Adobe Systems Incorporated ADBE reported earnings of $0.54 per share on revenue of $1.218 billion, above guidance and the Street’s consensus estimate of $0.49 per share and 1.21 billion. However, guidance for the fourth quarter fell short of expectations. At first, the stock surged after hours, but then started to tumble, losing roughly 3 percent from its closing price of $80.31.
The biggest loser of the afternoon was Piedmont Natural Gas Company, Inc. PNY, down more than 8.6 percent after the market closed. The decline seems to have been triggered by the decline in natural gas prices, driven by the weekly inventory data, which showed that supplies increased more than expected last week.
The United States Natural Gas Fund, LP UNG was also falling.
Opposite is the case for AK Steel Holding Corporation AKS, which gained more than 11 percent after the bell rang, after reporting better-than-expected results and an upbeat outlook for the third quarter.
Following the Fed decision not to hike interest rates in the U.S., the Credit Suisse AG - VelocityShares Daily 2x VIX Short Term ETN TVIX, which replicates returns of twice the daily performance of the S&P 500 VIX Short-Term Futures index, rose more than 5.5 percent.
Other stocks moving after-hours trading were:
- SanDisk Corporation SNDK
- Microvision, Inc. MVIS
- PMC-Sierra Inc PMCS
- Inotek Pharmaceuticals Corp ITEK
- Resource Capital Corp. RSO
- Zayo Group Holdings Inc ZAYO
Disclosure: The author holds no positions in any of the securities mentioned above.
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