reported fiscal second-quarter earnings that were better than expected and the creative and marketing software company boosted guidance for the fiscal year ending in November. Net new digital media annualized recurring revenue—a closely watched metric for Adobe—was $487 million, well above the company’s forecast of $440 million forecast. Adobe exited the quarter with total digital media ARR of $16.25 billion. “We had a great first half, and we’re carrying that momentum into the second half, all on the back of innovation in all of our clouds, bringing them to life with generative AI, with real productivity gains for our customers,” Chief Financial Officer Dan Durn told Barron’s. The stock rose 14.5%.
shareholders reapproved CEO Elon Musk’s $56 billion pay package in a vote Thursday. Shareholders had to reconsider the issue after a Delaware judge, citing inadequate disclosures, in January voided the package, which passed in 2018 with more than 70% support.
Tesla
’s
board put the same package, granting Musk some 300 million stock options, up for another vote with new disclosures. The percentage pf shareholders that backed the proposal on Thursday wasn’t disclosed. Tesla shares fell 2.4%.
fell 7.1%,
Norwegian Cruise Line Holdings
fell 7.5%, and
dropped 4.4% after analysts at Bank of America said based on cruise prices pulled in early June “there was modestly softer pricing in ocean markets relative to early May.”
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GameStop fell 1.4%. Keith Gill, the investor known as Roaring Kitty, shared a screenshot on Reddit late Thursday that showed an E*Trade account holding more than 9 million
shares and $6.34 million in cash. That compares with his prior position on Monday of 5 million shares and 120,000 call options that would have allowed him to buy shares for $20 each. The 9 million shares were worth about $262.1 million at Thursday’s close of $29.12. Meanwhile, the stock closed Thursday 14% higher even as GameStop’s livestream for its annual meeting crashed amid overwhelming interest. The meeting was rescheduled to Monday.
dipped 1.7% after the stock closed at a record high Thursday following better-than-expected earnings from the semiconductor and software company and after it announced a 10-for-1 stock split.
reported a first-quarter adjusted loss of 40 cents a share, wider than analysts’ expectations that called for a loss of 13 cents. Revenue at the luxury furniture retailer fell to $727 million from $739.2 million but beat forecasts of $725.1 million. RH shares tumbled 17%.
was upgraded to Outperform from In-Line at Evercore ISI with a price target of $75. Shares of the e-commerce company rose 4.6% to $67.66.
rose 1.8% to $184.22 after shares of the cybersecurity company were raised to Overweight from Neutral at
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and the analysts boosted the price target to $230 from $205.
sank 1.4% to $117.84 after analysts at Monness Crespi downgraded the stock to Sell from Neutral following a rally in the stock this month.
rose 6%. Shares of the toy maker were upgraded to Buy from Neutral at BofA Securities.
Write to Joe Woelfel at joseph.woelfel@barrons.com
