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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 689.17

+0.2%

Dec 11 4:00 PM EST

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To: Johnny Canuck who wrote (32799)	6/15/2001 2:30:31 AM
From: Johnny Canuck	of 69003

18:18 ET ****** Adobe Systems (ADBE) 39.01 -1.17: This publishing software giant is getting a lot of attention after the bell as it is one of only three companies reporting. While Adobe is best known for its Acrobat software, it also has software used in Web, print, video, wireless and broadband applications. In fact, Adobe is the second-largest PC software company in the US. The MayQ results were strong as the company reported EPS a nickel better than expected. But the current market is always looking ahead and that's where the news is not as good. Management sees North American and European weakness continuing and spreading to Asia in AugQ. The real bad news is that May, the last month of the qtr, was especially weak. This makes it more likely weakness will bleed into AugQ. As such, AugQ revenue was guided down to approximately $329 mln vs consensus of $367.3 mln...On the conference call, the longer term outlook is more positive as the company expects a return to 20% sales growth once economic environment improves (MayQ was +14.7%). Also, the company is putting its money where its mouth is as headcount increased by almost 100 people. Most new hires were in R&D, which demonstrates the company's desire to invest in its future so it will be well positioned once this sticky economy is behind us...Balance sheet is solid with $588 mln in cash/investments and zero long term debt....Bottom line, stock is reacting little in the after hours session as quarter was about as expected. Briefing.com sees little reason to jump in as the shares will likely trade sideways for a while as AugQ news flow should be relatively negative despite some new product announcements. -- Robert J. Reid, Briefing.com

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