Yesterday $ADBE underperformed the market by around 7%, after posting results the night before. The results were ok or even good, beating expectations, although guidance seemed conservative. (Adobe beats expectations) . Furthermore, $ADBE has been underperforming in general as can be seen from the chart, part of the reason being its current "fight" with Apple (Apple atacks adobe´s flash).
Analyst´s were pleased with the results, while some worried about future margins, others saw reasons to maintain their bullishness. (Analysts reactions to earnings)
I have no particular opinion on Adobe´s long term prospects, but it seems that given the above, plus a reasonable forward P/E of around 15, there seems to have been a tradeable overreaction
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