Mid-Afternoon Market Update: Adobe Continues Rally as Markets Look to Close in the Green
Toward the end of trading Friday, the Dow traded up 0.26 percent to 15,780.90 while the NASDAQ surged 0.18 percent to 4,005.75. The S&P also rose, gaining 0.14 percent to 1,777.93.
Yesterday, Adobe Systems (NASDAQ: ADBE) reported a drop in its fiscal fourth-quarter profit and issued a weak forecast. However, Creative Cloud subscriptions climbed by 402,000 to 1.4 million.
Adobe's quarterly earnings fell to $65.3 million, or $0.13 per share, from $222.3 million, or $0.44 per share, in the year-ago period. Excluding one-time items, it earned $0.32 per share, matching analysts' estimates.
Its revenue slipped 10% to $1.04 billion, versus estimates of $1.03 billion.
Equities Trading UP
Diana Shipping (NYSE: DSX) was up on Friday's session, gaining 9.71 percent to $12.22 after Morgan Stanley upgraded the whole dry bulk sector.
Shares of Adobe Systems (NASDAQ: ADBE) got a boost, shooting up 12.22 percent to $60.59 after the company's Creative Cloud subscriptions climbed by 402,000 to 1.4 million. The company also reported a drop in its fiscal fourth-quarter profit and issued a weak forecast.
Anadarko Petroleum (NYSE: APC) was also down, dropping 7.51 percent to $77.40 after a judge ruled the company would be liable in the Kerr-McGee case.
In commodity news, oil traded down 0.95 percent to $96.57, while gold traded up 0.87 percent to $1,236.70.
Silver traded up 0.93 percent Friday to $19.69, while copper rose 0.42 percent to $3.31.
European shares were mostly lower today. The Spanish Ibex Index gained 0.01 percent, while Italy's FTSE MIB Index climbed 0.01 percent. Meanwhile, the German DAX declined 0.12 percent and the French CAC 40 dropped 0.23 percent while U.K. shares fell 0.08 percent.
U.S. wholesale prices dropped 0.1% in November, while core producer prices rose 0.1%. However, economists were expecting a 0.1% fall in producer prices.
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