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Adobe, FedEx Hit All-Time Highs on Strong Earnings

NEW YORK (TheStreet) -- Shares of Adobe Systems (ADBE - Get Report)  and FedEx (FDX - Get Report) have surged to all-time highs as both companies reported better-than-expected quarterly results this week.

Adobe ($73.08) rose 8% on Wednesday after the software company reported fiscal second-quarter earnings of 23 cents a share after the bell on Tuesday, topping analysts' average estimate by 7 cents. The company's cloud-computing initiatives to an all-time intraday high at $74.69 on Wednesday as detailed in The Street.

Shares of package-delivery company FedEx ($148.95) soared to their highest altitude ever after the company reported fiscal fourth-quarter earnings of $2.46 a share early Wednesday, topping estimates by 10 cents. The company reported increased shipping volume in its FedEx Ground segment. The stock set an all-time intraday high at $149.37 on Wednesday, as covered by TheStreet.

The performances should not have been a surprise to readers of my past posts covering these companies, including my positive technical profile on FedEx on May 23.

Courtesy of MetaStock Xenith

The weekly chart for FedEx shows that the stock is becoming overbought with a 12x3x3 weekly slow stochastic reading moving above 80.00 on a scale of 00.00 to 100.00, where a reading above 80.00 is overbought. The stock is well above its five-week modified moving average now at $141.42 vs. $136.68 on May 23.

What is an issue for the stock is that it has gapped above quarterly, weekly, monthly and semiannual risky levels. It now pivots at $142.30, $145.08, $146.82 and $148.81. Annual value levels lag at $97.95 and $93.02.

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SYM TRADE IT LAST %CHG
ADBE $78.91 2.04%
FDX $153.04 3.11%
AAPL $112.92 2.94%
FB $89.73 2.91%
GOOG $637.61 1.43%

Markets

Chart of I:DJI
DOW 16,654.77 +369.26 2.27%
S&P 500 1,987.66 +47.15 2.43%
NASDAQ 4,812.7080 +115.1720 2.45%

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