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Mid-Morning Market Update: Markets Rise; Adobe's Creative Cloud Subscriptions Surge 402K

By: Benzinga
Posted: 12/13/2013 10:32:00 AM
Referenced Stocks: ADBE;DAR;RH;TXI;ZQK

Following the market opening Friday, the Dow traded up 0.06 percent to 15,749.58 while the NASDAQ surged 0.22 percent to 4,007.15. The S&P also rose, gaining 0.11 percent to 1,777.42.

Top Headline Adobe Systems (NASDAQ: ADBE ) reported a drop in its fiscal fourth-quarter profit and issued a weak forecast. However, Creative Cloud subscriptions climbed by 402,000 to 1.4 million.

Adobe's quarterly earnings fell to $65.3 million, or $0.13 per share, from $222.3 million, or $0.44 per share, in the year-ago period. Excluding one-time items, it earned $0.32 per share, matching analysts' estimates.

Its revenue slipped 10% to $1.04 billion, versus estimates of $1.03 billion.

Equities Trading UP Texas Industries (NYSE: TXI ) shot up 13.29 percent to $66.32. Texas Industries is working with Citigroup to explore a sale, Bloomberg reported.

Shares of Adobe Systems (NASDAQ: ADBE ) got a boost, shooting up 9.78 percent to $59.27 after the company's Creative Cloud subscriptions climbed by 402,000 to 1.4 million. The company also reported a drop in its fiscal fourth-quarter profit and issued a weak forecast.

Quiksilver (NYSE: ZQK ) was also up, gaining 10.74 percent to $8.56 after the company posted a loss in the fourth quarter. B. Riley upgraded the stock from Neutral to Buy.

Equities Trading DOWN Shares of INSYS Therapeutics (NASDAQ: INSY ) were down 20.64 percent to $35.80 after the company received subpoena from Office of Inspector General.

Restoration Hardware Holdings (NYSE: RH ) shares tumbled 4.68 percent to $62.22 after the company announced the resignation of its co-CEO Carlos Alberini. The company reported its adjusted Q3 profit of $0.32 per share, beating analysts' estimates of $0.28 per share.

Darling International (NYSE: DAR ) was down, falling 4.70 percent to $19.06 after the company priced public offering of 40 million shares of its common stock at $19.00 per share.

Commodities In commodity news, oil traded down 0.88 percent to $96.64, while gold traded up 0.65 percent to $1,232.80.

Silver traded up 0.65 percent Friday to $19.58, while copper rose 0.29 percent to $3.31.

Eurozone European shares today. The Spanish Ibex Index gained 0.43 percent, while Italy's FTSE MIB Index climbed 0.53 percent. Meanwhile, the German DAX rose 0.02 percent and the French CAC 40 gained 0.29 percent while U.K. shares rose 0.11 percent.

Economics U.S. wholesale prices dropped 0.1% in November, while core producer prices rose 0.1%. However, economists were expecting a 0.1% fall in producer prices.

(c) 2013 Benzinga does not provide investment advice. All rights reserved.

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