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] The stock market finished an upbeat week on a mixed note. The S&P 500 shed less than a point, ending the week higher by 1.3%, while the Dow Jones Industrial Average (+0.1%) cemented a 1.7% advance for the week. High-beta names underperformed, which weighed on the Nasdaq Composite (-0.3%) and the Russell 2000 (-1.3%).
Equity indices displayed strength in the early going with the S&P 500 tagging the 2,019 level during the opening 30 minutes of the action. However, ... More
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