Midday movers: Adobe, Zillow fall; Micron rises
Investing.com -- Main U.S. indexes declined Friday on inflation concerns after a week of disappointing economic data caused traders to pare bets on near-term Fed rate cuts.
Here are some of the biggest U.S. stock movers today:
Adobe Systems (NASDAQ: ADBE) stock fell 14% after the software giant issued weaker-than-expected second quarter revenue guidance on higher competition and weak demand for its AI offerings.
Ulta Beauty (NASDAQ: ULTA) stock dropped 5.4% after the chain of beauty stores forecast full-year profit below Wall Street estimates as elevated supply-chain costs and increased promotions hurt its margins.
MicroStrategy (NASDAQ: MSTR), Marathon Digital (NASDAQ: MARA) and Coinbase (NASDAQ: COIN) all retreated after Bitcoin fell sharply from recent record highs.
Madrigal Pharmaceuticals (NASDAQ: MDGL) stock jumped 13% after the U.S. Food and Drug Administration approved its drug for a fatty liver disease known as non-alcoholic steatohepatitis.
Rivian (NASDAQ: RIVN) stock rose 3.6% after Piper Sandler upgraded its stance on the EV manufacturer to ‘overweight’ from ‘neutral’, citing growing excitement surrounding new product launches.
Hibbett Sports (NASDAQ: HIBB) stock fell 8% after the athletic apparel and footwear retailer missed analysts' expectations for its fourth quarter, and offered up lackluster future guidance.
Smartsheet (NYSE: SMAR) stock fell 5.6% after the cloud software seller provided a revenue outlook that missed estimates, even after its quarterly revenue exceeded estimates.
Micron Technology (NASDAQ: MU) gained 2.5% after Citi Research analysts hiked their price target to a new Street high ahead of the company’s second quarter report scheduled for March 20.
Abbott (NYSE: ABT), maker of infant formula Similac, was lower by 4% after Reckitt’s unit Mead Johnson was ordered to pay out $60 million by an Illinois jury to compensate the mother of a baby who died of an intestinal disease after being fed Enfamil formula. It was the first trial of hundreds of related lawsuits.
Zillow Group, Inc. (NASDAQ: Z) (NASDAQ: ZG) declined 10% on concerns changes to real estate commissions could impact its bottom line.
Additional reporting by Louis Juricic