NEW YORK (
) -- Despite
, not all tech investors were in a bullish mood Wednesday.
shares closed down 19.03%, or $6.27, to $26.67 following a number of analyst downgrades. Adobe, which reported strong earnings growth for the August quarter, dismayed tech watchers when it reported weaker-than-expected growth in some of its core markets, namely in sales of its graphic design/web development/video editing CS5 product.
also left shareholders vastly underwhelmed after
. Analyst firm Oppenheimer explained that Wall Street's expectations had outpaced the 23% dividend increase, prompting investor disappointment.
The tech bellwether's stock closed down 54 cents, or 2.15%, at $24.61.
was also feeling the burn. Dell shares closed down 22 cents, or 1.75%, at $12.38 as investors reacted to CEO Michael Dell's prediction of $60 billion annual revenue this year. Analysts surveyed by Thomson Reuters had forecast annual sales of $62.44 billion.
The Day's Winners
Shares of security software specialist
closed down 4.37% at $36.75 ahead of the company's second quarter results. Red Hat, which is one of
top stocks for 2010
, beat Wall Street's revenue estimate with sales of $219.8 million, up from $183.6 million in the same period last year. Analysts surveyed by Thomson Reuters had forecast revenue of $211.49 million.
Excluding items, Red Hat earned 19 cents a share, down from 20 cents a share in the prior year's quarter, but above Wall Street's forecast of 18 cents a share.
Red Hat shares rose 85 cents, or 2.31%, to $37.69 in extended trading, as investors responded positively to the company's numbers.
In the smartphone arena, shares of semiconductor specialist
surged on chatter that it has been chosen to provide power amplifier technology for a CDMA version of Apple's
closed up 83 cents, or 10.43%, at $8.76.
, which is also rumored to be providing a power amplifier for the new iPhone, enjoyed a more modest gain, closing up 19 cents, or 0.81%, at $19.91.
--Written by James Rogers in New York.
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