The S&P 500’s top gainers on October 19, 2017, were:
Adobe Systems, which develops, markets, and supports computer software products and technologies, was the S&P 500’s top gainer on October 19, 2017. On Thursday, Adobe Systems opened higher and rose to record high price levels.
The stock rose amid management’s strong fiscal 2018 guidance. In a financial analyst briefing at the Adobe MAX user conference, management revealed the outlook for 2018. Adobe Systems expects the total revenue to rise 20% to $8.7 billion. It’s higher than the market’s forecast of $8.63 billion. Adobe Systems’ EPS (earnings per share) outlook for 2018 is $5.5, which is higher than analysts’ forecast of $5.21.
Management expects 23% growth in the digital media segment. It expects 20% revenue growth in the Adobe Experience Cloud subscription service and 15% growth in total revenue from the Adobe Experience Cloud segment.
In addition to the financial targets, management’s comments about progress in artificial intelligence and the machine learning platform also boosted the market sentiment. Adobe Systems unveiled its new generation of Adobe Creative Cloud. On October 19, Adobe Systems rose 12.2% and closed the day at $171.73.
In the next part of this series, we’ll discuss how Envision Healthcare Holdings and Danaher performed on October 19, 2017.