Adobe, Ulta Beauty, Hibbett fall premarket; Rivian rises

March 15, 2024 11:09 PM AEDT | By Investing

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Adobe, Ulta Beauty, Hibbett fall premarket; Rivian rises

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Investing.com -- U.S. futures edged higher Friday, ending the week on a positive note as attention turns to next week’s Federal Reserve policy-setting meeting.

Here are some of the biggest premarket U.S. stock movers today:

Adobe Systems (NASDAQ:ADBE) stock fell 11% 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 6% 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 25% 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 3.9% 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 12% 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 10% after the cloud software seller provided a revenue outlook that missed estimates, even after its quarterly revenue exceeded estimates.

This article first appeared in Investing.com

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