The Nasdaq Composite (^IXIC -0.81%) has had an amazing run in 2020, recovering sharply from the February and March plunge and mounting a true V-shaped recovery. Yet skeptics never seem convinced that the Nasdaq can hold onto its gains, especially because of some of the high-priced tech stocks that have led its charge higher. Those skeptics continued to fight, as shortly before 10 a.m. EDT, the Nasdaq had given up early gains and was trading flat.

Even in a momentum-driven market, earnings still matter. Adobe (ADBE -1.05%) saw its stock fall back from all-time highs after releasing its most recent financial results. But elsewhere, investors got an explosive gain from AMC Networks (AMCX 0.95%), as the entertainment company released some major positive news.

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Building with Adobe

Shares of Adobe were down about 2% early Wednesday morning. That drop came despite what the tech company had to say in its fiscal third-quarter financial report.

Adobe saw sales hit a new record, climbing 14% from year-ago levels. Adobe's bottom line also got a nice boost, rising 25% when comparing adjusted earnings per share to where they were in the third quarter of last year.

The digital media segment was Adobe's most important contributor to performance, with revenue gains of 19% year over year. Sales of its creative products matched that 19% rise, but document cloud revenue was higher by an even stronger 22% compared to a year ago.

Shareholders should also have been happy with Adobe's fourth-quarter guidance, which includes 18% annual growth in digital media segment revenue. Adobe has done well at overcoming challenges, and its future still looks bright.

Changing of the guard at AMC

Elsewhere, AMC Networks saw its stock soar 20%. The cable television network company told investors about a couple of initiatives that it sees adding to shareholder value.

First, AMC Networks will do a tender offer to repurchase about $250 million in stock. The offer will use the modified Dutch auction format, in which shareholders will have a right to say where within a range of $22.50 to $26.50 per share they'd be willing to sell their stock back to AMC Networks. The gain in the stock puts AMC Networks' current share price right in the middle of that range.

Perhaps more important from a long-term perspective is the fact that longtime board chairman Charles Dolan is stepping down. Taking his place is Jim Dolan, with Charles becoming chairman emeritus. Investors see that move as opening the door to new, creative thinking in terms of strategic vision.

AMC Networks has struggled as cable television loses its relevance in a streaming world. However, shareholders believe the company still has valuable assets, and it all depends on what the media company can do with them to find a viable long-term business model that addresses current industry conditions.