Adobe Drops on Cautious Outlook

Freddie Mac rallies; Cree founder sues company; plus more of today's stocks in the news

Adobe Systems (ADBE ) posted 27 cents, vs. 22 cents second-quarter GAAP earnings per share on flat revenue. Adobe warned of a weaker third quarter, and now targets 22 cents to 25 cents GAAP earnings per share on $300 million to $315 million revenue. The desktop publishing software maker continues to target fiscal 2003 GAAP and pro forma operating margins of at least 28%. S&P reiterates hold. UBS Investment cut its estimates.

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