Adobe shares plunge on weak outlook
The software maker slashes its November sales forecast below analysts' targets.
By Scott Moritz, TheStreet
The company's shares were falling 20% to $26.37. The software maker on Tuesday slashed its November sales forecast by $55 million, 5% less than analysts' targets, citing a slump in demand in education markets and an overall weakness in its creative suite products.
Apple (AAPL) chief executive Steve Jobs' condemnation of Adobe's Flash did not help improve the outlook for the segment. Adobe's creative suite includes applications like Flash, Photoshop and Acrobat.
Adobe was downgraded by at least four analysts Wednesday, with price targets cut from the $40 range to the $30 range.
Adobe shares fell 21% to $26.04 in premarket trading.
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Asian markets ended lower across the board with China's Shanghai Composite (-1.5%) and Hong Kong's Hang Seng (-1.7%) seeing notable losses. Coal and industrial names paced the decline after the National Development and Reform Commission said next year's coal consumption will be under tighter control.
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