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 the Wednesday session on an upbeat note with the Nasdaq (+1.3%) ending in the lead. The S&P 500 settled higher by 1.1% with all ten sectors posting gains.
The benchmark index spent the entire trading day in the green, rallying to new highs during the last hour of action. The tech-heavy Nasdaq, meanwhile, briefly dipped into the red during morning action, but was able to recover swiftly.
Stocks began the trading day with modest gains ... More
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