Wall St. Brief: P&G WARNS, Apple’s Legal HAIL MARY, RIM Let’s Heads ROLL

Procter & Gamble’s (NYSE:PG) shares fell 1.9 percent after the company announced a cut to its fourth quarter guidance, thanks to slower-than-expected growth in developed markets and forex fluctuations. P&G now has an estimated adjusted earnings per share of $0.75-$0.79, vs. prior guidance of $0.79 to $0.85 and a &0.82 consensus. With the slowdown, CEO Bob McDonald said the company will neither cut spending on research and development  and advertising nor exit any emerging markets.

Adobe (NASDAQ:ADBE) also announced some less than favorable guidance after its second quarter earnings beat estimates. Shares are off 5.1 percent in early trading after the company provided below expectations guidance from European weakness. Net profit fell to $223.9 million from $229.4 million with an adjusted $0.60 earnings per share; revenue increased 10 percent to $1.12 billion. The report included subscription revenues–a first–which will affect sales by $10 million each in future quarters.

Earnings Report: Adobe Systems Earnings: Margins SHRINK as Investors Worry About Costs.

Apple (NASDAQ:AAPL) will attempt to save its case against Google’s (NASDAQ:GOOG) Motorola Mobility unit after its returns to court today. It will argue to a federal judge that it should be able to gain seek an order against the sale of some Motorola phones. Depending on the judge’s decision, it could have an effect on Apple’s capacity to negotiate licensing agreements in its fights against Motorola and other companies.

Research in Motion (NASDAQ:RIMM) has acknowledged layoffs and said “headcount reductions” will come from its strategy to cut $1 billion in operating expenses. Previously, the company said it would look to save money by decreasing its manufacturing sites. Analysts had expected job cuts ranging from 2,000 to 3,000 but 6,000 cuts has also been circulating.

Insight upped its offer from $23 to $25.75 for Quest Software (NASDAQ:QSFT); this comes in higher than a rumored$25.50 bid from Dell (NASDAQ:DELL). Quest has accepted Insight’s proposal, reported Reuters, which values the deal at $2.17 billion. Vector Capital has joined the buyout group.

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