Shares of technology companies fell as growth concerns emerged for one major software maker.
Adobe shares tumbled after the maker of design software logged quarterly recurring revenue growth short of some Wall Street targets. "Over the past two quarters, Adobe management has tried to explain why Creative Cloud [digital recurring revenue] is down year over year, despite pricing increases put into place last quarter," said analysts at brokerage Morgan Stanley.
Ride-hailing services Lyft and Uber said they would leave Minneapolis after the City Council ruled they have to pay their drivers more.
The House swiftly passed a bill that would ban Chinese-controlled TikTok from operating in the U.S. or force a sale. President Joe Biden wants to sign it. But the Senate has hit the brakes and floated possible changes to the measure, dashing proponents' hope for quick passage and offering a potential reprieve to the popular short-video app.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-15-24 1757ET
