Adobe Systems Shares Decline, Orbitz Advances: U.S. After-Hours

Adobe Systems Inc., the biggest maker of graphic-design software, fell in extended U.S. trading after Chief Executive Officer Bruce Chizen unexpectedly resigned.

Adobe shares fell $1.34, or 3.2 percent, to $40.85 as of 5:47 p.m. in New York. The company promoted Shantanu Narayen to replace Chizen, who will remain in his role until Dec. 1 and serve out the rest of his term on the board.

Orbitz Worldwide Inc. rose as much as 22 percent in extended trading after the Internet travel agency taken public in July posted third-quarter earnings excluding some items of 23 cents a share. Analysts expected 14 cents, the average estimate in a Bloomberg survey. Orbitz shares climbed 67 cents, or 8.8 percent, to $8.30.

December futures on the Standard & Poor's 500 Index declined 0.1 percent to 1,438.30. Nasdaq-100 Index futures fell 0.1 percent to 1,988.25.

In regular trading, energy and metals companies sent U.S. stocks lower for a fourth day, the longest stretch of declines in eight months, after commodity prices dropped on concern economic growth is slowing.

The S&P 500 fell 14.52, or 1 percent, to 1,439.18, led by a 59 percent decline in E*Trade Financial Corp. on concern the online brokerage will go bankrupt. The Dow Jones Industrial Average decreased 55.19, or 0.4 percent, to 12,987.55, its first close below 13,000 since Aug. 16. The Nasdaq Composite Index lost 43.81, or 1.7 percent, to 2,584.13.
business-pennystock.com