TECH STOCKS: Amazon, Adobe Get Attention From Tech Investors

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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