Adobe Systems Inc. Q3 Profit Decreases, but beats estimates

Adobe Systems Inc. (ADBE) reported earnings for third quarter that decreased from the same period last year but beat the Street estimates.

The company’s earnings came in at $1.14 billion, or $2.42 per share. This compares with $1.21 billion, or $2.52 per share, in last year’s third quarter.

Excluding items, Adobe Systems Inc. reported adjusted earnings of $1.60 billion or $3.40 per share for the period.

Analysts on average had expected the company to earn $3.33 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 12.4% to $4.43 billion from $3.94 billion last year.

Adobe Systems Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $1.14 Bln. vs. $1.21 Bln. last year.
-EPS (Q3): $2.42 vs. $2.52 last year.
-Analyst Estimates: $3.33
-Revenue (Q3): $4.43 Bln vs. $3.94 Bln last year.

-Guidance:
Next quarter EPS guidance: $3.50
Next quarter revenue guidance: $4.52 Bln

‘Goodnight Mommy’ Review: Behind the Mask

Twin boys worry that their mother might be an impostor in this disappointing remake.

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By Jeannette Catsoulis

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‘Casablanca Beats’ Review: Hip-Hop Isn’t Dead

Nabil Ayouch’s exuberant musical declares that the genre hasn’t faded; it has just been hiding in a Moroccan slum.

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By Austin Considine

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GIC, Funds Managed By Oak Street To Acquire STORE Capital In All-cash Deal

STORE Capital Corp. (STOR) and GIC, a global institutional investor in partnership with Oak Street, a Division of Blue Owl, one of the largest net lease investors, said they have entered into a definitive agreement under which GIC and funds managed by Oak Street will acquire STORE Capital in an all-cash deal valued at approximately $14 billion. STORE Capital stockholders will receive $32.25 per share in cash. Upon completion, STORE Capital’s common stock will no longer be listed on the NYSE.

STORE Capital will declare and pay its third quarter cash dividend in the ordinary course.

The merger agreement includes a 30-day go-shop period that will expire on October 15, 2022.

Shares of STORE Capital Corp. are up 21% in pre-market trade on Thursday.

‘The African Desperate’ Review: Double Speak

Martine Syms’s whip-smart satire brings the invisible, everyday negotiations of a Black artist to startlingly visual life.

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By Devika Girish

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Pre-market Movers: ATXG, FWBI, IDYA, ENOB, LUCY…

The following are some of the stocks making big moves in Thursday’s pre-market trading (as of 07.35 A.M. ET).

In the Green

Addentax Group Corp. (ATXG) is up over 25% at $6.00
Enochian Biosciences, Inc. (ENOB) is up over 13% at $2.04
Innovative Eyewear, Inc. (LUCY) is up over 12% at $2.54
Aditxt, Inc. (ADTX) is up over 8% at $12.44
AMTD Digital Inc. (HKD) is up over 7% at $204.25
ShiftPixy, Inc. (PIXY) is up over 7% at $21.05
Genco Shipping & Trading Limited (GNK) is up over 6% at $14.98
Genius Group Limited (GNS) is up over 6% at $2.49

In the Red

First Wave BioPharma, Inc. (FWBI) is down over 18% at $2.07
IDEAYA Biosciences, Inc. (IDYA) is down over 13% at $10.78
Rhythm Pharmaceuticals, Inc. (RYTM) is down over 11% at $27.37
Wearable Devices Ltd. (WLDS) is down over 6% at $2.75
Minerva Neurosciences, Inc. (NERV) is down over 5% at $9.41

‘Confess, Fletch’ Review: Solving a Crime, Eventually

Jon Hamm bops along amiably enough as the carefree, wiseacre detective once played by Chevy Chase.

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By Nicolas Rapold

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Carlyle To Sell Sequa Corp. To Veritas Capital For Undisclosed Sum

Veritas Capital said on Thursday that one of its affiliates has inked a deal to acquire Sequa Corporation, parent company of Chromalloy, from funds managed by The Carlyle Group L.P.(CG).

The financial terms of transaction, expected to be closed in the fourth quarter, were not disclosed.

Brian Costa, President of Chromalloy, said: “We are honored to partner with Veritas, and we look forward to accelerating our business under their ownership. Veritas believes in our strategy and the long-term growth potential of our business enabled by our proprietary LifeX solutions. We are ready to work with Veritas to continue delivering world-class solutions and unmatched value to our customers around the world.”

Chromalloy is Sequa’s only remaining arm, after the firm sold its Precoat Metals business to AZZ Inc., earlier this year.