Dow was off 103, advancers over decliners 4-3 & NAZ slid back 136. The MLP index edged up 1+ to the 278s & the REIT index was off 1 to the 379s. Junk bond funds were little changed & Treasuries had only limited selling, bringing slightly higher yields. Oil inched up pennies to the 81s & gold lost 1 to 2166.
AMJ (Alerian MLP Index tracking fund)
Home foreclosures are soaring nationwide
Adobe (ADBE) fell after the company reported first-qtr results that beat estimates but delivered a light quarterly revenue forecast. The
design software company posted adjusted EPS of $4.48,
above the $4.38 expected. Revenue of $5.18B exceeded the $5.14Bs estimated. For
the current qtr, ADBE expects adjusted EPS of $4.35- $4.40, while analysts were expecting $4.38. It said revenue will
total $5.25-5.30B, slightly below the $5.31B
estimated. The company also announced a $25B share buyback. ADBE launched an artificial intelligence assistant for its Reader & Acrobat applications that can help users digest information from long PDF documents. The stock tumbled 83+ (15%) to the 487s.
Adobe shares drop 13% on weak quarterly revenue guidance
Investors are weighing how the Fed will handle this week's new inflation data. At the same time there are more indications that all is not well in the economy.Dow Jones Industrials
