Early Hour Biggest Stock Movers (ADBE, MAJC, PRSC)

Shares of the software maker Adobe Systems Incorporated (NASDAQ:ADBE) slumped 20.31% to $26.25 following the company provided a disappointing outlook, which failed to met the analysts’ estimations.

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During the fiscal third-quarter, the company reported a whopping jump of 69% in its profit  $230.1 million, or 44 cents a share, compared with a profit of $136 million, or 26 cents a share, in a corresponding quarter of the last year. Excluding one - time expenses, the company earned 54 cents a share.

Revenue rose $990.3 million from $697.5 million.

Analysts were expecting the company to report earnings of 49 cents a share, on revenue of $985.9 million.

For the fourth quarter, the company said projects to report revenue of $950 million - $1 billion and also expects adjusted earnings between 48 cents - 54 cents a share.

While, analysts currently have expectation of 53 cents a share, on revenue of $1.03 billion.

The company reported product revenue of $829.1 million Versus $636.5 million in the year-earlier period. Subscription sales totaled $98.6 million Versus $13.3 million, while services revenue was $62.6 million Versus $47.6 million.

Shares of Majestic Capital, Ltd. (NASDAQ:MAJC) soared 85% to $0.398 after Bayside Capital Partners LLC reached an agreement to acquire Majestic Capital valuing the company at $7.8 million or $0.45 per share, hefty premium of 105% to Majestic Capital's closing price yesterday of $0.22.

The transaction is expected to be completed occur in the first quarter of 2011, subject to the approval of Majestic Capital's shareholders, regulatory approvals, and other customary closing conditions.

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The Providence Service Corporation (NASDAQ:PRSC) surged about 8.20% after the company lifted its third quarterly profit outlook sharply.

Compared to its earlier profit estimates of $0.04-$0.06 a share, now the company sees $0.20 to $0.22 a share, citing continued increases in Medicaid eligibility as well as growing referrals away from out-of-home providers in favor of in-home services.

For the current fiscal year, the company sees of $1.71 - $1.75 a share, compared to previous expectations of about $1.55 - $1.59 a share. The company anticipates revenue to be towards the high end of its previously announced range of $870 to $900 million.

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