soared 10% Friday after blowing past analysts’ estimates, bucking another day of sharp selling in the stock market.
Adobe’s earnings of 50 cents a share trounced 40-cent estimates, and revenues of $423.3 million came in well ahead of $392.7 million estimates. Adobe also raised second-quarter and full-year guidance.
The company attributed its strong performance to sales of its new Create Suite and its Intelligent Documents business.
The broader market didn’t fare as well, however, as stocks were battered in volatile trade as options and futures expired.
The Nasdaq lost 21 to 1940, the S&P 500 lost 12 to 1109, and the Dow fell 109 to 10,186. Volume rose to 1.44 billion shares on the NYSE, but declined to 1.65 billion on the Nasdaq. Decliners led 20-12 on the NYSE, and 18-12 on the Nasdaq. Downside volume was 75% on the NYSE, and 74% on the Nasdaq. New highs-new lows were 126-11 on the NYSE, and 82-18 on the Nasdaq.
tumbled on their earnings reports.
rose 4% after beating revenue estimates.
plunged 21% on a warning.
And Time Warner
dismissed reports that it may sell AOL to Microsoft
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