The fact that a profit warning from Adobe Systems Inc, a niche player in a niche market, could spook Wall Street so badly on Friday, gouging $15.25 off its own share price at $35.25 and knocking $2.375 off IBM at $116.375 and $3.625 off Compaq Computer Corp at $118.375, underlines the fragility of a US market hovering around its all-time high; Adobe said it expected second quarter earnings per share to be in the 29 to 37 cents range on sales of $32m to $35m, against 35 cents a year ago on $28.1m sales; analysts had been looking for 51 cents a share on turnover of $42m or so; Adobe said that business was sound and that the market over-reacted.
