New York (December 14th, 2012) - Adobe Systems Incorporated (NASDAQ: ADBE), a diversified software company, is soaring in mid-day trading today after the company reported better-than-expected fourth-quarter earnings.
After market close on Thursday, ADBE reported fourth-quarter revenue of $1.153 billion, which is above the company’s targeted range of $1.075 billion to $1.125 billion. The company reported adjusted earnings of $0.61 per share for the fourth quarter.
ADBE is currently trading 5.66% higher at $37.54 on volume of 9.60 million, which is nearly three times the daily average volume of 3.66 million. ADBE rose to a 52-week high of $38.10 today.
ADBE has had an excellent run over the last one month, gaining more than 16%. The stock could see a pullback as investors book profit following the recent rally.
Another technology stock that has edged higher in trading today is Cisco Systems Inc. (NASDAQ: CSCO), the San Jose, California-based maker of network equipments. CSCO is currently trading 0.86% higher at $19.91 on volume of 12.98 million. Like ADBE, CSCO has also had an excellent run over the last one month.
In the last one month, CSCO has gained more than 12.5%. The stock recently broke through $19.5 resistance level. However, the volume activity from the last few trading sessions suggests that the bullish trend may be coming to an end.
Earlier this week, CSCO had announced that it completed the acquisition of Cloupia.
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