Mid-Morning Market Update: Markets Rise; Adobe's Creative Cloud Subscriptions Surge 402K
Following the market opening Friday, the Dow traded up 0.06 percent to 15,749.58 while the NASDAQ surged 0.22 percent to 4,007.15. The S&P also rose, gaining 0.11 percent to 1,777.42.
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
Texas Industries (NYSE: TXI) shot up 13.29 percent to $66.32. Texas Industries is working with Citigroup to explore a sale, Bloomberg reported.
Shares of Adobe Systems (NASDAQ: ADBE) got a boost, shooting up 9.78 percent to $59.27 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.
Restoration Hardware Holdings (NYSE: RH) shares tumbled 4.68 percent to $62.22 after the company announced the resignation of its co-CEO Carlos Alberini. The company reported its adjusted Q3 profit of $0.32 per share, beating analysts' estimates of $0.28 per share.
In commodity news, oil traded down 0.88 percent to $96.64, while gold traded up 0.65 percent to $1,232.80.
Silver traded up 0.65 percent Friday to $19.58, while copper rose 0.29 percent to $3.31.
European shares were higher today. The Spanish Ibex Index gained 0.43 percent, while Italy's FTSE MIB Index climbed 0.53 percent. Meanwhile, the German DAX rose 0.02 percent and the French CAC 40 gained 0.29 percent while U.K. shares rose 0.11 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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