Today is Thursday, December 14, 2023.

The Early Bird Index today is 62.94.

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Adobe's 2024 Financial Targets

Despite posting good financial earnings results on Wednesday, Adobe (Nasdaq: ADBE) fell by 4.86% in after-hours trading due to weaker guidance.

Financials: Adobe reported earnings of $4.27 per share in the past quarter and revenue of $5.05 billion; both are better than expected.

Details: The company achieved record revenue for the full year, with a 17% increase in sales. Adobe said it experienced “strong momentum across Creative Cloud, Document Cloud and Experience Cloud.”

Yes, But: 2024 might be a disappointment for investors. Adobe expects revenue for the full year in 2024 to be between $21.30 billion to $21.50 billion, which is lower than expected.

Also: Adobe said Wednesday that it is under an FTC investigation due to issues with settlements from subscription cancellation practices (not good).

Stock: Adobe has been one of the brightest companies in tech this year, with the stock up 85% in 2023.

Final Thoughts: That conservative forecast scared investors. It is similar to other enterprise software companies (cough, cough, Oracle) that are concerned about lower demand in 2024.

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Notables

Notable Earnings Today: Costco Wholesale (Nasdaq: COST), Jabil (NYSE: JBL), Lennar (NYSE: LEN), Scholastic (Nasdaq: SCHL), KNOT Offshore Partners (NYSE: KNOP), Moolec Science (Nasdaq: MLEC), Live Ventures (Nasdaq: LIVE), Mesa Air Group (Nasdaq: MESA), Immunoprecise Antibodies (Nasdaq: IPA).

Notable IPOs Today: Inno Holdings Inc. Common Stock (Nasdaq: INHD), Vanguard Core Bond ETF (Nasdaq: VCRB), BlackRock Total Return ETF (Nasdaq: BRTR), Xtrackers California Municipal Bonds ETF (Nasdaq: CA).

Notable Equity Crowdfunding Campaigns Ending Today: Lord von Designs (StartEngine), Frabjous Catfe (Honeycomb).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Retail Sales / Core Retail Sales (8:30 a.m. ET), Export Price Index / Import Price Index (8:30 a.m. ET), Business Inventories (10:00 a.m. ET), Retail Inventories (10:00 a.m. ET), Atlanta Fed GDPNow (11:30 a.m. ET), Fed's Balance Sheet (4:30 p.m. ET).

Cardano's Whale Transactions

The price of the cryptocurrency Cardano surged by 18% on Wednesday, which was one the best jumps of the year for Cardano.

Details: Cardano was boosted on Wednesday due to a $1.5 billion surge in whale transactions of Cardano's native blockchain token, ADA, according to Watcher Guru.

Definition: Whale transactions are done by crypto whales, who are parties that own a lot of crypto.

Price: Cardano is up 165% this year, including an 85% jump in the last 30 days.

Final Thoughts: Cardano has been on fire in the past few weeks, due in part to positive sentiment in the crypto market. It is a crypto to watch.

Toll Brothers $20 Million Stock Buyback

Toll Brothers (NYSE: TOL) ticked up 1.09% in after-hours trading on Wednesday after the homebuilding company announced a new $20 million stock buyback program to raise the stock price.

Final Thoughts: Toll Brothers, up 90% this year, recently posted good financial results.

Trends to Watch

Delays: SEC pushes deadline for decision on Invesco Galaxy spot Ethereum ETF to 2024 (Cointelegraph)

Three 2024 Rate Cuts: Fed Begins Pivot Toward Lowering Rates as Inflation Declines (Wall Street Journal)

Docking Pay: BP’s former CEO is forfeiting $40 million in severance for misleading company board (CNN)

No Pain, Time for Gain: Vertex shares pop after nonopioid painkiller posts positive midstage trial results (CNBC)

Downsized: Etsy to cut 11% of staff as CEO says company is on ‘unsustainable trajectory (MarketWatch)

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