ADOBE STRONGLY BULLISH AS RESULTS BEAT ESTIMATES
Adobe’s stock is currently trading at 289.59-higher by 4.63% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 4.12%. The stock has continued gaining after the opening bell.
The company reported its second-quarter earnings after the market close on Tuesday. Adobe generated an EPS (excluding certain items) of $1.83 for the second quarter. The EPS was above the market expectation of $1.78. The company brought in $2.74 billion in revenue for the second quarter. The revenue was above the consensus estimates of $2.71 billion.
The California based company sees Q3 2019 EPS (excluding certain items) of $1.95, versus the consensus of $2.05. Adobe forecasts Q3 2019 revenue of $2.80 billion, versus the market expectation of $2.83 billion.
On the technical front, the current price is above the MA5. The current price is above the upper band of the Bollinger Bands and is heading upwards. The RSI is currently at 62.84% and suggests that the market can move in the upward direction.
TRADE SUGGESTION-LIMIT BUY AT 289.20 TAKE PROFIT AT 290.60 STOP LOSS AT 288.50