFC) upgraded Toll Brothers (TOL) with a price target range of $24-$26
• Deutsche Bank (DB) upgraded Smithfield Foods (SFD) raising the price target from $12 to $20 due to an improving pork market
• Flowers Foods (FLO) reported inline earnings of 34 cents a share on revenues of $603 million, off Zacks estimates of $617 million

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