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Hot Stocks: Adobe rises
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December 14, 2000: 8:20 p.m. ET
Microsoft warning rattles tech sector; Red Hat and Oracle move up
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NEW YORK (CNNfn) - Desktop publishing software maker Adobe erased earlier losses in afternoon trading after hours Thursday after reporting a better-than-expected fiscal fourth-quarter result.
An earnings warning from Microsoft after the bell dragged the technology sector lower in after-hours trading.
Red Hat made a modest gain after reporting better-than-expected third-quarter results, while Oracle moved higher after reporting second-quarter results that beat Street estimates.
Thursday's after-hours winners
Adobe (ADBE: Research, Estimates) up $1.44 to $58.75. The desktop publishing software maker said Thursday its fiscal fourth-quarter operating profit rose 41 percent, surpassing Wall Street expectations, as sales surged. Adobe shares rebounded in after-hours trading after falling $8.88, or 13.4 percent, to close at $57.31 on the Nasdaq following a downgrade by Morgan Stanley Dean Witter.
CBRL Group (CBRL: Research, Estimates) up $1.88 to $21.38. The company, which operates the Cracker Barrel chain of restaurants, said comparable-store sales are up about 5 percent quarter-to-date from the same period a year ago, but holiday retail-sales trends have been weaker than last year.
Thursday's after-hours losers
Microsoft (MSFT: Research, Estimates) down $3.44 to $52.06. The software giant Microsoft became the latest technology company to issue an earnings warning Thursday, telling investors that a worldwide slowdown in personal computer sales will result in disappointing profit and revenue.
Cisco (CSCO: Research, Estimates) down $1.50 to $49.44; Sun Microsystems (SUNW: Research, Estimates) down 91 cents to $30.78; Intel (INTC: Research, Estimates) down 94 cents to $34.19; Dell (DELL: Research, Estimates) down 81 cents to $19.12; Worldcom (WCOM: Research, Estimates) down 31 cents to $17.50. Microsoft's warning dragged the tech sector down in after-hours trading.
Thursday's after-hours newsmakers
Red Hat Inc. (RHAT: Research, Estimates) down 19 cents to $8.50. The leading provider and servicer of the Linux operating system on Thursday reported slightly better-than-forecast financial results for its third quarter Thursday.
CMGI (CMGI: Research, Estimates) down 3 cents to $9.03. The Internet investor and operator, whose stock has fallen 94 percent this year, said Thursday its first-quarter revenue more than doubled, but its operations continued to rack up large losses.
Oracle (ORCL: Research, Estimates) up 88 cents at $28.38. The database and corporate applications software giant on Thursday reported fiscal second quarter results that beat Wall Street's expectations, driven by a 66 percent increase in applications software sales.
Verity (VRTY: Research, Estimates) down 69 cents at $21.75. The software provider reported better-than-expected fiscal second-quarter earnings Wednesday and said it expects revenue growth for fiscal 2001 to remain on target.
AOL (AOL: Research, Estimates) down $1; Time Warner (TWX: Research, Estimates) down 50 cents to $74. The Federal Trade Commission Thursday approved America Online's proposed $111 billion acquisition of Time Warner after the companies agreed to a series of unprecedented concessions aimed at protecting competition in the high-speed Internet access business. Time Warner is the parent company of CNNfn.
Calpine (CPN: Research, Estimates) down 12 cents to $40.69. The California power provider suffered from the continuing California energy crisis.
Maxim Pharmaceuticals (MAXM: Research, Estimates) down 62 cents to $8.62. The drug maker suffered a setback late Wednesday when the Food and Drug Administration rejected the company's experimental drug Maxamine for treating advanced skin cancer.
Tvia (TVIA: Research, Estimates) up 19 cents to $4.88. Dain Rauscher Wessels downgraded the streaming-media chipmaker to "buy aggressive" from "strong buy aggressive."
Intermedia Communications (ICIX: Research, Estimates) up 28 cents at $7.28. A Delaware judge refused to block the merger of WorldCom (WCOM: Research, Estimates) and Intermedia Communications, as requested by minority shareholders of Digex (DIGX: Research, Estimates), which is controlled by communications company Intermedia.
C-Cor.net (CCBL: Research, Estimates) unchanged at $11.56. The broadband supplies company warned its fiscal second-quarter revenue will not meet current consensus expectations, due in part to previously announced delays in shipments to AT&T (T: Research, Estimates) Broadband during the quarter.
FedEx (FDX: Research, Estimates) down 12 cents to $41.85. The shipping company joined the chorus of voices saying the air cargo market is softening.
Maytag (MYG: Research, Estimates) down 19 cents to $27. The No. 3 U.S. appliance maker said lower-than-expected sales would cause it to miss fourth-quarter earnings estimates, a day after industry leader Whirlpool (WHR: Research, Estimates) warned about earnings and said it would slash its payroll.
QLT (QLTI: Research, Estimates) up 94 cents to $29. The drug maker warned of slower-than-expected fourth-quarter revenue growth due in part to the decline of the euro and Swiss currencies. 
compiled by Mark Gongloff and Parija Bhatnagar from staff and wire reports
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