SNPS - Adobe: AI In Focus Ahead Of Q2 Results Options Imply A Big Move
2024-05-18 08:10:29 ET
Summary
- 41% of S&P 500 firms mentioned AI on quarterly calls, but some tech firms claiming to be focused on AI are losing their luster.
- Adobe's Q1 results were disappointing due to slower adoption of AI, but analysts expect strong growth in the next 12 months, leaving its valuation attractive today.
- Adobe's technical chart shows warning signs with a bearish double top pattern and weakening momentum, making the stock risky ahead of earnings.
- Ahead of earnings next month, I highlight key price levels to watch.
With the Q1 reporting season just about wrapped up on Wall Street, the artificial intelligence ((AI)) narrative is louder than ever. Goldman Sachs reports that 41% of S&P 500 firms mentioned AI on quarterly calls. But the luster has been lost on some tech firms claiming to be focused on what AI can deliver. ...
Adobe: AI In Focus Ahead Of Q2 Results, Options Imply A Big Move