The U.S. market edged higher on Monday, focusing on the performance of software maker Adobe
(Morning News) ● Major U.S. Wall Street stock index futures edged higher on Monday (December 19). U.S. stocks tried to regain lost ground after two consecutive weeks of losses.
● At the 7 o'clock deadline, S & P 500 futures rose 12.20 points or 0.32% to 3864.60; Nasdaq 100 index futures rose 44.10 points or 0.39% to 11,287.80; Dow Jones index futures rose 87.50 points to 33008.00.
● U.S. stocks fell for a third straight session last Friday and closed at a lower level for the second week in a row. Market investors have grown increasingly concerned that the Federal Reserve's actions to curb inflation will push the economy into recession.
● The S & P 500 fell 43.39 points on Friday to close at 3,852.36. The heavyweight Dow Jones Index fell 281.76 points to close at 32,920.46. The tech-heavy Nasdaq 100 also fell 0.89% or 101.50 points to close at 11,243.72.
● U.S. stocks were very active on Friday, with total trading volume on exchanges reaching 17.2 billion 80 million shares, more than 12.1 billion 50 million the day before.Premarket trading highlights:
● Tesla (Tesla) CEO Musk launched a'poll 'on Sunday (18th) on whether he should resign as Twitter (Twitter) CEO. Musk also said he would abide by the poll results. This also sent Tesla shares up $7.56 in premarket trading tonight to $157.79 at the deadline.
● Alibaba co-founder Cai Chongxin plans to sell 3 million American Depositary Receipts (ADRs) in Alibaba through Morgan Stanley, accounting for about 8% of Cai Chongxin's stake in Alibaba, Bloomberg reported. Alibaba shares rose $2.79 in premarket trading tonight, at $89.58 at the deadline.
● J.P. Morgan raised its stock rating on Meta Platforms to "buy" from "hold" last week. But Meta Platforms shares were still down $0.23 in premarket trading tonight, at $119.20 at the deadline.
● Let's take a look at the latest results from software designer and manufacturer Adobe below on Monday. The stock started at $1.66 before trading tonight, and the deadline was $340.20.
● Pre-trading active stocks in order: Tesla (Tesla), Apple (Apple), Carvana Co, Opendoor Technologies Inc and Carnival Corp. Shares of these five active stocks were more or less down at the time of writing.Adobe (NASDAQ: ADBE)
Adobe, a software designer and manufacturer, announced last week that its fourth-quarter earnings exceeded the standard, and its forecast for the next performance also exceeded the consensus forecast of market analysts, driving Adobe's stock price last week. In an environment where the Standard and Poor's 500 Index fell by more than 2%, it closed higher against the current for the whole week.
According to the results report as of December 2, Adobe's adjusted earnings per share were $3.60, and the turnover 4.5 billion $30 million. Refinitiv had previously gathered forecasts from analysts for earnings of $3.50 per share, and turnover forecasts of the same $4.5 billion 30 million. Total turnover for the quarter of
was up 10 percent year over year, but slightly less than the 13 percent growth rate in the previous quarter. Adobe's net profit 1.1 billion $80 million, down from $1.2 billion 30 million a year earlier. "We put our entire focus on profitability and delivered record operating cash flow," Shantanu Narayen, chief executive of
, said in an online meeting. But we remain cautious because the company cannot be completely immune to a deteriorating economy. "
Adobe executives were also at the meeting to make forecasts for the company's new fiscal quarter results. Adjusted earnings per share for the first quarter of the new fiscal year are expected to be between $3.65 and $3.70, and turnover is estimated to be between $4.6 billion and $4.6 billion 40 million. Analysts collected by Refinitiv predicted adjusted earnings of $3.64 per share and turnover of 4.6 billion $40 million.
Turnover in the high-profile digital media business (Digital Media), including Creative Cloud design software subscribers, was $3.3 billion, slightly worse than analysts' consensus of $10 million 3.3 billion.
During the quarter, Adobe will also continue to pursue the acquisition of design software startup Figma for about $20 billion. This will be Adobe's largest acquisition to date in its 40-year history of going public. David Wadhwani, president of
's digital media business, said: "Overall, the regulatory process is proceeding at the expected pace. The Department of Justice and the UK Competition and Markets Authority are also reviewing the deal. Adobe still believes the deal will close in 2023. "
Adobe shares have fallen 40% so far this year. But of Tipranks' 22 equity analysts, nine have a" buy "rating on Adobe shares and 13 have a" hold "rating, with an average one-year price target of $381.15. At Friday's closing price of $338.54 above, analysts believe the stock has 12.59% upside potential.