Adobe (ADBE) volatility flat into 9% headcount reduction
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Adobe (Nasdaq: ADBE) closed at $36.60. ADBE announced a 9% workforce reduction. Piper Jaffray says "Unexpected headcount reduction positive for FY10 EPS." Piper maintains its Overweight rating and $40 price target on ADBE.ADBE December and January option implied volatility of 37 is near its six-month average according to Track Data, suggesting non-directional price movement. Paul Foster
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