Diamonds and Dogs
Adobe Systems (ADBE) acrobat having no problem with the tight rope. Software maker is up 5% to a new 52 week high after beating earnings and raising second quarter guidance. Revenues rose 21.6% year over year to $1.68 billion. Strong Creative Cloud and Document Cloud adoption and retention drove Digital Media Annualized Recurring Revenue ("ARR") to $4.25 billion. The stock is up 30% in the last year, but that didn't stop at least four analysts from upgrading the stock with price targets as high as $145 a share.
Amgen (AMGN) reports positive news for their drug to fight cholesterol and prevent heart attacks and strokes, but the stock is down 7% as Wall Street fears the positive data was not strong enough to justify the $15,000 price tag. Part of the disappointing news was there was no difference in cardiovascular deaths in the two groups, which disappointed investors. Researchers say the disappointing data was due in part to the study's length, with a median duration of 26 months. Longer term, the drug data should show a better reduction in deaths.