Midday movers: Adobe, Zillow fall; Micron rises

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Midday movers: Adobe, Zillow fall; Micron rises
Credit: © Reuters.
(Updated - March 15, 2024 11:35 AM EDT)

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 (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 analysts upgraded their 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 analysts hiked their price target to a new Street high ahead of the company’s second quarter report scheduled for March 20.

Abbott (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. (Z) (NASDAQ: ZG ) declined 10% on concerns changes to real estate commissions could impact its bottom line.

Additional reporting by Louis Juricic

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