Morning Movers: Google Maps is Here, Adobe Jumps on Earnings Beat
Shares of Google (NASDAQ:GOOG) increased 0.18 percent in early market trading. The company released its long-awaited Google Maps app for iOS with turn-by-turn navigation, Street View, and transit information. The app is available in more than 40 countries and 29 languages, the company said in a blog post. The current version is built for the Apple (NASDAQ:AAPL) iPhone, iPod touch, and an iPad release is expected shortly. Apple shares declined 2.31 percent Friday.
Adobe Systems (NASDAQ:ADBE) shares surged 5.49 percent in pre-market trading trading after reporting financial results for its fiscal fourth quarter. Net income came in at $222.33 million (44 cents per share), compared to $173.72 million (35 cents per share) a year earlier. Adjusted earnings of 61 cents per share easily beat the average forecast of 56 cents per share.
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Shares of Sprint Nextel (NYSE:S) edged slightly higher Thursday. Only a few months after Softbank announced it would acquire a 70 percent stake in the company, Sprint leveraged its position and tendered an offer to take over Clearwire (NASDAQ:CLWR) for $2.1 billion, or $2.90 per share, ending a four-year joint venture and possibly putting an end to billions in losses for the struggling smaller carrier.
Facebook (NASDAQ:FB) shares jumped 0.60 percent Thursday in pre-market trading. Investors do not appear to be worried about a minor lockup expiration of 156 million shares on Friday. Shares have surged 40 percent over the past month.
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