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Technology Stocks : Adobe (adbe) opinions

ADBE 326.87

+1.3%

Dec 3 3:59 PM EST

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To: Mark Palmberg who wrote (2054)	12/19/1997 8:31:00 AM
From: Chuck. Edwards	Read Replies (4) of 3111

Sorry to burst the bubble, folks, but all this stuff about Adobe beating earnings estimates is a load of hooey. They came in three cents short of where the analysts had earnings pegged just one month ago. At that time, Adobe announced that it probably would fall short of the current estimate of 59 cents by one to three cents. This led to a one-day sell-off that took the stock from 48 to 42. The stock has been weak ever since. In fact, earnings came in three cents shy of the estimate that prevailed one month ago, though one penny above the revised consenus. So, now you are berating the analysts for not rewarding Adobe for beating lowered estimates that Adobe specifically sought to establish? Tell me why the market should reward Adobe. For manipulating earnings expectations to lower the hurdle? Analysts aren't that stupid, and my memory isn't that short. Sorry, I won't buy this. I am happy for those who are long, because the company's shortfall wasn't greater. But it really doesn't make sense to beat up the market for not recognizing Adobe's great earnings momentum, when it doesn't currently have any. Good luck, all. Chuck Edwards

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