Diamonds and Dogs
Adobe (ADBE) jumps 4% to a 52 week high on, you guessed it, AI news. The software firm said they will incorporate AI technology into their Firefly for Enterprise software. Its beta version launched in March and it will be available to customers in the second half of this year. At least two analysts raised their price targets. Mizuho raised the price target to 450 while Wells Fargo upgraded shares to overweight and raised the price target to 525. The company will report earnings next week.
Profit-taking in Vail Resorts (MTN). The ski resort operator is down 6% following an earnings miss as sales rose 5% to $1.24 billion. Vail had a great quarter and great conditions out West allowing the ski hills to extend their season, but higher costs ate into their earnings. Vail is off to a good start for 2024 with season passes for next year up 11% in sales dollars. The Company repurchased approximately 1.8 million shares during the quarter at an average price of $225.01 for a total of approximately $400 million and declared a quarterly cash dividend of $2.06 per share .
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