Adobe gains fail to spread across tech sector

Adobe Systems Inc. proved to be a rare gainer among tech stocks Wednesday, as the publishing-software maker benefitted from a strong earnings report and quarterly outlook.

However, broader-market concerns about durable goods data and the state of Portugal's economy led to selling that sent almost every other leading tech stock besides Adobe into the red.

Adobe /quotes/comstock/15*!adbe/quotes/nls/adbe (ADBE 36.85, +1.63, +4.63%) climbed $1.72 a share, or 5%, to $36.92 in the wake of the company's upbeat late-Tuesday report. In addition to posting first-quarter results that exceeded analysts' forecasts, Adobe said that it expects to earn between 39 cents and 44 cents a share, excluding one-time items, on revenue in a range of $875 million to $925 million.

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- Posted: 2010-03-24 10:43:22

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