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RealTime IT News

Adobe Gets a Boost

Adobe shares jumped 5% in late trading Tuesday after the company said its results are tracking in line with expectations.

Adobe said its sees third-quarter sales of $580-$610 million and earnings of 25-27 cents a share, both in line with estimates. After warnings in May and June, investors were pleased just to hear that the company expects to meet estimates this quarter, which ends Sept. 1.

Adobe will report official results on Sept. 14.

Also after the close, Computer Sciences was unchanged on in-line results. Checkfree and J2 Global fell on their earnings reports.

Stocks fell during the day after spending and manufacturing reports raised inflation fears.

A number of tech stocks received positive feedback on their earnings reports. IAC , Qwest , Lionbridge , Altiris and PeopleSupport all gained on better than expected results.

But Verizon , EDS , Vonage and Powerwave declined on their reports.

The Nasdaq fell 29 to 2061, the S&P 500 lost 5 to 1270, and the Dow fell 60 to 11,125. Volume rose to 2.53 billion shares on the NYSE, and 1.72 billion on the Nasdaq. Decliners led 19-12 on the NYSE, and 21-8 margin on the Nasdaq. Downside volume was 63% on the NYSE, and 86% on the Nasdaq. New highs-new lows were 79-90 on the NYSE, and 56-128 on the Nasdaq.