Adobe, SelectQuote, Similarweb And Other Big Stocks Moving Lower In Friday's Pre-Market Session
Portfolio Pulse from Avi Kapoor
Several major stocks, including Adobe, SelectQuote, and Similarweb, are experiencing declines in pre-market trading. Adobe's shares fell despite better-than-expected earnings, while SelectQuote and Similarweb faced declines due to disappointing financial results and a secondary offering, respectively.
September 13, 2024 | 12:57 pm
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NEGATIVE IMPACT
Adobe shares fell 8.5% in pre-market trading despite reporting better-than-expected Q3 earnings. The company provided Q4 revenue guidance between $5.5B and $5.55B, with earnings per share expected between $4.63 and $4.68.
Despite strong Q3 earnings, Adobe's stock fell due to market reactions to its Q4 guidance, which may not have met investor expectations.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Atea Pharmaceuticals shares fell 7.1% in pre-market trading after the Phase 3 SUNRISE-3 trial for bemnifosbuvir did not meet its primary endpoint.
The failure of the Phase 3 trial to meet its primary endpoint negatively impacts Atea Pharmaceuticals' stock, as it raises concerns about the drug's future.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
Gogo Inc. shares fell 6.1% in pre-market trading after a 3% decline on Thursday, with no specific news provided in the article.
The continued decline in Gogo Inc.'s stock may be due to ongoing market sentiment or sector-specific issues, as no specific news was mentioned.
CONFIDENCE 60
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
SelectQuote shares fell 18.1% in pre-market trading after reporting worse-than-expected Q4 results and issuing FY25 revenue guidance below estimates.
The significant drop in SelectQuote's stock is due to poor Q4 results and lower-than-expected FY25 revenue guidance, impacting investor confidence.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
NEGATIVE IMPACT
Similarweb shares declined 11.2% in pre-market trading following the announcement of a $27.475 million secondary offering of 3.5 million shares at $7.85 each.
The decline in Similarweb's stock is attributed to the market's reaction to the secondary offering, which can dilute existing shares.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Valneva SE shares fell 6.2% in pre-market trading, though no specific reason was provided in the article.
The decline in Valneva SE's stock lacks a specific catalyst in the article, suggesting general market conditions or sector trends may be influencing the price.
CONFIDENCE 60
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
XCHG Limited shares fell 7.5% in pre-market trading, possibly due to post-IPO volatility.
The decline in XCHG Limited's stock may be due to typical post-IPO volatility as the market adjusts to the new listing.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80