Earnings Better Than Expected
Adobe Systems earned $0.36 a share in the second quarter, beating the $0.36 average analyst estimate. Guidance was in line with expectations but the big news is that customers are accepting management's shift to a subscription-based revenue model. ADBE climbs 8 percent before the bell on my tradeMONSTER platform.
Weak Mining Hurts Tetra Tech
Tetra Tech forecast a third-quarter loss of $0.30 to $0.50 a share on revenue of $440 million to $490 million. It had previously expected profit of $0.32 to $0.42 and revenue of at least $525 million. TTEK, which cited weakness in Canadian mining for the miss, drops 12 percent in early trading.
Pool Lowers Guidance
Pool Corp. lowered its full-year earnings guidance because of a cool start to the summer. It now sees profit of now more than $2.13 a share, down from its earlier predicted range of $2.13 to $2.23. POOL declines almost 6 percent in the premarket.
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