Merrill changes 'Techfolio' (ADBE, SAP) by Tomi Kilgore
Merrill Lynch said it was removing the shares of Adobe Systems (ADBE) from its "Techfolio," and replacing it with German software giant SAP (SAP). Technology strategist Steve Milunovich noted the poor performance of Adobe's
stock of late as a result of a slowing economy and its exposure to Apple Computer (AAPL). ADBE is edging up $1.25 to $47, but is down 38 percent since the end of October. SAP, which recently preannounced an expected upside, is gaining $1.56 to $41.56. Milunovich said the stock's valuation is "reasonable" compared to its peers.
Merrill Lynch said it was removing the shares of Adobe Systems (ADBE) from its "Techfolio," and replacing it with German software giant SAP (SAP). Technology strategist Steve Milunovich noted the poor performance of Adobe's
stock of late as a result of a slowing economy and its exposure to Apple Computer (AAPL). ADBE is edging up $1.25 to $47, but is down 38 percent since the end of October. SAP, which recently preannounced an expected upside, is gaining $1.56 to $41.56. Milunovich said the stock's valuation is "reasonable" compared to its peers.
