By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Adobe Systems Inc. sees big gains
following its upbeat quarterly results. Anticipation over an
upcoming announcement from Amazon.com Inc. claimed much of the
attention in the tech sector Wednesday.
Adobe (ADBE) climbed almost 10%, to $74.07 a share, after the
software company reported strong second-quarter earnings and
revenue growth, led by growing cloud-based software subscriptions.
Adobe said it earned 37 cents a share, excluding one-time items, on
$1.07 billion in sales. Analysts surveyed by FactSet had forecast
Adobe to earn 30 cents a share on revenue of $1.03 billion.
Adobe said it added 464,000 Creative Cloud subscribers in the
quarter, to give it 2.3 million such subscribers.
Amazon (AMZN) was up by 1.3% at $328.91 a share in advance of a
company event in Seattle in which Amazon is expected to reveal its
first smartphone.
Oracle Corp. (ORCL) was up by 21 cents a share at $42.51 a day
after reports surfaced saying the company was close to a deal to
acquire hotel and restaurant software developers Micros Systems
Inc. (MCRS) for more than $5 billion.
Gains also came from LinkedIn Corp. (LNKD), Pandora Media Inc.
(P), Autodesk Inc. (ADSK) and eBay inc. (EBAY).
The Nasdaq Composite Index (RIXF) was off by 1.5 points at 4,335
and the Philadelphia Semiconductor Index (SOX) also dipped into the
red.
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