Diamonds and Dogs
Adobe (ADBE) firing on all cylinders. The company known for their Acrobat software that helps view, create, manipulate, print and manage files is jumping 5% near all-time highs following earnings. Adobe beat expectations as sales rose 25% to $2.74 billion. Guidance was light for the third quarter, but investors were happy revenue remained strong due in part to new cloud-based sales. At least four upgrades with price targets in a range from $303 to $327 a share.
Yum Brands passes on Beyond Meat (BYND). Beyond Meat is down a percent after Taco bell owner, Yum brands ruled out adding the plant-based meat substitute to their menu. Carl's Jr and TGI Fridays will offer Beyond Meat burgers. Meanwhile Burger King will offer a rival planted based burger. Since coming public at the beginning of May, Beyond Meat's stock has quadrupled now sporting a market cap of $10 billion which is larger than 80 S&P 500 companies including Wendy's, Macy's, Xerox and Mylan.