Solid Earnings Power Stocks

Upbeat earnings news from Adobe , Time Warner and Procter & Gamble gave stocks a welcome boost on Wednesday.

Beaten-down Adobe saw its shares surge 14% just for saying the company won’t disappoint when it reports third-quarter results next month. Analysts are looking for 22% sales growth from Adobe.

Investors also applauded Time Warner’s plan to offer free AOL services.

Blue Nile fared even better, soaring 32% on its results. Cognizant , Valueclick , Cincinnati Bell and Open Solutions also gained on their earnings reports.

But Computer Sciences , Checkfree , J2 Global , Tech Data , Symbol Tech and Answerthink fell on their earnings news.

Rambus plunged 26% on an adverse FTC ruling.

The Nasdaq rose 17 to 2078, the S&P 500 gained 7 to 1278, and the Dow rose 74 to 11,199. Volume rose to 2.61 billion shares on the NYSE, and 1.83 billion on the Nasdaq. Advancers led 22-10 on the NYSE, and 18-11 margin on the Nasdaq. Upside volume was 69% on the NYSE, and 67% on the Nasdaq. New highs-new lows were 165-70 on the NYSE, and 98-126 on the Nasdaq.

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