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Shares of Adobe Systems (ADBE) Cut at JMP Securities

Financial News Network
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September 17, 2011 AT 9:34 AM
Adobe Systems (NASDAQ:ADBE) was downgraded to Market Perform from Outperform at JMP Securities. The stock closed yesterday at $26.12 on volume of 5,478,400 shares, below the average daily volume of 7,280,504.In the past 52-weeks, shares of Adobe Systems have traded between a low of $22.67 and a high of $35.99 and are now at $26.12, which is 15.2% above that low price.Adobe Systems should find initial resistance at its 50-day moving average (MA) of $26.45 and further resistance at its 200-day MA of $31.20.