11:47 AM EST, 12/12/2024 (MT Newswires) -- The S&P 500 and the Nasdaq Composite were both down in late-morning trading on Thursday, while the Dow Jones Industrial Average was flat as the latest reading for producer prices came in hotter than expected.

In company news, Adobe (ADBE) reported fiscal Q4 non-GAAP earnings late Wednesday of $4.81 per diluted share, up from $4.27 a year earlier and above the consensus estimate of analysts surveyed by FactSet calling for $4.67. Fiscal Q4 revenue was $5.61 billion, up from $5.05 billion a year earlier and above the FactSet consensus of $5.54 billion. The company expects fiscal Q1 non-GAAP EPS of $4.95 to $5 on revenue of $5.63 billion to $5.68 billion. The FactSet consensus expects $4.95 EPS on $5.72 billion in revenue. For fiscal 2025, Adobe expects non-GAAP EPS of $20.20 to $20.50 on revenue of $23.3 billion to $23.55 billion. The FactSet analyst consensus expects $20.52 EPS on $23.78 billion in revenue. Adobe shares were down 12.6% near noon.

Warner Bros. Discovery ( WBD ) said Thursday that it plans to implement a new corporate structure that will split operations into two divisions: Global Linear Networks, which is focused on profitability and cash flow, and Streaming & Studios, which is targeting growth through streaming and entertainment. The restructuring is expected to be complete by mid-2025, the company said. Shares of the company were up 17.1%.

The US Consumer Financial Protection Bureau, or CFPB, said Thursday it has adopted new rules capping overdraft fees at $5 per transaction for banks with over $10 billion in assets. The rule is expected to save depositors $5 billion annually, the CFPB said.

Activist investor Starboard Value has built a large position in Riot Platforms ( RIOT ) and is looking to make changes at the bitcoin-mining operator, The Wall Street Journal reported Thursday, citing people familiar with the matter. Shares of Riot were up 11.3%.

Price: 481.08, Change: -68.85, Percent Change: -12.52