Watching Adobe for a Buy (ADBE)
09/16/2008 12:00 am EST
With all of the financial turmoil and focus on the financials, it's easy to forget that other companies are plugging along with their businesses. One of those to watch today is Adobe Systems, which will announce earnings after the close. The Internet and digital market, of which Adobe is a huge player, continues to stream along, and I expect Adobe to report strong earnings. It is also currently at a significant support line from mid-July lows.
Adobe looks like a buy at least until this afternoon, but my risk tolerance always dictates to be out of the position during the announcement and play it again after the announcement. With the current volatility, I'd expect ADBE to overreact whichever way the market takes it, so be ready to buy or short the stock when it begins to come back to "norm" tomorrow morning.
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