Market Remains Blissful About Adobe - TheStreet

SAN JOSE, Calif. (


) -- The market remained in a state of bliss Wednesday over Adobe's quarterly earnings.

Shares of


(ADBE) - Get Report

spiked more than 4% to close the day at $37.86. Volume reached 14 million shares, more than three times the daily average turnover in the name.

After Tuesday's closing bell, Adobe posted a loss for its fiscal fourth quarter, but the company also indicated that demand picked up significantly in the final month of the period, especially in North America and Europe, exceeding Adobe's expectations.

The company reported a loss of $32 million, or 6 cents a share, for the just-ended period, down from a profit of $245.9 million, or 46 cents a share, a year ago.

Excluding restructuring charges, an income-tax adjustment, and other special items related to its acquisition of Omniture in October, Adobe would have earned a 39 cents a share, surpassing the Wall Street target of 37 cents a share.

Investors might also have been registering enthusiasm for Adobe's soon-to-be-launched Creative Suite 5, which the company has called a "must-have upgrade" to some of its most popular programs, ioncluding Photoshop, Illustrator, Flash and Dreamweaver.

Other blue-chip tech stocks ended in the green Wednesday.


(MSFT) - Get Report

shares inched higher by 8 cents to $30.10,


(AAPL) - Get Report

gained 0.4% to $195.03, and


(GOOG) - Get Report

added 0.8% at $597.76.

-- Reported by Andrea Tse in New York

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