U.S. Movers: Adobe, Merck, Moderna, Solar Stocks, Vir Biotechnology

Scott Peters
14 Dec, 2023
New York City

Solar stocks advanced after the Fed's signaled multiple rate cuts over the next two years. Merck and Moderna released a positive update for their experimental skin cancer vaccine. Adobe reported solid quarterly results but offered a muted 2024 outlook.

Adobe declined 3.5% to $602.0 after the company issued a lighter-than-expected revenue and earnings outlook for 2024.

Revenue in the fiscal fourth quarter ending in November rose 12% to $5.04 billion from $4.5 billion, net income advanced to $1.48 billion from $1.17 billion, and diluted earnings per share rose to $3.23 from $2.53 a year ago.

The company guided fiscal year 2024 revenue between $21.3 billion and $21.5 billion,  earnings per share between $13.45 and $13.85, and non-GAAP earnings per share between $17.60 and $18.0.

Adobe estimated fiscal first quarter revenue between $5.10 billion and $5.15 billion, GAAP earnings per share between $3.35 and $3.40, and non-GAAP earnings per share between $4.35 and $4.40.

Vir Biotechnology advanced 0.9% to $10.15 after the company announced various steps to reduce its operating expenses by at least $40 million annually.

The company said it will close its research and development facilities in St. Louis, Missouri, and Portland, Oregon, and eliminate 12%, or 75 jobs, by the first quarter.

Vir expects to incur between $30 million and $40 million in charges and recognize them through the third quarter of 2024.

Solar stocks advanced for the second day in a row after the Federal Reserve signaled multiple rate cuts in 2024 and 2025.

Enphase Energy jumped 3% on top of a 7% increase in the previous session to $110.78, and SolarEdge Technologies gained 2.3% to $84.50.

Merck edged lower by 0.3% to $106.81, and Moderna soared by 11.7% to $87.82 after the two companies released a midstage report showing experimental cancer vaccines helped to lower the risk of death or relapse in patients with skin cancer after three years.