Nasdaq, Bitcoin decline; Adobe stumbles due to weak expectations

Ether slides from highs as investors take profits after upgrade

10 minutes ago

Ethereum (ETH), the native currency of the Ethereum blockchain and the second-largest cryptocurrency by market cap, fell to around $3,700 early Friday morning, days after the network completed the highly anticipated Dencun upgrade, suggesting that investors may have taken… In mind the news already.

The improvement, which aims to improve the cost-effectiveness of the Ethereum ecosystem, has added to the bullish sentiment surrounding Ether, which helped push the cryptocurrency to the $4,000 level earlier this week.

Investors were also hoping the SEC would approve the ETF application from asset manager BlackRock on May 23, although Bloomberg ETF analysts estimate the chances of approval by that date are only 30%.

Source: TradingView.com.

Ether began 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 a little over a month later to form a bullish gold chart pattern. Gains accelerated throughout February and early March before the price encountered resistance earlier this week just above the closely watched $4,000 level.

Amid continued selling pressure, keep an eye on key Fibonacci retracement levels as potential areas of support. Currently, the 38.2% Fibonacci level is located around $3,365, while the 50% Fibonacci level is in line with the $3,135 area.

-Timothy Smith

Adobe shares decline after reporting record quarterly revenue, modest guidance

1 hour and 1 minute ago

Shares of Adobe (ADBE) fell on Friday morning after the company beat first-quarter earnings estimates, but issued modest guidance for the second quarter.

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

Adobe's net income for this quarter of $2.05 billion also exceeded analysts' expectations and rose from the previous quarter and the same period last year. Diluted earnings per share (EPS) of $4.48 beat expectations and grew compared to the prior quarter and year as well.

The company said it expects second-quarter revenue of between $5.25 billion and $5.3 billion. However, analysts expected guidance at the upper end of that range at $5.3 billion.

Adobe shares fell more than 13% to $493 on Friday morning. However, the stock is up nearly 47% in the past year.

-Naomi Buchanan

Stocks make the biggest moves pre-market

1 hour and 44 minutes ago

Gains:

  • Madrigal Pharmaceuticals (MDGL): Shares of the biopharmaceutical company jumped more than 20% after the U.S. Food and Drug Administration approved its treatment for obesity-related hepatitis.
  • Vodafone Group PLC (VOD): Shares of the British telecom company jumped more than 5% after it agreed to sell its Italian business to Swisscom AG.
  • (RIVN): Shares of the electric truck maker rose more than 3% after a Piper Sandler analyst upgraded the stock to buy, citing its attractive valuation and new vehicle platform.

losses:

  • Adobe Inc. (ADBE): Shares of the design software maker fell 11% after it beat earnings expectations but provided light sales guidance for the current quarter.
  • Jabil Inc. (JBL): Shares of the electronics maker fell more than 10% after it also forecast weaker-than-expected revenue in the current quarter.
  • (ULTA): Shares of the cosmetics retailer fell 8% after it forecast lower-than-expected full-year earnings as rising costs weigh on margins.
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Stock futures changed little

2 hours and 31 minutes ago

Futures tied to the Dow Jones Industrial Average rose about 0.2% in pre-market trading on Friday.

Standard & Poor's 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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