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Adobe Inc.

Adobe Inc.

$ADBE
NASDAQTechnology

57 stories mentioning Adobe Inc.Updated 9d ago

Every FINWIRES story that references Adobe Inc., newest first.

Wire

Adobe's Freemium, Management, Reinvestment Transitions Compound Execution Risk, Morgan Stanley Says

Adobe's (ADBE) transitions in its freemium business model, management, and AI reinvestments compound execution risk as generative AI disruption obscures the path to annual recurring revenue reacceleration, Morgan Stanley said in a Tuesday research report.The uncertainty around organizational restructuring and execution risk is likely to weigh on investor sentiment, "keeping the multiple depressed and range-bound," the brokerage stated.While each company transition could be managed in isolation, a convergence raises the bar for execution when other segments of software offer "cleaner evidence" of durable growth and operating leverage, according to the note.The company does not lack innovation, but translation of that innovation into durable ARR acceleration is increasingly difficult to underwrite as pools of creative cloud ARR become more exposed to GenAI substitution risk, analysts wrote.The brokerage said it downgraded the stock to underweight from equalweight and cut its price target to $240 per share from $365.Price: $229.14, Change: $-5.60, Percent Change: -2.39%

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Research

Morgan Stanley Downgrades Adobe to Underweight From Equalweight, Adjusts Price Target to $240 From $365

Adobe (ADBE) has an average rating of hold and mean price target of $252.86, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$ADBE
Research

HSBC Upgrades Adobe to Buy From Hold, Adjusts Price Target to $308 From $282

Adobe (ADBE) has an average rating of hold and mean price target of $269.14, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

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Research

Phillip Securities Downgrades Adobe to Neutral From Buy, Adjusts Price Target to $203 From $368

Adobe (ADBE) has an average rating of hold and mean price target of $267.75, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

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Wire

Adobe to Acquire Topaz Labs

Adobe (ADBE) said Thursday that it has signed a definitive agreement to acquire Topaz Labs, an AI software firm specializing in video and image enhancement models.Financial terms of the deal, which Adobe expects to close H2, were not disclosed.The company said that when the acquisition is completed, Topaz Labs products will still be available as standalone offerings through its website, and Topaz Labs Chief Executive Eric Yang will continue to lead the Topaz Labs team.Price: $195.29, Change: $-1.26, Percent Change: -0.64%

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Wire

Top Midday Stories: Energy Department to Provide $17.5 Billion in Loans for Nuclear Reactors; Oracle Shrank Workforce by 13% in Fiscal 2026

The Nasdaq Composite and S&P 500 Index were down in late-morning trading Tuesday, while the Dow Jones Industrial Average was roughly flat, as chip-related shares tumbled.The Trump administration is expected to announce a new deal Tuesday through which the Department of Energy will make available low-interest loans amounting to $17.5 billion for utilities to finance equipment orders for Westinghouse Electric's flagship nuclear reactor, The Wall Street Journal reported, citing the DOE and Energy Secretary Chris Wright. The loans are intended to accelerate the construction of 10 reactors in the US, and five loans will be available for projects with two reactors each, the report said, citing the DOE.In company news, Oracle's (ORCL) total workforce fell by about 21,000 employees, or 13%, in fiscal 2026 to 141,000 as of May 31, Reuters reported Monday. Oracle shares were down 3.5% around midday.SpaceX (SPCX) is set to launch the first mission of its Starfall program on Tuesday, sending a reusable capsule into orbit that can be recovered on Earth, Bloomberg reported Tuesday. The capsule will launch aboard a Falcon 9 from Florida and is expected to splash down off the West Coast of the US, the report said. SpaceX shares were up 2.4%.Carnival (CCL) reported fiscal Q2 adjusted earnings Tuesday of $0.41 per diluted share, up from $0.35 a year earlier and above the FactSet consensus analyst estimate of $0.34. Fiscal Q2 revenue was $6.66 billion, up from $6.33 billion a year ago but below the FactSet consensus of $6.69 billion. For fiscal Q3, the company said it expects adjusted EPS of about $1.35, below the FactSet consensus of $1.42. For fiscal 2026, Carnival expects adjusted diluted EPS of about $2.22, up from its previous guidance of $2.21 but below the FactSet consensus of $2.23. Carnival shares were down 6.0%.The US Supreme Court on Tuesday reversed and remanded ruling by lower courts, reviving Exxon Mobil's (XOM) lawsuit seeking more than $1 billion in damages from Cuban government-owned companies over assets confiscated following Fidel Castro's seizure of power in 1959. Separately, the Supreme Court sided with Cisco Systems (CSCO), reversing a federal appeals court ruling that had allowed claims that the company aided human-rights abuses in China to proceed. Exxon shares were up 1.2%, while Cisco shares down 1.2%.Amazon (AMZN) must bargain with warehouse workers at a California delivery facility after a US labor board judge ruled that the tech giant violated federal labor law by refusing to recognize the Teamsters union after it secured majority support among employees in 2024, Bloomberg reported Tuesday. Separately, Amazon and competing retailers are expected to generated record US online sales of $26.3 billion during the four-day Prime Day event starting Tuesday, representing a 9% increase from last year's event, Bloomberg reported Monday, citing Adobe (ADBE) data. Amazon shares were up 0.3%.Price: $157.67, Change: $+3.07, Percent Change: +1.98%

$ADBE$AMZN$CCL$CSCO$ORCL$SPCX$XOM
Wire

Adobe Offers an Attractive Risk/Reward to Long-Term Thesis, RBC Capital Markets Says

Adobe (ADBE) offers an attractive risk/reward to the long-term thesis despite near-term risks around the freemium model transition that involves offering free tiers of artificial intelligence tools to drive adoption, RBC Capital Markets said in a research note emailed Thursday.Key positives from Q2 results revolved around over $500 million of AI-first annual recurring revenue along with an acceleration of traffic and intent-based spending, but dynamic user expectations with the traffic flowing into a freemium model will take time to monetize, analysts wrote.GenAI attribution and performance measurement remains a priority for Adobe as it will likely help establish the enterprise total addressable market for creative, according to the note.The brokerage said it reiterated its outperform rating on the stock and price target of $285 per share.Price: $196.34, Change: $+0.06, Percent Change: +0.03%

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Wire

Adobe Poised to Outperform Peers on AI Growth, Cloud Synergies, RBC Capital Markets Says

Adobe (ADBE) is expected to outperform its software peers over the next 12 months, driven by "growing synergies" between its Experience Cloud and Creative Cloud businesses and the potential for generative artificial intelligence to boost revenue growth and investor sentiment, RBC Capital Markets said in a note Tuesday.The firm said it is hosting a "virtual fireside chat" with Adobe President of Creativity and Productivity David Wadhwani to discuss the company's generative AI monetization strategy, AI-driven revenue opportunities, evolving pricing models and the expansion of its total addressable market across "enterprise and consumer segments" following its fiscal Q2 results.While Adobe delivered solid fiscal Q2 results, " investor focus" shifted to the departure of Chief Financial Officer Dan Durn and the complexities of the company's annual recurring revenue guidance, the note said.Despite near-term revenue headwinds from Adobe's "strategic" shift toward a freemium model and delayed price optimizations, the firm said AI-first annual recurring revenue, led by Firefly and Express, more than tripled year over year to over $500 million and added that generative AI will serve as a long-term catalyst for revenue growth through 2026, according to the note.RBC Capital Markets maintained an outperform rating on Adobe with a price target of $285.Shares of Adobe were down more than 2% in Wednesday trading.Price: $202.02, Change: $-5.30, Percent Change: -2.56%

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Update: Equities Rise as SpaceX Soars; Wall Street Logs Weekly Gain Amid Iran Deal Optimism
US Markets

Update: Equities Rise as SpaceX Soars; Wall Street Logs Weekly Gain Amid Iran Deal Optimism

(Updates with market moves at the end of the day.)US equities advanced Friday to lock in a weekly gain for Wall Street as Space Exploration Technologies' (SPCX) blockbuster debut and a potential Middle East peace deal buoyed sentiment.The Dow Jones Industrial Average closed 0.7% higher at 51,202.3, while the S&P 500 rose 0.4% to 7,431.4. The Nasdaq Composite added 0.3% to 25,888.8. Barring healthcare, all sectors ended in the green, led by materials.SpaceX -- Elon Musk's rocket and satellite company -- ended its first trading day 19% above its initial public offering price of $135. The rally pushed the company's market capitalization above $2 trillion, placing it among the 10 most valuable public companies in the US, even more valuable than Musk's electric vehicle maker, Tesla (TSLA).The three major Wall Street indexes posted a weekly gain of 0.7% each, rebounding after last week's declines."It was a dizzying week in financial markets," Sal Guatieri, senior economist at BMO Capital Markets, said in a report. "After closing above 7,600 for the first time ever on June 2, the S&P 500 was headed for a second weekly decline, until Thursday afternoon. That's when President (Donald) Trump called off plans to strike Iran "very hard" as a potential peace deal emerged, with hopes of both sides signing off in Geneva this weekend.""Investor spirits were also stoked by the world's largest initial public offering, SpaceX, which blasted off on Friday," Guatieri said.West Texas Intermediate crude oil was down 3.9% at $84.30 a barrel in Friday late-afternoon trade, while Brent fell 4% to $86.79. The benchmarks were headed for weekly falls after last week's gains.The US and Iran are edging closer to an interim agreement to reopen the Strait of Hormuz, Bloomberg News reported Friday, citing senior officials. The agreement would extend the existing ceasefire by around two months and open further negotiations over Iran's nuclear program, according to the report.Pakistani Prime Minister Shehbaz Sharif said Friday that "final" text of a peace deal has been reached."Pakistan is now working closely with both sides to finalize the next steps," Sharif said in a social media post Friday. "Peace has never been this close as it is now."US Treasury yields were higher, with the 10-year rate last up 1.5 basis points at 4.49% and the two-year rate rising 1.9 basis points to 4.09%.In economic news, US consumer sentiment rebounded in June as gasoline prices eased, while the inflation outlook dropped, the University of Michigan's latest survey showed."Sentiment and spending have become disconnected," Oxford Economics said in a note. "Still, higher gas prices will take a bite out of consumers' real disposable incomes, forcing them to reel in spending."In other company news, Adobe (ADBE) shares fell 6.8%, the second-steepest drop on the S&P 500. The software maker reported solid quarterly results that were overshadowed by the departure of its finance chief and lingering questions about the company's growth trajectory, RBC Capital Markets said in a note.Lennar (LEN) dropped 4.9%, among the worst performers on the S&P 500, as the homebuilder issued a downbeat fiscal third-quarter home delivery outlook.Gold was last up 2.9% at $4,231,10 per troy ounce, while silver jumped 6.1% to $67.90 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADBE$LEN$SPCX$TSLA
International

Update: US Equity Indexes Rise After Iran Says Peace Deal With Washington in Final Stage of Discussions

(Updates with index/price moves, analyst comment, and other information from the first paragraph.)US equity indexes rose amid growing expectations that the Iran interim peace deal is in the final stretch and an 19% surge in Space Exploration Technologies (SPCX) shares on its Nasdaq debut.The Dow Jones Industrial Average rose 0.7% to 51,202.26, followed by a 0.5% increase in the S&P 500 to 7,431.46, and a 0.3% increase in the Nasdaq Composite to 25,888.84 on Friday. All sectors except consumer discretionary and healthcare advanced. Materials, financials, and utilities led the gainers.Iran is in the final stages of discussing the terms of an agreement with the US, CNN cited Iranian Foreign Ministry spokesperson Esmaeil Baghaei as saying in state media on Friday. "At present, understanding has been reached on the majority of issues, and we are in the final stage of internal deliberations," CNN cited Baghaei as saying."With close observation of the other side's positions, we will announce our stance according to circumstances," the spokesperson was cited as saying. "Even as I am speaking with you now, meetings among the relevant institutions are underway."Crude oil futures slumped, with front-month global benchmark North Sea Brent sliding 3.7% to $87.02 per barrel. The US West Texas Intermediate dropped 3.6% to $84.54 per barrel."Oil slumped after President Trump talked up another peace deal, with markets this time appearing increasingly willing to believe it may be for real, despite the lack of confirmation from Tehran," Saxo Bank said in a note. "Brent crude fell to a two-month low amid expectations of a surge in supply from tankers currently stranded in the Gulf."In precious metals, gold futures jumped 2.7% to $4,226.8, while silver futures surged 5.9% to $67.77.In company news, shares of Space Exploration Technologies (SPCX) or SpaceX closed at $160.95, 19.2% above its initial public offering price of $135, making Elon Musk the world's first trillionaire.Adobe's (ADBE) Chief Financial Officer Dan Durn's departure and fiscal 2026 organic annual recurring revenue outlook have created more uncertainty for the company, outweighing its fiscal Q2 results, RBC Capital Markets said in a note. Shares dropped 6.8%, among the worst performers on the S&P 500 and the Nasdaq.In economic news, the University of Michigan's preliminary consumer sentiment index rose to 48.9 in June from 44.8 in May, topping expectations of 46.0 in a Bloomberg-compiled survey. One-year inflation expectations fell to 4.6% from 4.8%, while five-year inflation expectations dropped to 3.4% from 3.9%."Even with June's early gains, however, views of the economy are still relatively dour," the University of Michigan said Friday in a statement. Consumers "feel burdened by the recent escalation in inflation and worry that higher inflation could remain stubborn going forward, particularly in the short run," the university said.Most US Treasury yields rose, with the 10-year up two basis points to 4.49% and the two-year climbed 1.5 basis points to 4.09%.

Dow JonesNasdaq CompositeS&P 500$ADBE$SPCX
International

US Equity Markets End Higher After Iran Confirms Progress on Peace Agreement, Crude Oil Prices Fall

US equity indexes were higher on Friday after Iran confirmed discussions on a peace treaty and crude oil prices fell.* Iran is in the final stages of discussing the terms of an agreement with the US, CNN cited Iranian Foreign Ministry spokesperson Esmaeil Baghaei as saying in state media on Friday. The draft deal includes a commitment that the US will lift oil sanctions, final negotiations will not begin until half of Iran's frozen funds are released, and a US naval blockade ends, CNBC reported, citing Iran's Mehr News Agency.* The University of Michigan's preliminary consumer sentiment index rose to 48.9 in June from 44.8 in May, beating expectations for 46.0 in a Bloomberg-compiled survey.* July West Texas Intermediate crude oil fell $3.27 to settle at $84.44 per barrel, while August Brent crude, the global benchmark, was last seen down $3.45 at $86.93.* Seagate Technology (STX) shares were up about 7.3%, among the top gainers on the S&P 500, after the company said its Seagate HDD Cayman unit issued a notice to redeem all outstanding 3.50% exchangeable senior notes due 2028 that have not been exchanged.* Adobe's (ADBE) CFO departure and fiscal 2026 organic annual recurring revenue outlook have created more uncertainty for the company, outweighing its fiscal Q2 results, RBC Capital Markets said in a note emailed Friday. The company's shares were down nearly 6.8%, the steepest decline on the Nasdaq.

Dow JonesNasdaq CompositeS&P 500$ADBE$STX
Update: Equities Rise Intraday Amid SpaceX's Blockbuster Debut, US-Iran Deal Prospects
Wire

Update: Equities Rise Intraday Amid SpaceX's Blockbuster Debut, US-Iran Deal Prospects

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday as Space Exploration Technologies (SPCX) rallied on its market debut, while oil prices fell as traders tracked reports of a potential deal between Washington and Iran.The Dow Jones Industrial Average was up 0.8% at 51,260.8 after midday Friday, while the S&P 500 rose 0.6% to 7,436.6. The Nasdaq Composite added 0.5% to 25,930.1. Barring consumer discretionary and healthcare, all sectors were in the green, led by materials.SpaceX -- Elon Musk's rocket and satellite company -- opened trade at $150 and moved as high as $176.52, after having priced its initial public offering at $135. The rally pushed the company's market capitalization above $2 trillion, placing it among the 10 most valuable public companies in the US, even more valuable than Musk's electric vehicle maker, Tesla (TSLA).The IPO drew more than $350 billion in orders from institutions and retail investors, with the former accounting for over $250 billion, Bloomberg News reported, citing unnamed sources. The IPO, which would raise a record $75 billion, is expected to close Monday.West Texas Intermediate crude oil was down 3.4% at $84.67 a barrel intraday Friday, while Brent fell 3.5% to $87.20.The US and Iran are edging closer to an interim agreement to reopen the Strait of Hormuz, Bloomberg News reported Friday, citing senior officials. The agreement would extend the existing ceasefire by around two months and open further negotiations over Iran's nuclear program, according to the report."We can confirm that a final, agreed upon text of the peace deal has been reached, and Pakistan is now working closely with both sides to finalize the next steps," Pakistani Prime Minister Shehbaz Sharif said in a social media post Friday. "Peace has never been this close as it is now.""Unlike previous (potential US-Iran deal) announcements that were met with considerable skepticism, markets this time appear increasingly willing to price in a meaningful probability of success," Saxo Bank said in a report.US Treasury yields were higher intraday, with the 10-year rate up 1.4 basis points at 4.48% and the two-year rate rising one basis point to 4.08%.In economic news, US consumer sentiment rebounded in June as gasoline prices eased, while the inflation outlook dropped, the University of Michigan's latest survey showed."Sentiment and spending have become disconnected," Oxford Economics said in a note. "Still, higher gas prices will take a bite out of consumers' real disposable incomes, forcing them to reel in spending."In other company news, Adobe (ADBE) shares were down 7.2% intraday, the second-steepest drop on the S&P 500. The software maker reported solid quarterly results that were overshadowed by the departure of its finance chief and lingering questions about the company's growth trajectory, RBC Capital Markets said in a note.Lennar (LEN) was down 4.3%, among the worst performers on the S&P 500, as the homebuilder issued a downbeat fiscal third-quarter home delivery outlook.Gold was up 3% at $4,237.50 per troy ounce, while silver jumped 6% to $67.86 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADBE$LEN$SPCX$TSLA
Wire

Top Midday Decliners

Adobe's (ADBE) CFO departure and fiscal 2026 organic annual recurring revenue outlook have created more uncertainty for the company, outweighing its fiscal Q2 results, RBC Capital Markets said in a note emailed Friday.Shares of Adobe dropped 7%, with intraday trading volume rising to more than 19.0 million from the stock's daily average of about 5.71 million.Aspire Biopharma (ASBP) agreed to acquire Dura Driver Control Systems, a manufacturer of automotive driver control systems, for $30 million in cash, according to a statement on Friday.Shares slumped 19%. Intraday trading volume stood at more than 10.0 million, versus a daily average of about 13.1 million.Price: $201.17, Change: $-17.63, Percent Change: -8.06%

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International

Update: US Equity Indexes Advance Amid Hopes of Iran Peace Deal, SpaceX Shares Surging in Nasdaq Debut

(Updates with index/price moves, macroeconomic data, and political/company news from the first paragraph.)US equity indexes rose while crude oil slumped amid hopes that an interim deal between Tehran and Washington to end the war is close, and shares of Space Exploration Technologies (SPCX) soared in its Nasdaq debut on Friday.The Dow Jones Industrial Average rose 0.7% to 51,220.4, followed by a 0.5% increase in the S&P 500 to 7,430.8, and a 0.3% increase in the Nasdaq Composite to 25,895.5. All sectors except consumer discretionary advanced. Materials, financials, and energy led the gainers.Iran's foreign minister said a deal "has never been closer," CNN reported Friday. President Donald Trump decried Tehran as "dishonorable" for what he said were inaccurate state media descriptions of a potential interim US-Iran agreement, the news report said.The draft deal includes a commitment that the US will lift oil sanctions, final negotiations will not begin until half of Iran's frozen funds are released, and a US naval blockade ends, CNBC reported, citing Iran's Mehr News Agency. The deal also includes, among other things, Iran's pledge to reopen the Strait of Hormuz within 30 days of deal signing, according to Mehr's report."What they said, including their weak and pathetic statement on having a deal, bears no relation to the truth," Trump said in a Truth Social post Friday.Nevertheless, crude oil futures slumped. Front-month global benchmark North Sea Brent slid 3.6% to $87.15 per barrel, and US West Texas Intermediate dropped 3.4% to $84.70 per barrel.In precious metals, gold futures jumped 3.1% to $4,239.10, while silver futures surged 5.9% to $67.81.In company news, shares of Space Exploration Technologies or SpaceX opened at $150, above its initial public offering price of $135 apiece, making Elon Musk the world's first trillionaire. Shares traded more than 29% after midday.Adobe's (ADBE) Chief Financial Officer Dan Durn's departure and fiscal 2026 organic annual recurring revenue outlook have created more uncertainty for the company, outweighing its fiscal Q2 results, RBC Capital Markets said in a note. Shares dropped 7.2%, among the worst performers on the S&P 500 and the Nasdaq.In economic news, the University of Michigan's preliminary consumer sentiment index rose to 48.9 in June from 44.8 in May, topping expectations for 46.0 in a Bloomberg-compiled survey. One-year inflation expectations fell to 4.6% from 4.8%, while five-year inflation expectations dropped to 3.4% from 3.9%."Even with June's early gains, however, views of the economy are still relatively dour," the University of Michigan said Friday. Consumers "feel burdened by the recent escalation in inflation and worry that higher inflation could remain stubborn going forward, particularly in the short run," the university said.Most US Treasury yields rose, with the 10-year up 1.6 basis points to 4.48% and the two-year climbed 1.3 basis points to 4.08%.

Dow JonesNasdaq CompositeS&P 500$ADBE$SPCX
Sectors

Sector Update: Tech Stocks Rise Friday Afternoon

Tech stocks were higher Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.2% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 2%.The Philadelphia Semiconductor index climbed 2.4%.In corporate news, Space Exploration Technologies (SPCX) shares jumped 28% as Elon Musk's rocket and satellite company debuted on the Nasdaq in what is poised to be the world's biggest initial public offering ever.Nvidia (NVDA) has informed Chinese clients that its new Vera central processors for AI data centers could be available as early as August and that they can start ordering, Reuters reported. Nvidia shares added 0.2%.Adobe's (ADBE) CFO departure and fiscal 2026 organic annual recurring revenue outlook have created more uncertainty for the company, outweighing its fiscal Q2 results, RBC Capital Markets said in a note emailed Friday. Adobe shares fell past 7%.

$ADBE$NVDA$SPCX
Wire

Adobe's CFO Departure, Fiscal 2026 Organic ARR Guide Led to 'More Uncertainty,' RBC Says

Adobe's (ADBE) CFO departure and fiscal 2026 organic annual recurring revenue outlook have created more uncertainty for the company, outweighing its fiscal Q2 results, RBC Capital Markets said in a note emailed Friday.The company reported fiscal Q2 adjusted earnings of $5.96 per diluted share, up from $5.06 a year earlier, as revenue rose to $6.62 billion from $5.87 billion. For fiscal 2026, Adobe currently expects adjusted EPS of $24.35 to $24.45 on revenue of $26.5 billion to $26.6 billion.RBC said investors' focus will shift to the company's fiscal 2026 ARR growth outlook, which was maintained at 10.2% including the contribution from Semrush. The outlook reflects headwinds from Adobe's focus on its Freemium model and deferral of optimizations to its Creative Cloud line, the brokerage added.The investment firm further noted that Adobe CFO Dan Durn's departure followed the company's announcement last quarter that CEO Shantanu Narayen will also step down once a successor is named.RBC cut its price target on Adobe to $285 from $350, and reiterated its outperform rating.Price: $202.90, Change: $-15.90, Percent Change: -7.27%

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Wire

Top Midday Stories: SpaceX Shares Indicated to Open 29% Above IPO Price at $174 Each; Adobe CFO Leaves Company

All three major US stock indexes were up in late-morning trading Friday, as investors prepare for SpaceX's initial public offering and wait for news on a signed deal between the US and Iran.In company news, SpaceX shares are indicated to open at $174 apiece, about 29% above the IPO price of $135 per share, Bloomberg reported Friday.Adobe (ADBE) reported fiscal Q2 adjusted earnings late Thursday of $5.96 per diluted share, up from $5.06 a year earlier and above the FactSet consensus analyst estimate of $5.82. Fiscal Q2 revenue was $6.62 billion, up from $5.87 billion a year ago and above the FactSet consensus of $6.45 billion. For fiscal Q3, the company expects adjusted EPS of $6.05 to $6.10 on revenue of $6.67 billion to $6.72 billion. Analysts polled by FactSet expect $5.77 and $6.52 billion, respectively. For the full year, Adobe expects adjusted EPS of $24.35 to $24.45 on revenue of $26.5 billion to $26.6 billion. Analysts expect $23.54 and $26.06 billion, respectively. The company also announced that Chief Financial Officer Dan Durn will leave the company on Monday, and Steve Day, senior vice president of corporate finance, will serve as interim CFO. Adobe shares were down 7.4% around midday.BlackRock (BLK) HPS Corporate Lending Fund received repurchase requests totaling about 13.3% of shares outstanding as of March 31 but will fulfill requests for just 5% of shares, the fund said Friday in a regulatory filing. The fund previously limited redemptions to 5% after receiving requests to repurchase about 9.3% of share outstanding, according to a March regulatory filing. BlackRock shares were up 2%.SharonAI (SHAZ) said Friday it has entered a six-year strategic compute collaboration with Nvidia (NVDA) to expand AI infrastructure in Australia, including the deployment of up to 40,000 Grace Blackwell GB300 GPUs. SharonAI shares were down 7.8%, while Nvidia shares were up 0.4%.Turkey's Competition Board said Friday it has concluded an investigation into Netflix (NFLX), Amazon (AMZN) Prime, Walt Disney (DIS) and other streaming platforms through a waiver of liability. Netflix agreed to measures that seek to address issues raised by the board regarding its selection of Turkish content, while all of the companies committed to certain steps to address the raised issue of exclusivity clauses in contracts. Netflix and Amazon shares were down 1.1% and 2%, respectively, while Disney shares were up 0.3%.Price: $203.46, Change: $-15.34, Percent Change: -7.01%

$ADBE$AMZN$BLK$DIS$NFLX$NVDA$SHAZ
Adobe's Strong Quarter Overshadowed by CFO Exit, Growth Uncertainty, RBC Says
US Markets

Adobe's Strong Quarter Overshadowed by CFO Exit, Growth Uncertainty, RBC Says

Adobe's (ADBE) solid quarterly results were overshadowed by the departure of its finance chief and lingering questions about the software marker's growth trajectory, RBC Capital Markets said in a report.Chief Financial Officer Dan Durn resigned to take the same role at Marvell Technology (MRVL), with Steve Day, CFO of Adobe's customer experience orchestration unit, stepping in as interim finance chief.On Thursday, Adobe posted fiscal second-quarter results that topped expectations. Investors instead focused on the leadership change and the company's decision to keep its full-year growth outlook for annualized recurring revenue unchanged even after adding contribution from its Semrush acquisition, RBC said. Offsetting that contribution are headwinds from Adobe's freemium strategy and deferred Creative Cloud line optimizations, the report said.Adobe shares dropped 6.6% in Friday trading. They have slumped 42% this year."Adobe delivered a solid result from a headline perspective, but the exit of CFO Dan Durn and moving parts around organic ARR guidance created more uncertainty for a stock trying to firm up its foundation," RBC said.Management highlighted that second-half seasonality will skew more heavily toward the fourth quarter than in prior years, the report said.Adobe raised its fiscal 2026 adjusted EPS outlook to $24.35 to $24.45 from $23.30 to $23.50 and lifted its revenue forecast to $26.5 billion to $26.6 billion from $25.9 billion to $26.1 billion.The FactSet consensus is for EPS of $24.24 on revenue of $26.45 billion. RBC expects EPS of $24.40 on revenue of $26.55 billion.RBC cut its price target on Adobe stock to $285 from $350 and maintained its outperform rating.Price: $204.30, Change: $-14.50, Percent Change: -6.63%

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Wire

UBS Adjusts Adobe Price Target to $225 From $260, Maintains Neutral Rating

Adobe (ADBE) has an average rating of Hold and mean price target of $278.56, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $203.59, Change: $-15.21, Percent Change: -6.95%

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Commodities

Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Friday Ahead of SpaceX Debut

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.2% and the actively traded Invesco QQQ Trust (QQQ) fell 0.3% in Friday's premarket activity, ahead of the debut of Elon Musk's Space Exploration Technologies after markets open.US stock futures were also mixed, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures advancing 0.4%, and Nasdaq futures easing 0.3% before the start of regular trading.The preliminary University of Michigan consumer sentiment report for June will be released at 10 am ET, while the weekly Baker Hughes oil-and-gas rig count posts at 1 pm ET.In premarket action, bitcoin was up by 0.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.5% lower, Ether ETF (EETH) retreated 1.5%, and Bitcoin & Ether Market Cap Weight ETF (BETH) lost 0.02%.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.6%, and the iShares US Technology ETF (IYW) was 0.3% lower, while the iShares Expanded Tech Sector ETF (IGM) was up 0.1%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 0.5%, while the iShares Semiconductor ETF (SOXX) declined by 1.2%.Adobe (ADBE) shares were down more than 9% in premarket activity as multiple analyst price target cuts followed the software maker's latest quarterly results and announcement that Chief Financial Officer Dan Durn had resigned.Winners and Losers:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.7%, and the Vanguard Industrials Index Fund (VIS) was 0.3% higher, while the iShares US Industrials ETF (IYJ) retreated by 0.04%.Rocket Lab (RKLB) stock was up more than 2% before the opening bell after the company said it has been added to the Nasdaq-100 Index, effective June 22.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) was down 1%, while the iShares US Healthcare ETF (IYH) gained by 1.6%. The iShares Biotechnology ETF (IBB) was 0.3% higher.Enliven Therapeutics (ELVN) stock was down more than 3% premarket after the company priced an upsized public offering of 8.9 million shares at $37.50 per share and pre-funded warrants to purchase up to 1.73 million shares at $37.499 each.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.5% lower.Barclays (BCS) shares were up nearly 2% pre-bell after the British financial services giant agreed to acquire the UK operations of GoHenry, a money-management education platform, from Acorns Grow.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.1% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained 1.4%. The iShares US Consumer Staples ETF (IYK) retreated by 0.1%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained by 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.3% higher.Lennar (LEN) shares were down nearly 2% pre-bell after the homebuilder issued a downbeat fiscal Q3 delivery outlook.EnergyThe iShares US Energy ETF (IYE) was down 0.4%, while the State Street Energy Select Sector SPDR ETF (XLE) was 0.5% lower.Venture Global (VG) stock was down more than 1% before market open after the company closed an offering of $1.13 billion of 6.375% senior secured notes due Dec. 15, 2034, and $1.13 billion of 6.625% senior secured notes due June 15, 2036.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 2.7% to $85.37 per barrel on the New York Mercantile Exchange. Natural gas advanced by 0.3% at $3.10 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 1.3%, while the United States Natural Gas Fund (UNG) was 0.4% higher.Gold futures for July advanced by 2.4% to $4,213.40 an ounce on the Comex. Silver futures rose by 4.2% to $66.69 an ounce. SPDR Gold Shares (GLD) was down by 0.3%, and the iShares Silver Trust (SLV) decreased by 0.8%.

Dow JonesNasdaq CompositeS&P 500$ADBE$BCS$BETH$BITO$EEM$EETH$ELVN$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LEN$PMR$QQQ$RKLB$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VG$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

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