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 began the last week of July on a quiet note with the S&P 500 ending less than a point above its flat line. Like the benchmark index, the Dow Jones Industrial Average (+0.1%) also posted a slim gain, while the Russell 2000 (-0.5%) and Nasdaq Composite (-0.1%) lagged throughout the session.
The major averages were awakened from their weekend slumber with an opening retreat that pressured the S&P 500 below its 20-day moving average (1975). Even though ... More
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