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Adobe Issues Weak Forecast, Joins Mueller Water Products, AerSale And Other Big Stocks Moving Lower In Thursday's Pre-Market Session

Published 14/12/2023, 10:44
© Reuters. Adobe Issues Weak Forecast, Joins Mueller Water Products, AerSale And Other Big Stocks Moving Lower In Thursday's Pre-Market Session
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Benzinga - by Avi Kapoor, Benzinga Staff Writer.

U.S. stock futures were higher this morning, with the Dow Jones futures gaining around 70 points on Thursday.

Shares of Adobe Inc. (NASDAQ: ADBE) shares moved lower in pre-market trading following the release of fourth-quarter results.

Adobe posted upbeat earnings for its fourth quarter, but issued weak sales forecast for full-year 2024. The company reported quarterly earnings of $4.27 per share which exceeded the Street's estimate of $4.14. Revenue clocked in at $5.05 billion, surpassing the analyst consensus estimate of $5.03 billion.

Adobe said it sees FY24 total revenue to be between $21.30 billion and $21.50 billion, versus the $21.73 billion estimate.

Adobe shares declined 6.1% to $586.38 in pre-market trading.

Here are some big stocks recording losses in today’s pre-market trading session.

  • Ocular Therapeutix, Inc. (NASDAQ: OCUL) shares dipped 18% to $3.23 in pre-market trading. Ocular Therapeutix priced its public offering of 30.8 million common share stock at $3.25 per share for gross proceeds of $100.1 million.
  • AerSale Corporation (NASDAQ: ASLE) shares fell 11.4% to $13.10 in pre-market trading. AerSale priced its secondary offering of 4 million common shares.
  • Granite Point Mortgage Trust Inc (NASDAQ: GPMT) shares fell 5.5% to $5.51 in pre-market trading after gaining 5% on Wednesday.
  • Honda Motor Co., Ltd. (NYSE: HMC) shares declined 3.7% to $29.50 in pre-market trading.
  • MorphoSys AG (NASDAQ: MOR) shares fell 3.4% to $9.21 in pre-market trading.
  • Clean Energy Fuels Corp. (NASDAQ: CLNE) shares fell 3.3% to $3.58 in pre-market trading after jumping 17% on Wednesday.
  • Mueller Water Products, Inc. (NYSE: MWA) shares fell 2.2% to $13.75 in pre-market trading. Mueller Water Products posted better-than-expected results for its fourth quarter. The company also said it sees first-quarter consolidated net sales of $245 million to $255 million.

Now Read This: Jabil, Costco And 3 Stocks To Watch Heading Into Thursday

Don’t forget to check out our premarket coverage here

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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