Diamonds and Dogs
If you have never used this company's product, then you've probably have never been on the Internet. Adobe Systems (ADBE) is the diamond today up 4% after jumping as much as 8% this morning to a new 52 week high following better than expected earnings last night. The Digital marketing and media solution company reported record quarterly revenue of $1.38 billion. Earnings came in at 66 cents a share ahead of estimates of 61 cents a share. The company also raised its guidance for 2016. Adobe now expects earnings of $2.80 per share on revenue of about $5.8 billion for the full year. One analyst upgraded the stock with a $116 price target saying the company should grow in the mid 20% for the next three years.
I didn't want to do it again, but Valeant Pharma (VRX) keeps digging their own grave. Valeant Pharmaceuticals (VRX) is down another 8% to another 52 week low. In an internal memo, the CEO Mike Pearson told staff the company would not go bankrupt, but Wall Street is saying something else. Moody's cut Valeant's debt to junk status while S&P put them on negative credit watch. The company admitted this week that they would default on its loan agreements because it had delayed its annual report beyond the creditors' deadlines. With a stock that has gone from $275 per share In September lto a current $27 a share, let's hope the CEO is right.