After-hours buzz: ADBE, JBL and more
Shares of Adobe tumbled 3 percent in extended trading. The design software company reported better-than-expected earnings for the second quarter of its 2018 fiscal year and forecast strong third-quarter guidance. Adobe reported earnings per share of $1.66 on revenue of $2.2 billion, versus the $1.54 EPS on $2.16 billion in revenue analysts expected.
Jabil Circuit stock jumped 3.2 percent after the bell. The manufacturing services company reported third-quarter earnings that beat Wall Street expectations. Jabil also announced a $350 million share repurchase program that will expire in August 2019.
Time Warner climbed 1.6 percent in extended trading after the U.S. government agreed not to seek a stay that could delay the approved deal with AT&T. AT&T has said it could close its $85 billion acquisition of Warner as early as tomorrow, according to a court filing.
Shares of AT&T dipped slightly on the news.
Shares of Finisar seesawed in the extended session before settling up close to 1 percent. The optical component manufacturer reported fourth-quarter financial results that Finisar CEO Michael Hurlston called disappointing.
"While we are disappointed in last quarter's results, we do expect both revenues and gross margins will increase in our fiscal first quarter," Hurlston said in a statement.
Finisar is still up 3 percent week to date. Optical stocks jumped after U.S. Secretary of Commerce Wilbur Ross announced a deal with Chinese telecom giant ZTE, Reuters reported.