Closing Bell: Lockheed Martin, Defense Stocks Rise, Oracle Up, Adobe Sinks

On this episode of Stock Movers:

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Alix Steel, Carol Massar and Tim Stenovec.

- Lockheed Martin (LMT) shares of Lockheed Martin, as well as other defense stocks rose as investors reacted to rising tensions in the Middle East. Iran fired hundreds of missiles in retaliation for Israel’s airstrikes that targeted Tehran’s military and nuclear infrastructure, broadening a conflict that threatens to engulf the region and roil global markets. Israel said it identified missiles launched from the Islamic Republic and reported explosions from interceptions and falling debris from incoming projectiles. US forces are helping to intercept and shoot down the Iranian missiles, according to American and Israeli officials.

- Oracle (ORCL) shares extended a two-day rally in the wake of a better-than-expected earnings report, even amid a broad selloff sparked by Israel's attack on Iran and Iran's counterstrikes.

- Adobe (ADBE) shares shares fell the most in three months after the creative-software company gave a sales outlook for the current quarter that failed to calm investors who have been skeptical it can hold its own against AI-focused upstarts. Adobe has become a central focus of investors debating whether artificial intelligence tools will disrupt traditional software industry leaders. Design applications like those from Canva Inc. and image-creation tools from AI firm Midjourney Inc. have gained steam while Adobe has weaved generative AI tools through its products, including Photoshop. In February, it introduced separate subscriptions for its AI video generator, trying to compete with similar tools from rivals including OpenAI and Runway.

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