Adobe's AI-Enhanced Creativity

And, DoorDash leaves NYSE for Nasdaq.

Today is Friday, September 15, 2023.

The Early Bird Index today is 57.18.

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Adobe's AI-Enhanced Creativity

Despite better-than-expected financial results and artificial intelligence hype, Adobe (Nasdaq: ADBE) dropped by 1.66% in after-hours trading on Thursday.

Financials: Adobe reported earnings of $4.09 per share in the past quarter and record revenue of $4.89 billion; both were better than expected.

Details: Overall revenue jumped 10% in the quarter. Digital media revenue grew by 11% and the digital experience segment revenue increased by 10% in the quarter.

Quote: “We are unleashing a new era of AI-enhanced creativity around the world with innovations across our product portfolio. The recent launches of Firefly, Express, Creative Cloud and GenStudio make Adobe magic available to millions of users.” - Shantanu Narayen, chair and CEO of Adobe.

Stock Price: Adobe is up 63% this year. The stock is also up about 6% in the last 30 days.

Final Thoughts: Why did Adobe drop on Thursday if the financial earnings results were good? Because some investors were turned off by the high stock price. It has a P/E (price-to-earnings) ratio over 50, which suggests that the stock is expensive. The reason Adobe’s price shot up in 2023 is because of AI. So when the company introduced new AI products this week, investors were not impressed.


Notable Earnings Today: N/A.

Notable IPOs Today: Haymaker Acquisition Corp. 4 (NYSE: HYAC), RayzeBio, Inc. Common Stock (Nasdaq: RYZB), Neumora Therapeutics, Inc. Common Stock (Nasdaq: NMRA), Davis Commodities Limited Ordinary Shares (Nasdaq: DTCK), Keen Vision Acquisition Corporation Warrant (Nasdaq: KVACW).

Notable Equity Crowdfunding Campaigns Ending Today: (Netcapital), Bubble Wrapp (Mainvest), Lion Cub’s Cookies (Honeycomb), Power Hero (Netcapital), Scissortails Coffee (Honeycomb), Called Higher Studios (StartEngine).

Notable Economic Events Today: Export Price Index / Import Price Index (8:30 a.m. ET), NY Empire State Manufacturing Index (8:30 a.m. ET), Industrial Production (9:15 a.m. ET), Michigan Consumer Expectations / Sentiment (10:00 a.m. ET).

DoorDash Leaves NYSE for Nasdaq

The food delivery platform DoorDash (NYSE: Dash) ticked up 1.17% in after-hours trading on Thursday after announcing that it will leave the New York Stock Exchange and go to the Nasdaq.

Details: DoorDash said that the move would occur on September 27. The company will continue to use the ticker symbol “DASH.”

Quote: “We are delighted to join a community of leading technology companies with our transfer to Nasdaq.” - Ravi Inukonda, DoorDash Chief Financial Officer.

Stock Price: Doordash is up 75% this year, but still down 50% since its IPO in 2020.

Final Thoughts: This announcement is more about how the NYSE is losing a listing. It doesn’t impact DoorDash too much.

Bitcoin Ignores Inflation Data

Despite higher inflation numbers, Bitcoin is still up over 1% this week, which is remarkable considering that some analysts assumed that higher inflation would be bad for cryptocurrency.

Final Thoughts: One thing that helped Bitcoin’s price this week is the European Central Bank suggesting that its interest rate hikes might be ending.

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Trends to Watch

Put Your Arms Up in the Air: Chip Designer Arm Jumps 25% in Debut Win for Owner SoftBank (Bloomberg)

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