It was a bumpy ride but stocks managed to close higher on Wednesday. Twitter (TWTR) added to the S&P 500 and Nasdaq after Saudi Arabian investment firm Kingdom Holding increased its stake to more than 5%. Its billionaire founder, Prince Alwaleed, now holds 30.1 million and is the social network’s second-largest shareholder. Adobe (ADBE) fell after issuing a below-consensus forecast. The software company said lower-than-expected earnings and sales were tied to the impact of the stronger U.S. dollar. Michael Kors (KORS) and J.C.Penney (JCP) slumped after Citigroup put them at the bottom of a list of specialty retail and department store stocks. Analysts gave both companies a SELL rating.
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