By Joseph Woelfel, TheStreet

General Motors (GM) said its third-quarter profit fell 15% to $1.7 billion, or $1.03 a share, on revenue of $36.7 billion. While the results beat the 96-cent average estimate of analysts surveyed by Thomson Reuters, the company said weakness in the European market may cause it to miss profit targets this year.

Adobe Systems (ADBE) said it plans to eliminate 750 jobs, or roughly 8% of its work force, as part of a restructuring. Adobe backed its outlook for fiscal-fourth-quarte​r adjusted earnings, saying it still sees a non-GAAP profit of 57 cents to 64 cents a share on revenue of between $1.075 billion and $1.125 billion.

Dow component Cisco Systems (CSCO) will report fiscal-first-quarter​ results after the close. The average estimate of analysts polled by Thomson Reuters is for earnings of 39 cents a share on revenue of $11.03 billion. 

Activision Blizzard (ATVI) said third-quarter profit nearly tripled as revenue rose 1% to $754 million. Activision earned $148 million, or 13 cents a share, up from $51 million, or 4 cents, a year earlier. Adjusted earnings were 7 cents a share, 2 cents above analysts' expectations. The company also raised its outlook for the year. The earnings were released the same day Activision began selling "Call of Duty: Modern Warfare 3," the latest game in the "Call of Duty" series.

Department store operator Macy's (M) said its third-quarter earnings rose to 32 cents a share from 2 cents a year earlier, beating the average analyst's estimate of 16 cents. However, the stock was falling 3.9% to $30.90 because of shrinking profit margins. Bloomberg attributed the margin shift to free shipping and rising cotton prices.

Wendy's (WEN) reported third-quarter earnings of 5 cents per share, beating analysts' estimates by 1 cent. Revenue of $611.4 million fell short of forecasts for $618.2 million. North American same-store sales increased 0.9%. Wendy's expects same-store sales growth of 1% to 3% to be in the middle of the range, and restaurant margin to be approximately 100 basis points lower compared with the prior year.

Dean Foods (DF) reported third-quarter earnings per share of18 cents, beating the average estimate of 15 cents. Revenue of $3.4 billion was slightly above the consensus estimate of $3.32 billion. Dean Foods said it expects fourth-quarter earnings of 20 cents to 25 cents, topping the average estimate of 24 cents.

Ralph Lauren (RL) reported fiscal-second-quarte​r earnings of $2.46, 22 cents above the consensus estimate of $2.24. Revenue of $1.9 billion was also above the Wall Street estimate of $1.84 billion. However, the company's gross margin, a key profit indicator, shrank to 56.6% from 58% a year earlier.

An earnings report is expected after the close Wednesday from Green Mountain Coffee (GMCR), which was recently accused of accounting fraud by hedge fund manager David Einhorn of Greenlight Capital, which has a short position on the stock. The earnings call after the close on Wednesday will be the first time management has spoken to Wall Street since Einhorn took his accusations public.

Solar company Energy Conversion Devices (ENER) said it is temporarily suspending all manufacturing activity because of a high level of inventory, looking at additional restructuring options, and seeking to work with existing bondholders during a period of massive oversupply in the solar sector.

Shares of digital entertainment company Rovi (ROVI) were tumbling by 25% to $34.70 after the company reported weaker-than-expected​ earnings Tuesday. Its net income of $1.8 million or 2 cents per share was sharply lower than $36.4 million, or 33 cents a share, in the prior-year quarter because of restructuring and asset impairment charges. Excluding the one-time items, adjusted earnings grew to $70.88 million, or 63 cents per share, from $59.91 million or 53 cents per share in the year-ago quarter. Analysts were looking earnings of 61 cents per share.

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