April Webinar RegistrationApril Webinar Registration


Stocks Edge Higher; Adobe Falls After Hours Following Earnings

The stock market closed with minor gains Tuesday, continuing a pattern of small moves.

X The Nasdaq composite and S&P 500 rose 0.1%, the sixth consecutive day with price changes of less than 0.5% in either index. Most have been below 0.3% even.

The Dow Jones industrial average added almost 0.2% and reached a record high. Dow financials American Express (AXP), JPMorgan (JPM), Goldman Sachs (GS) and Visa (V) were among the day's best.  American Express made a new high, while JPMorgan is nearing one.

Volume was slightly lower than Monday's total on the Nasdaq, but edged nominally higher on the NYSE, according to preliminary figures.

A major earthquake struck the Mexico City region this afternoon, causing some buildings to collapse. While U.S. stocks did not react, the iShares MSCI Mexico (EWW) ETF slid after the quake and closed with a loss of 0.5%, remaining in a current trading range.

After the close, shares of Adobe (ADBE) were down nearly 1.5% following the company's earnings announcement. Adobe posted adjusted earnings of $1.10 a share and revenue of $1.84 billion. That was above consensus estimates of $1.01 for EPS and sales of $1.82 billion.

Bob Evans Farms (BOBE) was the most active stock in Stocks On The Move. Shares gapped past the 73.08 buy point of a base in heavy volume after Post Holdings (POST) agreed to buy Bob Evans Farms for about $1.5 billion.

Western Digital (WDC) rose less than 1% in nearly double its average volume. Reuters reported that Toshiba is shifting back toward selling its semiconductor business to a group backed by joint venture partner Western Digital. The stock of Western Digital is worth watching regardless of the potential deal, because shares are getting closer to a buy point at 92.24.

The biggest loser on Stocks On The Move was Supernus Pharmaceuticals (SUPN), which plummeted 24% in huge volume. The stock set off sell signals as it crashed below its 50-day moving average and sank deep below its most recent entry at 45.05. The company ended trials of a smaller dose of a childhood aggression treatment and will continue with a larger dose.

RELATED:

Big Banks Lift Dow To High; Will 2 Long-Term Winners Break Out?

Adobe Sales, Earnings Growth Seen Slowing, But Still Healthy

How To Find Great Stocks: How Are These 4 Chip Leaders Faring?