Adobe, Ulta Beauty, Coinbase Among Stocks Declining in Friday's Pre-Market Session

Pre-market trading on Friday saw a mix of movements in U.S. stock futures, with a slight uptick in the Dow futures by approximately 0.1%. Among the noteworthy shifts was a steep decline in the shares of Adobe Inc. (ADBE) following the announcement of their first-quarter results.

Adobe Faces a Setback

Despite outperforming expectations for the first quarter, Adobe spooked investors by providing a weaker revenue outlook for the upcoming quarter. The company forecasts its second-quarter revenue to be between $5.25 billion and $5.30 billion, subtly trailing behind the market's projection of $5.31 billion. This caused Adobe's shares to plummet by 11.3% to $505.88 in the pre-market hours.

Other Stocks Experiencing Pre-Market Losses

Adobe wasn't the only stock facing pre-market declines. A multitude of other stocks also recorded losses:

• Smartsheet Inc. (SMAR) shares dropped 11.8% following Q4 financial outcomes and a less optimistic full year revenue forecast.
• Shares of PagerDuty, Inc. (PD) sagged by 8.2% after their Q4 report and guidance for the next fiscal year disappointed investors.
• MicroStrategy Incorporated (MSTR) shares decreased by 7.1%; this came after a 5% drop on Thursday when they announced plans for a $500 million debt offering.
• Ulta Beauty, Inc. (ULTA) experienced a 6.6% drop after their Q4 financial results and the revelation of revenue guidance for FY24, which fell short of expectations. Despite this, Ulta's board of directors has approved a new $2.0 billion share repurchase program.
• CleanSpark, Inc. (CLSK) shares were down 6.3%, possibly reacting to Bitcoin's downward trend.
• Coinbase Global, Inc. (COIN) saw a 6.2% decline, with the slumping Bitcoin price affecting the crypto exchange's stock value.
• Marathon Digital Holdings, Inc. (MARA) shares dropped 5.4%, following the crypto market sentiment.
• Riot Platforms, Inc. (RIOT) shares were also hit, falling 4.3% in the wake of Bitcoin's price drop.

Investors are advised to monitor these movements heading into Friday's trading session. Observations indicate that while some stocks are retreating, the overall market shows varied performance.

Adobe, UltaBeauty, Coinbase