05th Jan 2009
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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