Diamonds and Dogs
Adobe (ADBE) leading tech higher after raising guidance for 2019. The software maker is up 8% after giving a bullish sales forecast for 2019, reassuring investors that its widening creative and business products will continue to attract customers. Adobe sees 2019 revenue +20% ahead of guidance as Digital Media segment revenue with grow over 20%, Digital Experience segment revenue will grow over 20%, net new Digital Media ARR will come in around $1.4 billion while digital experience subscription bookings will be up over 25%. The analyst at Evercore said Adobe remains one of the best positioned growth stories in software. Cowen & Co. boosted its price target for Adobe's shares to $300 from $295, a share.
W.W Grainger (GWW) going down, down, down. The seller of maintenance and other business and office supplies is down 13% beat earnings expectations after adjusting for restructuring costs, but sales were light of estimates. W.W. Grainger shares have risen 35 percent since the beginning of the year so some of this decline is simply profit-taking, but the company is facing higher tariff costs and weakness of operating leverage so earnings next year may not be much higher than this year.