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Are Adobe (NASDAQ:ADBE) and Microsoft (NASDAQ:MSFT) plotting a merger? That’s the leap some folks are making. It’s amazing what a meeting between the CEOs of Adobe and Microsoft can do to shares.

The New York Times Bits blog reports that Microsoft CEO Steve Ballmer recently met with Adobe chief Shantanu Narayen at Adobe’s corporate offices.

This meeting lasted roughly an hour, but a lot of the focus was on the mobile market and Apple’s hammerlock on the industry. Adobe has bet big that Flash can be distributed via Google’s Android operating system.

Now these talks could have just been a powwow on how to thwart Apple (NASDAQ:AAPL) (an enemy of my enemy is a pal thing). Or this meeting could become a full-blown merger. The truth is likely to be somewhere in the middle.

The good news—for Adobe’s investors today—is that the company is a little more valuable than it was just an hour or so ago. Look at that volume and price pop.

Source: Adobe-Microsoft Meeting Morphs to Merger Rumor