Adobe (ADBE): Long ahead of earnings. Adobe basically pre-announced a better than expected first-quarter with sales of $783 million to $786 million dollars as the company projected adjusted earnings of 44 cents to 45 cents per share, which is above the average Wall-Street estimate of 42 cents.

Palm (PALM): Rumors flying around of a possible Dell (DELL) joint venture of even merger have propelled shares of Palm substantially higher—any update regarding its new touch screen phone could send its shares past $10.

The stock moved 20% higher intraday when it last reported earnings. Last year, private-equity firm Bain Capital and Chinese-based Huawei Technologies proposed a $2.2 billion deal, which was rejected by the U.S government over concerns that sensitive military technology could be compromised by the Chinese government. The market has totally forgotten that on Aug. 5, 3Com raised its forecast for the fiscal first quarter to $335 million to $340 million, compared with the previous estimate of $325 million to $330 million. The company also expects its non-GAAP earnings per share to be in the range of 6 cents to 8 cents, compared with the prior view of 3 cents to 5 cents. 3Com seems like a good risk/reward trade ahead of the quarter

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