Friday, April 19, 2024
    HomeBusinessNasdaq, Bitcoin Slump; Adobe Tumbles on Weak Outlook

    Nasdaq, Bitcoin Slump; Adobe Tumbles on Weak Outlook

    Ether Slips from Highs as Investors Lock in Profits After Upgrade

    2 minutes ago

    Ether (ETH), the native coin of the Ethereum blockchain and second largest cryptocurrency by market capitalization, fell to about $3,700 early Friday morning, days after the network completed its highly anticipated Dencun upgrade, indicating investors may have already factored in the news.

    The enhancement, which aims to improve the Ethereum ecosystem’s cost-effectiveness, added to bullish sentiment surrounding Ether, helping propel the cryptocurrency through the $4,000 level earlier this week.

    Investors have also been hoping that the U.S. Securities and Exchange Commission (SEC) will approve an Ether ETF application filed by asset manager BlackRock on May 23, though Bloomberg ETF analysts estimate the chances of an approval by that date at just 30%.


    Ether started its current bull run in late October last year, with the uptrend gaining further momentum when the 50-day moving average crossed above the 200-day moving average just over a month later to form a bullish golden cross chart pattern. Gains accelerated throughout February and early March before the price ran into resistance earlier this week just above the closely watched $4,000 level.

    Amid ongoing selling pressure, monitor key Fibonacci retracement levels as potential areas of support. Currently, the 38.2% Fib level sits around $3,365, while the 50% Fib level lines up with the $3,135 region.

    Timothy Smith

    Adobe Stock Tumbles After Reporting Record Quarterly Revenue, Soft Guidance

    53 minutes ago

    Adobe (ADBE) shares tumbled Friday morning after the company beat first-quarter earnings estimates, but issued soft guidance for the second quarter.

    The company reported first-quarter revenue for fiscal 2024 of $5.18 billion. This record high exceeded analyst estimates compiled by Visible Alpha and represented 11% year-over-year growth.

    Adobe’s net income for the quarter at $2.05 billion also beat analysts’ expectations and was up from the previous quarter and year-ago period. Diluted earnings per share (EPS) at $4.48 surpassed projections and grew from the quarter and year prior as well.

    The company said it expects revenue in the second quarter of between $5.25 billion and $5.3 billion. However, analysts had anticipated guidance at the higher end of this range at $5.3 billion.

    Adobe shares dropped more than 13% to $493 Friday morning. Still, the stock has gained about 47% in the past year.

    Naomi Buchanan

    Stocks Making the Biggest Moves Premarket

    1 hr 36 min ago


    • Madrigal Pharmaceuticals Inc. (MDGL): Shares of the biopharmaceutical company jumped more than 20% after the FDA approved its treatment of liver inflammation associated with obesity. 
    • Vodafone Group Plc (VOD): Shares of the British telecom jumped more than 5% after it agreed to sell its Italian business to Swisscom AG. 
    • Rivian Automotive Inc. (RIVN): Shares of the electric truck maker rose more than 3% after an analyst at Piper Sandler upgraded the stock to buy, citing its attractive valuation and new vehicle platform. 


    • Adobe Inc. (ADBE): Shares of the design software maker tumbled 11% after it beat earnings expectations but offered soft current-quarter sales guidance. 
    • Jabil Inc. (JBL): Shares of the electronics manufacturing company fell more than 10% after it also forecast weaker-than-expected revenue in the current quarter
    • Ultra Beauty Inc. (ULTA): Shares of the beauty retailer slid 8% after it forecast lower-than-expected full-year earnings as higher costs weigh on margins. 

    Stock Futures Little Changed

    2 hr 23 min ago

    Futures contracts connected to the Dow Jones Industrial Average were up about 0.2% in premarket trading on Friday.

    S&P 500 futures rose about 0.1%.

    Nasdaq 100 futures were down 0.1% from Thursday’s close about an hour before markets opened.



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