Midday Report: Adobe Sees Sunny Fourth Quarter; U.S. Stocks Fall

U.S. stocks turn lower by late-morning trade, putting the Dow Jones Industrial Average further from its psychologically important 20,000 level.
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U.S. stocks turned mixed by late-morning trade on Friday, while the Dow Jones Industrial Average held more than 100 points from its psychologically important 20,000 level. Energy boosted markets as crude oil climbed above $51 a barrel. Adobe (ADBE) - Get Report moved lower despite reporting a sunny fourth quarter. The software company reported record sales after jumping nearly 23% and exceeding analysts' estimates. Guidance for next year did come in below consensus. Oracle (ORCL) - Get Report surpassed profit estimates in its second quarter. The company also reported that cloud-based revenue had exceeded $1 billion for the first time in its history. Honeywell (HON) - Get Report was active after offering a weak outlook for 2017. The aerospace company also guided for fourth-quarter earnings at the low end of its previous range.