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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[BRIEFING.COM] Equity indices closed out the month of August on a modestly higher note. The Russell 2000 (+0.6%) and Nasdaq Composite (+0.5%) finished ahead of the S&P 500 (+0.3%), which extended its August gain to 3.8%. Blue chips lagged with the Dow Jones Industrial Average (+0.1%) spending the bulk of the session in the red.
The final week of August represented one of the quietest stretches for the stock market so far this year. The first four sessions of the week produced the ... More
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