Why Shutterstock Inc (SSTK) Stock Is Plunging Today

Shutterstock Inc. (SSTK) shares have dropped following a major acquisition by one of its rivals.

Shutterstock Inc.Adobe (ADBE) shelled out $800 million for Creative Cloud, a marketplace for those with an artistic inclination. The service has more than 3.4 million members.

“Creative Cloud is becoming the go-to marketplace for the creative community to access images, videos, fonts and creative talent, through critical creative services like Fotolia and our new Creative Talent Search capabilities,” said David Wadhwani, Adobe senior vice president for digital media.

The move puts Adobe ahead of Shuttershock and other competitors. It’s still unclear how the company will integrate Creative Cloud with its own services.

SSTK stock is down 12.78% Friday evening.

ADBE stock is up 9%.

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