Diamonds and Dogs
Adobe (ADBE) higher on earnings. Digital media and cloud firm beat earnings estimates as sales rose 10.1% to $4.53 billion. Adobe management stuck with their forecasts as they expect sales to remain strong in 2023. We will see.
Ford (F) takes a hit. The auto company stock fell 7% after raising the price of its popular electric pickup truck, the F-150 Lightning to $52,000. The market response to the move shows how auto makers are stuck between a rock and a hard place. Price cuts have triggered selloffs of EV makers' stocks recently. Now a price increase is doing the same.
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