Here’s Why Adobe Stock Rose Almost 10 Percent Today

Today’s takeaways from the Entrepreneur Index™ include a Tesla rebound.

4 min read

Opinions expressed by Entrepreneur contributors are their own.

What goes down must come up — at least in a bull market.

Investors shrugged of geopolitical concerns and fears of rising interest rates to get the stock market back on track. 58 of 60 stocks on the Entrepreneur Index™ were up on the day and 19 posted gains of 3 percent or more. The index was up 2.69 percent.

Profits and the excitement about profits to come appeared to fuel the optimism. Over 800 sell-side analysts polled by FactSet are expecting the earnings of S&P 500 companies to grow by 19 percent in the third quarter. Already, investment banks, drug companies and insurers have beaten estimates and helped the market recover some of the losses it suffered last week.

Adobe Systems Inc. registered the biggest gain of the day, rising 9.52 percent. The jump was not because of actual earnings reported but because of guidance on the outlook for next year. At a meeting with analysts yesterday, the software maker affirmed guidance on this year’s financials but projected a 20 percent jump in revenue next year. After falling nearly 15 percent since the beginning of the month, Adobe’s shares are up 49 percent so far this year.

The rest of the tech stocks on the Entrepreneur Index™ also rose sharply. Notable gains included TripAdvisor Inc.(5.91 percent), NVIDIA (4.44 percent), Twitter (4.4 percent), Netflix (3.98 percent), (3.87 percent), and Facebook (3.43 percent).

Discount retailer Dollar Tree Inc. posted the second biggest gain on the day. It was up 6.83 percent after the New York Post newspaper reported that activist shareholder Carl Icahn had taken a stake in the company.

Investors also sent Walmart shares up, despite the company’s cut in its profit forecast for next year. The company blamed the drag from its recent $16 billion acquisition of Indian online retailer FlipKart. The former brick-and-mortar retailer is now battling with Amazon for online market share across the globe. Walmart made the announcement yesterday at its annual shareholder meeting in Bentonville, Arkansas. Shares were down in pre-market trading but recovered and ended the day up 2.12 percent.

Related: Despite Trade War Uncertainty, Ralph Lauren Is Today’s Big Winner on the Entrepreneur Index™

Tesla posted one of the biggest gains of the day after a judge affirmed the settlement between the company and the Securities and Exchange Commission over tweets CEO Elon Musk made in August. Since Musk tweeted that he was on the verge of taking the company private, Tesla shares had fallen by more than 30 percent. They were up 6.55 percent today. The settlement includes $20 million fines on both Musk and Tesla, and it required that Musk step down as chairman of the company’s board for three years.

It was not all smiles and giggles on the earnings front today. Shares of asset manager BlackRock fell 4.4 percent — the biggest decline on the Entrepreneur Index™ — after it reported disappointing top line growth for the third quarter. Earnings per share beat estimates thanks to lower taxes and higher non-operating income, but revenues grew by just 2 percent. The industry leader also experienced net outflows of $3.1 billion in investor assets during the quarter. The only other company on the index that fell today was Ford Motor Co. (-0.11 percent)

All eyes are now on Netflix. The company will announce third quarter earnings after the market closes. Subscriber growth numbers disappointed Wall Street last quarter, and many believe the company’s third quarter financials could buoy or sink investor sentiment on the technology sector.

The Entrepreneur Index™ collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time on

Source link

more recommended stories

  • Elon Musk Received the Highest CEO Compensation Package Ever, and 27 Other Crazy Things We’ve Learned About the SpaceX and Tesla CEO

    The founder of Tesla, SpaceX and.

  • Cannabis Investing Tips for Non-Millionaires

    Want to invest in the cannabis.

  • Stock Market Falls as Trade War Between the U.S. and China Gets Nastier by the Day

    A deal between the world’s two.

  • How Philanthropy Helped Build This Billion-Dollar Liquor Brand

    Taylor Berry, Chief Marketing Officer of.

  • Wall Street Analysts Are Extremely Bearish on Tesla. Here’s Why.

    Tesla falls while the Entrepreneur Index™.

  • The 7-Step Guide To Finding the Right Clients and Avoiding the Ones Who Waste Your Time

    The right client base is the.

  • Now Is the Time to Press Even Harder for Immigration Reform

    The case for incentivizing U.S.-educated, foreign-born.

  • Chip Makers Bounce Back After U.S. Eases Restrictions on Chinese Telecom Giant Huawei Technologies

    Plus, investors had no appetite for.

  • Will Your Product Launch Be a Success? 4 Signs It Won’t Be.

    The truth is, most product launches.

  • A Beginner’s Guide to Starting and Marketing an App

    First-timers in app development tend to.

  • 12 Passive-Aggressive Phrases That Can Destroy Your Business

    Maybe you think you’re being polite,.

  • Cannabis Shops Linked to Lower Crime, Increased Property Values

    A store selling legal marijuana is.

  • What Exactly Is the Biohacking Movement?

    These shifts in mindset, diet and.

  • Snag These Premium Bang & Olufsen Headphones for Nearly Half Off

    Bang & Olufsen’s H4 Bluetooth Over-Ear.

  • These Presentation Templates Can Help You Make a Better Impression

    ShapeSlide’s 40-in-1 Presentation Bundle makes every.

  • Why Entrepreneurs Should Believe They Are Unstoppable

    Josh York, CEO of Gymguyz, talks.

  • 4 Instagram Best Practices for Increasing Sales

    Users are shifting from editorial to.

  • How to Calculate Gross Profit

    Know whether your business is making.

  • Tesla Stock Falls Hard Despite Elon Musk’s Claim That It Will Eventually Have $500 Billion Market Cap

    Plus, Under Armour stock jumps based.

  • Buying Into These Myths Can Make for Bad Hiring Decisions

    Every company can point to a.

  • Technology Stocks Lead Market Higher Despite Another Tesla Crash

    Tesla shares were down after a.

  • 7 Tips for Network Marketing Success

    There are six key elements you.

  • 10 Things You Didn't Realize Were Invented in the 1970s

    From the first mobile phone to.

  • 18 Ways for Digital Nomads to Make Money

    All you need is a laptop,.

  • SpaceX Is Building Another Starship in Florida

    The competition is on. May 15,.

  • Entrepreneur Index™ Rises as Fears of Trade War Dissipate

    The technology sector leads the rebound,.

  • 25 Interesting Facts You Should Know About Chick-fil-A

    One interesting fact about Chick-fil-A? By.

  • These Strategies Help Entrepreneur Combat Anxiety and Depression

    The same character traits make people.

  • Market Tanks — and Uber and FAANG Stocks Fall — After China’s Trade Retaliation

    President Trump may be comfortable with.

  • Supreme Court Rules Against Apple in App Store Price Fixing Case

    The decision paves the way for.

  • Why Athletes Are Using Cannabis for Training and Recovery

    They want more gain, less pain..

  • Grow Your Business With POWr’s Website Plugins

    This extensive plugin collection allows you.