Adobe beat Wall Street estimates after the close on Thursday, but investors were unimpressed.
Adobe's second-quarter earnings of 28 cents a share beat estimates by a penny, and revenues rose 21% to $496 million, also topping forecasts.
For the third quarter, Adobe said it expects to earn 25-27 cents a share on revenues of $470-$490 million. With analysts looking for third-quarter numbers of 26 cents and $485.7 million, investors were unimpressed with the company's guidance, sending shares of Adobe 5.8% lower after hours. YouTube - Top 10 Forecasts, 2008::
cellpadding=0 cellspacing=0>YouTube - Top 10 Forecasts, 2008Illustrates the top 10 forecasts from the World Future 3 min 8 sec -
http://url?q=www.youtube.com/watch%3Fv%3DsKYY_8iqaB0&sa=X&oi=video_result&resnum=7&ct=thumbnail&usg=AFQjCNHhgF2zGjQfW57pV6TGachAo2zwvA> | |
Adobe also announced a shareholder lawsuit over the company's plans to acquire Macromedia. The company's shares have also been hit in recent days on worries about competition from Microsoft.
Stocks rose Thursday despite rising oil prices and a report that showed manufacturing contracting in the Philadelphia region. The Philly Fed report often leads the national ISM manufacturing report, so investors took it as a sign that the Federal Reserve may soon be forced to suspend its rate hike campaign.
The Nasdaq rose 14 to 2089, the S&P gained 4 to 1210, and the Dow climbed 12 to 10,578. Volume declined to 1.75 billion shares on the NYSE, but rose to 1.86 billion on the Nasdaq. Advancers led 22-10 on the NYSE, and 19-10 on the Nasdaq. Upside volume was 71% on the NYSE, and 72% on the Nasdaq. New highs-new lows were 244-34 on the NYSE, and 137-31 on the Nasdaq.
Integrated Circuit rose 10% on a merger offer from Integrated Device.
Equinix jumped 17% on strong guidance and an acquisition.
Progress Software rose 7.6% on its results.
Pomeroy fell 18% on accounting errors.
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