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Gold Falls Sharply; Adobe Shares Dip After Weak Revenue Outlook

Benzinga ·  11:36

U.S. stocks traded lower midway through trading, with the Dow Jones index falling by 0.2% on Thursday.

The Dow traded down 0.18% to 44,067.70 while the NASDAQ fell 0.33% to 19,969.33. The S&P 500 also fell, dropping, 0.24% to 6,069.33.

Leading and Lagging Sectors
Real estate shares jumped by 0.7% on Thursday.

In trading on Thursday, energy shares fell by 0.6%.

Top Headline

Adobe Inc. (NASDAQ:ADBE) shares fell around 13% on Thursday following the company's release of a revenue forecast that fell short of expectations.

The company said it expects first-quarter revenue to be in the range of $5.63 billion to $5.68 billion versus estimates of $5.73 billion. The company anticipates first-quarter adjusted earnings of $4.95 to $5 per share versus estimates of $4.95 per share.

The company reported revenue of $5.61 billion, surpassing the consensus estimate of $5.54 billion. Adjusted earnings per share were $4.81, exceeding analyst predictions of $4.66 per share.

Equities Trading UP

  • Liquidity Services, Inc. (NASDAQ:LQDT) shares shot up 26% to $32.51 after the company reported better-than-expected fourth-quarter financial results.
  • Shares of Trevi Therapeutics, Inc. (NASDAQ:TRVI) got a boost, surging 60% to $3.9880 after the company announced positive outcomes for the treatment of patients from its chronic cough Phase 2b CORAL trial.
  • 3D Systems Corporation (NYSE:DDD) shares were also up, gaining 17% to $3.9300 after the company inked a definitive agreement to sell its Geomagic software portfolio to Hexagon's Manufacturing Intelligence Division for $123 million.

Equities Trading DOWN

  • Sacks Parente Golf, Inc. (NASDAQ:SPGC) shares dropped 80% to $0.2950 after the company priced an upsized $8.4 million underwritten public offering of 7 million common units at $1.20 per unit.
  • Shares of Keros Therapeutics, Inc (NASDAQ:KROS) were down 74% to $18.00 after the company announced it halted treatment in the 3.0 mg/kg and 4.5 mg/kg arms of its ongoing TROPOS trial due to safety concerns..
  • The Lovesac Company (NASDAQ:LOVE) was down, falling 25% to $28.39 after the company reported mixed third-quarter financial results.

Commodities
In commodity news, oil traded down 1.6% to $69.17 while gold traded down 1.9% at $2,705.80.

Silver traded down 3.9% to $31.67 on Thursday, while copper fell 0.7% to $4.2330.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 fell 0.09%, Germany's DAX rose 0.15% and France's CAC 40 gained 0.07%. Spain's IBEX 35 Index slipped 0.06%, while London's FTSE 100 rose 0.12%.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan's Nikkei 225 gaining 1.21%, Hong Kong's Hang Seng Index gaining 1.20%, China's Shanghai Composite Index gaining 0.85% and India's BSE Sensex falling 0.29%.

Economics

  • U.S. initial jobless claims increased by 17,000 from the previous week to a reading of 242,000 during the first week of December, compared to market estimates of 220,000.
  • Core producer prices increased by 0.2% month-over-month in November compared to a 0.3% increase in the previous month and in-line with market expectations.
  • U.S. natural-gas stocks fell 190 billion cubic feet to 3.747 trillion cubic feet in the week ended Dec. 6, compared to market estimates of a 170 billion cubic feet decline.

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