By Dow Jones Business News,
June 18, 2014, 04:26:00 PM EDT
By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Amazon.com Inc. claimed the attention of much of the tech sector Wednesday, as the
company took what may be its biggest step yet into the consumer-electronics market with the unveiling of its Fire Phone
Amazon ( AMZN ) shares rose 2.7% to close at $334.38 after company Chief Executive Jeff Bezos showed off the Fire Phone
at an event in Seattle. The Fire Phone comes with a 3-D technology called "Dynamic Perspective" and some of the features
of Amazon's Fire TV set-top box and Kindle tablet devices.
AT&T will be the exclusive carrier of the Fire Phone, which will cost either $199.99 or $299.99 with a two-year
service contract. The device will begin shipping on July 25.
Adobe Systems Inc. ( ADBE ) had a strong day, with its shares rising more than 8% to close at $73.08 a share after the
software company reported strong second-quarter earnings and revenue growth. Adobe's results were led by growing cloud-
based software subscriptions. Adobe said it earned 37 cents a share, excluding one-time items, on $1.07 billion in
sales. Analysts surveyed by FactSet had forecast Adobe to earn 30 cents a share on revenue of $1.03 billion.
Adobe said it added 464,000 Creative Cloud subscribers in the quarter, to give it 2.3 million such subscribers.
Oracle Corp. (ORCL) shares rose 1.2% to close at $42.81 a day after reports surfaced saying the company was close to a
deal to acquire hotel and restaurant software developers Micros Systems Inc. (MCRS) for more than $5 billion.
Gains also came from LinkedIn Corp. ( LNKD ), Pandora Media Inc. (P), Autodesk Inc. ( ADSK ) and Facebook Inc. ( FB ).
The Nasdaq Composite Index (RIXF) closed with a gain of 25 points at 4,362, but the Philadelphia Semiconductor Index
(SOX) also dipped into the red.
More must-reads from MarketWatch:
Amazon takes wraps off Fire Phone at last
Live blog recap of Amazon's phone event
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