March 15, 2024 Stock Market Update
Market Overview
Main U.S. indexes experienced a decline on Friday due to inflation concerns, as traders adjusted their expectations on Fed rate cuts following a week of disappointing economic data. Let’s take a closer look at some of the significant stock movements in the U.S. market today.
Adobe Systems
Adobe Systems saw a 14% drop in stock value after issuing weaker-than-expected second-quarter revenue guidance. The software giant attributed this to increased competition and weak demand for its AI products.
Ulta Beauty
Ulta Beauty’s stock declined by 5.4% as the beauty store chain forecasted full-year profits below Wall Street estimates. Factors such as elevated supply-chain costs and increased promotions negatively impacted its margins.
MicroStrategy, Marathon Digital, and Coinbase
These companies experienced a retreat as the cryptocurrency market saw a sharp decline from recent record highs, affecting their stock performance.
Madrigal Pharmaceuticals
Madrigal Pharmaceuticals witnessed a 13% increase in stock value after receiving approval from the U.S. FDA for its drug targeting non-alcoholic steatohepatitis, a type of fatty liver disease.
Rivian
Analysts upgraded their rating on Rivian to ‘overweight’ from ‘neutral,’ leading to a 3.6% rise in the EV manufacturer’s stock. This upgrade was fueled by anticipation surrounding new product launches.
Hibbett Sports
Hibbett Sports stock fell by 8% after missing analysts’ expectations for its fourth-quarter performance and offering lackluster future guidance.
Smartsheet
Smartsheet’s stock value decreased by 5.6% despite surpassing revenue estimates in the latest quarter. The cloud software company’s revenue outlook fell short of expectations.
Micron Technology
Micron Technology witnessed a 2.5% increase in stock value after analysts raised their price target to a new high ahead of the company’s upcoming second-quarter report.
Abbott and Zillow Group
Abbott faced a 4% decline following a legal ruling against Mead Johnson, while Zillow Group’s stock dropped by 10% due to concerns over changes in real estate commissions impacting its profitability.
Additional reporting by Louis Juricic
