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MarketWatch MarketPulseSep 17, 2019
Adobe stock falls as earnings beat, but outlook comes in a bit light
Adobe Inc. shares wavered in extended trading Tuesday after the software company reported better quarterly earnings and sales than expected, but offered a forecast that didn't quite live up to expectations. The maker of Photoshop and other professional software reported fiscal third-quarter profit of $792.8 million, or $1.63 a share, on sales of $2.83 billion, up from $2.29 billion a year ago. After adjusting for stock-based compensation and other costs, the company claimed earnings of $2.05 a share, up from $1.73 a share in the year-ago quarter. Analysts on average were expecting adjusted earnings of $1.97 a share on sales of $2.82 billion, according to FactSet. For the fourth quarter, Adobe targets adjusted earnings of $2.25 a share on sales of $2.97 billion. Analysts on average were expecting adjusted earnings of $2.30 a share on sales of $3.02 billion, according to FactSet. Adobe shares jumped 2% immediately after numbers were released, then fell to declines of more than 2% later in the after-hours session. Adobe shares are up more than 25% so far this year, while the S&P 500 index has gained 19.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseSep 17, 2019
Kraft Heinz's stock falls after 2nd-largest shareholder sells $713 million worth of shares
Shares of Kraft Heinz Co. slumped 4.2% in midday trading, enough to pace decliners among its consumer staples peers group, after the food and beverage company's second-largest shareholder cut its stake by more than 9%. In a Form 4 filing with the Securities and Exchange Commission, Kraft Heinz disclosed that private-equity firm 3G Capital sold 25.1 million Kraft Heinz shares on Monday at a price of $28.44, which values the shares sold at $712.95 million. That left 3G with a 245.03-million-share stake, or 20.1%, of the shares outstanding. 3G's stake is second to Warren Buffett's Berkshire Hathaway Inc.'s 325.6-million-share stake as of June 30, which is 26.7% of the shares outstanding. 3G and Berkshire orchestrated the creation of Kraft Heinz when Kraft Foods Group Inc. and H.J. Heinz Co. agreed in March 2015 to merge. Kraft Heinz's stock has tumbled 34.1% year to date, while the SPDR Consumer Staples Select Sector ETF has rallied 19.7% and the Dow Jones Industrial Average has climbed 15.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatchSep 17, 2019
Metals Stocks: Gold notches second straight gain, adds to climb toward 1-week high
Gold futures climb on Tuesday, building on the hefty gain seen a day earlier to settle at a more than one week high for a second session in a row, with traders continuing to monitor developments tied to the attacks on Saudi Arabian oil-infrastructure as they shift focus to the Federal Reserve meeting this week.
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