MarketPulse: Tech Stocks on a Tear
Investing.com - Technology led the rally on Wall Street heading into the close Tuesday as earnings took center stage.
Adobe Systems (NASDAQ:ADBE) jumped 8.5% Tuesday after the software company upgraded its outlook on 2019 revenue, supported by recent acquisitions.
At an analyst meeting during the company's annual Max conference Monday, Adobe reiterated previous revenue estimates for fiscal year 2018 and revealed 2019 revenue estimates above Wall Street estimates.
Arista Networks (NYSE:ANET) rose about 5.5% after introducing its CloudVision platform for campus networks, which the company said would transform the way enterprises rebuild those networks in the future. The platform promises to slash costs for enterprises compared with Cisco's (NASDAQ:CSCO) patchwork approach, analysts said.
Marvell Technology (NASDAQ:MRVL) rose 5% after expanding its existing share buyback program by $700 million to $1 billion.
Tech is expected to remain front and center after the U.S. close as Netflix is slated to released third-quarter results. Analysts at Goldman Sachs expect Netflix to reveal net subscriber addition of 5.55 million users, with 850,000 from the U.S. and the remaining 4.7 million from international markets.
Netflix (NASDAQ:NFLX) rose 2.3%.
The S&P 500 Technology Sector index was up about 2.6%.
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