Adobe Raises, Sina Beats soared nearly 20% after hours Tuesday after the company beat earnings and revenue estimates, and Adobe climbed after raising guidance.

Sina reported third-quarter earnings of 32 cents a share, four cents above analysts’ estimates, and revenues surged 64.5% to $52.5 million, ahead of $48.8 million forecasts. The company also raised fourth-quarter guidance. The results sparked a rally in Chinese Internet stocks after hours.

Adobe remained on a roll, saying it expects fourth-quarter earnings of 40-43 cents a share and revenues of $410-$425 million, compared to 40-cent and $410.7 million estimates. Shares of Adobe climbed 2% in after-hours trading.

Also after the close, Microstrategy beat estimates, as did Veritas , Avaya , Atmel , Symbol , Avid , Openwave , Tekelec , F5 , Kforce , Activision , iPass , UTStarcom and Websense . Varian met estimates, Red Envelope missed, and RF Micro and Pegasus warned.

Stocks surged during the day as blue chips finally rebounded, led by insurance stocks.

The Nasdaq rose 14 to 1928, the S&P 500 gained 16 to 1111, and the Dow surged 138 to 9888. Volume rose to 1.69 billion shares on the NYSE, and 1.84 billion on the Nasdaq. Advancers led 23-9 on the NYSE, and 18-12 on the Nasdaq. Upside volume was 81% on the NYSE, and 60% on the Nasdaq. New highs-new lows were 141-38 on the NYSE, and 102-75 on the Nasdaq.

PeopleSoft and Oracle edged higher after the EU cleared the way for Oracle’s takeover bid. rode Google’s coattails to a rousing debut, pricing at $18, opening at $22.95, and closing at $28.80.

EDS gained 5% after reaffirming guidance and announcing a restructuring plan.

Apollo and Qualcomm fell on downgrades.

Internet Security , CSG , Nvidia , Digital Recorders , Genesis Microchip and Advanced Fibre surged on their results.

Neoware , InfoSpace , Western Digital , Flextronics , Semtech , Silicon Labs , M-Systems and Tellabs fell on their results.

Level 3 jumped 8% on hopes for a deal with Comcast .

News Around the Web