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NEW YORK(

TheStreet

)--

Adobe

(ADBE)

leaped 5.58% to close at $45.78 after several analysts gave the company a

ratings lift

.

Research firms including

UBS

,

Credit Suisse

, and

Bank of America

boosted ratings based off of the earnings report. The diversified software company posted strong second quarter earnings, bringing in 36 cents a share on over $1.01 billion in revenue. This topped analyst predictions of 33 cents a share on $1.01 billion in sales.

Adobe attributed its success to a positive performance in the cloud computing space. ""Adoption of Creative Cloud continued to accelerate and we drove strong Adobe Marketing Cloud bookings growth in Q2," CFO Mark Garrett said in a statement.

Bank of America Merrill Lynch upgraded the stock to "buy" with a $57 price objective. "We are going back to an out of consensus buy," said analyst Kash Rangan, noting, "higher confidence in potential for upside to Creative Cloud (CC) subs" and "confidence in ADBE's ability to convert a large portion of its TotalAvailable Market" as reasons for their upgrade.

BlackBerry

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shares closed down 4.45% to $14.18 after an analyst downgraded shares, and cut its price target.

Bernstein Research

lowered its rating to "underperform" from "perform," cutting its price target to $10 from $15. "We believe Blackberry is now set to disappoint investor expectations for the second half,"said senior analyst Pierre Ferragu in the note. "Our latest checks with distributors and operators suggest consumer take up is slow, in line with the weak search volumes we note from Google Trends data and the weak sell-through market share data we have."

Enthusiasm surrounding the new Z10 models is fading, with Ferragu noting a drop in search trends and price cutting. "Google Trends data shows that consumer search activity in Z10, for instance, is on the same downward trajectory as Nokia's Lumia phones," says Ferragu, noting that "lack of traction is already starting to be reflected in discounts applied to these new devices."

Bernstein also cut its full-year earnings estimates. The research firm now expects BlackBerry to earn 44 cents per share, as opposed to $1.58.

Sprint

(S)

shares slid 4.37% to close at $7.00 on news

Dish Network

(DISH)

is no longer pursuing the cell service provider.

Last week, Sprint accepted a bid from the Japanese company,

Softbank

for $21.6 billion. Sprint gave Dish Network until Tuesday to make a final offer.

Sprint shareholders will vote on the deal on June 25th, which would give Softbank a 78% slice of the company.

Dish shares edged up 0.46% to close at $39.27.

--

Written by David Webster in New York

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