Market Updates
U.S. Movers: Adobe, Chewy, Uber
Scott Peters
12 Dec, 2024
New York City
Chewy Inc. decreased 3.3% to $31.44 after the company announced a fully underwritten stock offering of $500 million by a key shareholder.
Buddy Chester Sub LLC will receive all proceeds from the offering, and concurrently Chewy said it plans to acquire $50 million of its share directly from the investor.
Adobe Inc. dropped 10.6% to $491.50 after the software company issued a weaker-than-expected revenue outlook for the fiscal first quarter.
Total revenue in the fiscal fourth quarter ending in November increased to $5.6 million from $5.0 million, net income rose to $1.68 million from $1.48 million, and diluted earnings per share advanced to $3.79 from $3.23 a year earlier.
The company estimated fiscal first quarter revenue to range between $5.63 billion and $5.68 billion and earnings per share between $3.85 and $3.89.
Uber Technologies rose 3% to $63.03, and investors worried about the company's alliance with General Motors after the vehicle maker scrapped its plans to continue to fund the robotaxi venture Cruise.
Cruise has a multi-year contract with Uber to introduce autonomous vehicles on the Uber platform; however, after the GM's announcement, the future of that contract is in doubt.
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