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The Stock Movers Report, your roundup of companies making moves in the stock market. Harnessing the power of Bloomberg data.
Let's see where some individual stocks are on the move today. We can do that. We're joined by Bloomberg's Avalon for now, she's an equity quorter for Bloomberg News.
Avalon.
What are you looking at today?
We have to start off with Adobe that's currently falling about eight point or rather six point seven percent now to hit its lowest interday level since twenty eighteen. That's ticker ADB, and that's after the company announce a departure of its CFO, just months after the CEO also announced
plans to step aside. The news also comes as Adobe reported a second quarter beat, but gave a full year forecast that fell a little short of expectations, and as you can imagine, the update led to a slew of downgrades in price target cuts as Wall Street analysts really question the path forward amid this transition. Evercore writing that the sentiment is unlikely to turn positive until a new
management team is in place. Oh boy, so we could be waiting for a while there Okay, next up Lenard that's ticker l e N, currently dipping about three point seven percent. That's after the home builder's delivery forecast for the third quarter fell short of expectations, Management again calling out to continuing pressure from high interest rates in geopolitical uncertainty, which is obviously spurring some customers to hold back on purchases.
Truists also writing that while the results were fairly disappointing, it was somewhat encouraging that the results did not include a margin breakdown. Also worth noting that their peer KB Home called out to similar concerns last quarter and they will be reporting June twenty third.
I mean interest rates higher. You know, the thirty or more riage is that can't be helping six and a half percent for thirty or morgage exactly. All right, So there you go. I'm not refinancing the mortgage on the Jersey Shore compound yet. Give us one more here.
Medline md LN currently slipping about two point three percent. That's after the medical supplier suffered another setback from a fire at a distribution facility. Lyrinc expecting some short term financial impacts since at a minimum, this is going to be taking a distribution facility offline. But that's not the
only hardship that Medline has faced recently. Just last week, the FDA sent them a warning letter for several contamination incidents at a manufacturing facility, and now that company stock is down about twelve percent since its debut as last year's biggest ibo.
This stock mover's report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.