The Securities and Exchange Commission today charged Goldman Sachs (GS) with defrauding investors by misstating and omitting key facts about securities tied to subprime mortgages as the housing bubble was bursting.
Results handily beat analysts' expectations, and the company raised its 2010 forecast, now projecting earnings of $2.60 to $2.90 a share on revenue of $4.65 billion to $4.8 billion. It had projected $2 to $2.40 and $4.4 billion to $4.6 billion, respectively.
The maker of factory-automation equipment and software is seeing conditions improve after dealing with sliding demand over the past few years. Some analysts have said the company is a prime takeover target for General Electric Co. (GE) as the conglomerate shifts its focus to manufacturing and industrial growth from finance.
Rockwell reported profit of $137 million, or 95 cents a share, from $40.6 million, or 29 cents a share, a year earlier. Revenue rose 10% to $1.16 billion.
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