The stock market closed mixed on Monday to start a busy week of inflation reports. This could be the signal on what the Federal Reserve will do at its September meeting. Overall, S&P 500 was flat at 5,344, while NASDAQ was up 0.2% to 16,781.
Tweet of the Day
This is bearish https://t.co/AJ2jaLXp9b
— David Sharek (@GrowthStockGuy) August 1, 2024
Chart of the Day
Here is the ten-year chart of Adobe (ADBE) as of July 1, 2024, when the stock was at $560.
Despite intensifying competition from Canva, Adobe continues to deliver robust profit growth, consistently achieving an impressive 15% to 20% increase in quarterly profits. During the past four quarters, Adobe has reported profit growth of 20%, 19%, 18%, and most recently, 15%. Adobe’s Document Cloud contributed to this achievement, delivering 19% revenue growth last quarter and achieving a remarkable annual recurring revenue (ARR) growth of 24%. The introduction of Acrobat AI Assistant seems to be a pivotal step towards enhancing user interaction with PDF document. Acrobat AI Assistant allows users to interact conversationally with documents facilitating tasks like summarizing and composing presentations across PDFs and other document formats. Overall, Adobe continues to actively pursue advancements in generative AI, maintaining strong growth despite increasing competition from platforms like Canva.
ADBE is part of our Conservative Growth Portfolio.
