Oracle, Adobe diverge after unveiling results - UPDATE 1 12.06.2003 22:46 Headlines
SAN FRANCISCO (AFX) -- Oracle topped Wall Street targets late Thursday,
sending shares 3 percent higher while Adobe's quarterly results triggered a 9
percent retreat in its stock.
The Nasdaq-100 After Hours Indicator, which measures the evening trading action
of the index's leading technology stocks, moved fractionally north.
Earlier, the Nasdaq Composite pushed into positive ground, closing up 8 points
at 1,654. The Dow Jones Industrial Average finished the day up 13 points at
9,197. .
Oracle surpassed its own fourth-quarter profit target with net income that rose
31 percent from last year. The database giant, which is bidding $5.1 billion for
rival PeopleSoft , earned 16 cents a share, up from 12 cents a share a year
earlier.
Analysts polled by Thomson First Call had been expecting Oracle to pocket 14
cents a share. Fourth-quarter sales rose 2 percent to $2.83 billion. Oracle
shares rose 6 cents to close at $13.33 before hitting $13.60 after hours. .
PeopleSoft shares moved a few cents lower in evening action.
Shares of Adobe , on the other hand, plunged nearly 9 percent after the software
maker beat consensus estimates for the second quarter by 2 cents a share on
better-than-expected revenue.
Sandwiched in between Oracle and Adobe on Island ECN's most-active list, Sirius
Satellite added 1 percent.
Elsewhere on the earnings front, CMGI shares fell about 4 percent after the
one-time Internet high-flier announced that it had turned a third-quarter profit
vs. a loss a year ago.
This story was supplied by CBSMarketWatch. For further information see
www.cbsmarketwatch.com.