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Today is Friday, September 13, 2024.

The Early Bird Index today is 70.36.

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Adobe's Cautious Forecast 📉

Although Adobe (Nasdaq: ADBE) reported financial results with record revenue on Thursday, the shares fell 9.12% in after-hours trading.

Financials: Adobe reported earnings of $4.65 per share in the past quarter and revenue of $5.41 billion; both were better than expected.

Details: Revenue jumped 11% to reach a record in the quarter.

Outlook: Investors did not like Adobe’s outlook. The company only expects revenue to reach the range of $5.50 billion to $5.55 billion in the current quarter. Analysts anticipated higher numbers. For a company bragging about its artificial intelligence, Adobe isn’t showing excitement with its outlook.

Early Bird’s Nest Egg Gains: Adobe could see slower revenue growth for the rest of 2024, despite its overall growth and AI adoption.

• Economic uncertainty and potential slowdowns could be impacting Adobe's outlook.

• Adobe has had 41 consecutive quarters of growth. As the company gets larger, it becomes more challenging to maintain the same high growth rates.

Final Thoughts: It hasn’t been smooth sailing for Adobe this year. The stock was only up about 1% in 2024 before these results.

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Notables

Notable Earnings Today: N/A.

Notable IPOs Today: Bicara Therapeutics Inc. Common Stock (Nasdaq: BCAX), MBX Biosciences, Inc. Common Stock (Nasdaq: MBX), Zenas BioPharma, Inc. Common Stock (Nasdaq: ZBIO).

Notable Equity Crowdfunding Campaigns Ending Today: SticNstac (Netcapital), Peak Cocktails (Wefunder), GOATS Entertainment (Netcapital), Rejuve.Bio (Netcapital), Revohloo (Netcapital), Roadsider (Netcapital).

Notable Economic Events Today: Export Price Index / Import Price Index (8:30 a.m. ET), Michigan Consumer Expectations / Sentiment (10:00 a.m. ET).

RH's "Challenging Housing Market"

RH (NYSE: RH) soared 18.82% in after-hours trading on Thursday after the home-furnishings company posted strong financial earnings results.

Financials: RH reported earnings of $1.69 per share in the past quarter and revenue of $829.6 million; both were better than expected.

Powering the Story: The company said demand jumped 7% in the quarter “despite operating in the most challenging housing market in three decades.”

Final Thoughts: RH was previously down 10% this year. It is trying to turn things around. Even though there’s trouble in the housing market, RH is surviving.

XRP Jumps as Grayscale Creates New Trust

The price of the cryptocurrency XRP increased by about 4% on Thursday after Grayscale Investments announced the launch of a new XRP trust for accredited individuals.

Bigger Picture: This trust could potentially pave the way for an XRP ETF (exchange-traded fund) in the future. Previous investment trusts for Bitcoin and Ethereum later gave way to ETFs.

Final Thoughts: XRP’s price is down about 10% in 2024.

Trends to Watch

Favoring Risk: Why is Bitcoin price up today? (Cointelegraph)

AI Meets Travel: Trip planning is still hard. Hear how Booking Holdings CEO plans to change that (CNBC)

Streaming Wars: Warner Bros. Discovery’s David Zaslav Says Max To Add 6+ Million Subscribers This Quarter, Talks Charter Deal, Studio Outlook (Deadline)

What’s in a Name: After more than a century, the Campbell's company drops 'soup' from its name (NPR)

I’m Lovin’ It: McDonald’s extends $5 deal through December to keep customers coming (Associated Press)

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_{The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.}