Adobe Tumbles After Downgrade

Shares of

Adobe Systems

(ADBE) - Get Report

were hit after

Banc of America

downgraded the software company to market perform from buy.

The firm said revenue growth rates at the San Jose, Calif., company likely have leveled off.

Shares of Adobe, a maker of graphic design and publishing software, were recently trading down $6.13, or 8.1%, to $69.81 in

Nasdaq

trading.