Ironic: Adobe Gets Hacked, Adobe Stock (ADBE) Climbs
Adobe (ADBE) has confirmed a data breach/hack that involves 2.9 million customer records and source code. KrebsOnSecurity broke the story. The media is sounding the alarm. And what about Wall Street: Are investors running for the exits?
Not quite. The quick answer seems to be this: "Nothing to see here. Move along."
Adobe shares are up — yes, UP — around 1 percent today, trading around $51.50 — only about $1 below the company's 52-week high. Take an expanded view and you'll notice Adobe shares are trading near a five-year high.
So while Adobe scrambles to protect its source code and customer information, Wall Street seems to be saying, "don't worry, we trust you over the long haul."