ADBE Rises on Outlook – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/17984/ADBE+Rises+on+Outlook++-+Zacks+Tale+of+the+TapePosted on Thursday, March 5th, 2009 | In Stocks to Watch
Adobe Systems Inc. (ADBE) finished Thursday’s session in positive territory by about 3.7%, as investors reacted to the company’s preliminary fiscal first-quarter results from Wednesday afternoon.
Although the software company pulled back on its sales guidance for the quarter, ADBE expects profit to surpass Wall Street’s expectations.
Battling worsening market conditions, the company now expects non-GAAP EPS of 44 cents to 45 cents. Previously, the guidance encompassed 43 cents to 47 cents.
Revenue is now anticipated between $783 million and $786 million, instead of $800 million to $850 million. ADBE attributed this revenue reduction to weakness in its creative and knowledge worker businesses.
Despite the rise in its share price today, earnings estimates for this fiscal year and next have moved lower in recent days.
ADBE is a Zacks #4 Rank (”Sell”) company. (The Zacks Rank is a quantitative, short-term indicator.) On a longer-term basis, though, ADBE currently has a Zacks Equity Research recommendation of “Hold”.
“ADBE” Free Stock Analysis: Buy? Sell? Hold?
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