BUZZ-U.S. Stocks on the Move-Adobe, Endocyte, Enteromedics, FedEx
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U.S. stock index futures were little changed on Wednesday, after a three-day winning streak for the S&P 500 index and ahead of a monetary policy announcement by the Federal Reserve. Dow Jones industrial average e-mini futures were down 0.01 percent at 16,804, S&P 500 futures were down 0.01 percent at 1,941.25 and Nasdaq 100 futures were up 0.12 percent at 3,784.
** ADOBE SYSTEMS INC, Tuesday close $67.54, +8.45 pct premarket
The maker of Photoshop and Acrobat software reported better-than-expected quarterly profit and revenue, helped by higher subscription sales of its Creative Cloud and Marketing Cloud suites.
Brokerage JMP Securities raised its price target on Adobe's stock to $82 from $78. Susquehanna Financial Group raised its target price to $87 from $83. RBC Capital Markets raised its target price to $85 from $75.
** ENDOCYTE INC, Tuesday close $7.72, -17.62 pct premarket
The drug developer said Merck & Co Inc would no longer pursue the development of Endocyte's cancer drug, vintafolide. Vintafolide is being developed to deliver chemotherapy drugs directly to cancer cells and is being tested in patients with lung and breast cancer.