This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Adobe Jumps, BlackBerry Slumps: Tech Winners & Losers

Stocks in this article: ADBE BBRY S DISH

NEW YORK( TheStreet)-- Adobe (ADBE - Get Report) leaped 5.58% to close at $45.78 after several analysts gave the company a ratings lift.

Research firms including UBS, Credit Suisse, and Bank of America boosted ratings based off of the earnings report. The diversified software company posted strong second quarter earnings, bringing in 36 cents a share on over $1.01 billion in revenue. This topped analyst predictions of 33 cents a share on $1.01 billion in sales.

Adobe attributed its success to a positive performance in the cloud computing space. ""Adoption of Creative Cloud continued to accelerate and we drove strong Adobe Marketing Cloud bookings growth in Q2," CFO Mark Garrett said in a statement.

Bank of America Merrill Lynch upgraded the stock to "buy" with a $57 price objective. "We are going back to an out of consensus buy," said analyst Kash Rangan, noting, "higher confidence in potential for upside to Creative Cloud (CC) subs" and "confidence in ADBE's ability to convert a large portion of its Total Available Market" as reasons for their upgrade.


BlackBerry (BBRY - Get Report) shares closed down 4.45% to $14.18 after an analyst downgraded shares, and cut its price target.

Bernstein Research lowered its rating to "underperform" from "perform," cutting its price target to $10 from $15. "We believe Blackberry is now set to disappoint investor expectations for the second half,"said senior analyst Pierre Ferragu in the note. "Our latest checks with distributors and operators suggest consumer take up is slow, in line with the weak search volumes we note from Google Trends data and the weak sell-through market share data we have."

Enthusiasm surrounding the new Z10 models is fading, with Ferragu noting a drop in search trends and price cutting. "Google Trends data shows that consumer search activity in Z10, for instance, is on the same downward trajectory as Nokia's Lumia phones," says Ferragu, noting that "lack of traction is already starting to be reflected in discounts applied to these new devices."

Bernstein also cut its full-year earnings estimates. The research firm now expects BlackBerry to earn 44 cents per share, as opposed to $1.58.


1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,191.37 -195.84 -1.13%
S&P 500 2,002.16 -27.39 -1.35%
NASDAQ 4,637.9940 -43.5030 -0.93%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs