Business

Adobe, FedEx and Microsoft gain; CarMax falls

Posted September 21, 2016 7:00 am

The Associated Press

NEW YORK (AP) - Stocks that moved substantially or traded heavily on Wednesday:

Viacom Inc., down 11 cents to $36.05

The entertainment conglomerate cut its dividend in half, said it won't sell a stake in Paramount Pictures and announced the departure of its interim CEO, Tom Dooley.

Adobe Systems Inc., up $7.16 to $107.78

The software company raised its earnings and sales estimates after releasing solid quarterly results.

FedEx Corp., up $11.21 to $173.86

The shipping company gave a stronger forecast after its first-quarter results were better than expected.

Microsoft Corp., up 95 cents to $57.76

The tech company said it will repurchase $40 billion in stock and raised its dividend.

Target Corp., up 85 cents to $69.47

The retailer said it will buy back $5 billion in stock.

CarMax Inc., down $1.14 to $54.62

The used car retailer reported disappointing sales.

Anadarko Petroleum Corp., up $2.78 to $61.06

Energy company stocks rose with oil prices.

KB Home Inc., up 30 cents to $15.23

The homebuilder reported earnings that beat analysts' forecasts.

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