Adobe, Jabil, Red Hat Kick Off Big Earnings Week
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Adobe (NASDAQ: ADBE), Jabil (NYSE: JBL) and Red Hat (NYSE: RHT) all reported quarterly results late today, but only Jabil appeared to impress investors.
Jabil shares traded nearly 8 percent higher after hours after the important contract manufacturer posted quarterly sales and earnings that were well ahead of Wall Street estimates, and the company's sales guidance for its August quarter was also well above forecasts. The company, which boasts Cisco (NASDAQ: CSCO) and HP (NYSE: HPQ) among its customers, said growth is accelerating, and it expects record sales and earnings this year.
Adobe shares slipped 2 percent despite better than expected earnings and revenues, and Red Hat shares were flat in after-hours trading despite beating sales forecasts.
Thursday will be an even bigger day for earnings reports, with Oracle (NASDAQ: ORCL) and Research in Motion (NASDAQ: RIMM) set to report after the close.
Stocks suffered their second straight late sell-off during the day to end more than 1 percent lower, as European debt woes, skepticism about a pledge from China to allow its currency to float freely, and economic worries have kept the stock market under pressure. The Dow and S&P closed back below their 200-day moving averages, while the Nasdaq closed just 13 points above its 200-day average.
Apple (NASDAQ: AAPL) was one of the day's few winners, up more than 1 percent on strong iPad and iPhone sales, while Nvidia (NASDAQ: NVDA) and Flextronics (NASDAQ: FLEX) led the NASDAQ to the downside with losses of around 4 percent each.