Midday movers: Adobe, Zillow fall; Micron rises

investing.com:

(Updated — March 15, 2024 11:35 AM EDT)

Investing.com — Main U.S. indexes declined Friday on inflation concerns after a week of disappointing economic data caused traders to pare bets on near-term Fed rate cuts.

Here are some of the biggest U.S. stock movers today:​

Adobe Systems (NASDAQ:ADBE) stock fell 14% after the software giant issued weaker-than-expected second quarter revenue guidance on higher competition and weak demand for its AI offerings.

Ulta Beauty (NASDAQ:ULTA) stock dropped 5.4% after the chain of beauty stores forecast full-year profit below Wall Street estimates as elevated supply-chain costs and increased promotions hurt its margins.

MicroStrategy (MSTR), Marathon Digital (NASDAQ:MARA) and Coinbase (NASDAQ:COIN) all retreated after Bitcoin fell sharply from recent record highs.

Madrigal Pharmaceuticals (NASDAQ:MDGL) stock jumped 13% after the U.S. Food and Drug Administration approved its drug for a fatty liver disease known as non-alcoholic steatohepatitis.

Rivian (NASDAQ:RIVN) stock rose 3.6% after analysts upgraded their stance on the EV manufacturer to ‘overweight’ from ‘neutral’, citing growing excitement surrounding new product launches.

Hibbett Sports (NASDAQ:HIBB) stock fell 8% after the athletic apparel and footwear retailer missed analysts' expectations for its fourth quarter, and offered up lackluster future guidance.

Smartsheet (NYSE:SMAR) stock fell 5.6% after the cloud software seller provided a revenue outlook that missed estimates, even after its quarterly revenue exceeded estimates.

Micron Technology (NASDAQ:MU) gained 2.5% after analysts hiked their price target to a new Street high ahead of the company’s second quarter report scheduled for March 20.

Abbott (ABT), maker of infant