Adobe Down 20% On Weak Guidance
Adobe (ADBE) reported a good fiscal 3rd quarter ended September 3 after the close yesterday but their guidance was a little weak. They forecasted 48 cents – 54 cents in earnings per share and $950 million – $1 billion in revenue for their fiscal 4th quarter while analysts were looking for 53 cents and $1.03 billion. For whatever reason, the stock is getting torched today as a result – down 20% on big volume.
Disclosure: Top Gun has no position in Adobe (ADBE) shares.