"These are the two most dynamic companies in the industry," said Robert Kruger, an analyst at Van Kasper & Company in San Francisco.

Van Kasper & Co.

Years of Neglect Jack A. Sullivan, a principal with Van Kasper & Company , a San Francisco-based investment firm, noted that the strength in the over-the-counter market followed years of neglect.

"It seems like a reasonably good deal for Adobe," said John Girton, an analyst with Van Kasper & Company in San Francisco.

Underwriters to the issue are Daiwa Securities America Inc and Van Kasper & Co.

Charles F. Gunther, an analyst at Van Kasper & Company, said he was more cautious on Franklin than some of his fellow analysts.

But selling goes against the grain of Wall Street, said Jack Sullivan, a money manager at Van Kasper & Company in San Francisco who frequently uses short sales as part of his strategy.

Mr. Sullivan of Van Kasper thinks such quibbles are silly.

"There's a likelihood that other banks with exposure to Latin America could be taking losses as well," Joe Morford, an analyst at Van Kasper & Company in San Francisco, said.

But Brian Kritzler, a technology analyst at Van Kasper & Company in San Francisco, said that the sales of Windows NT anticipated by Microsoft could not generate enough computer sales to justify the current rally in computer hardware stocks.