On this edition of Stock Movers:
- Duolingo (DUOL) shares were up and down today after reports that Apple's new AirPods will be able to translate conversations in real time.
- Netflix (NFLX) shares dropped. The stock reacted to the announcement that Paramount Skydance is preparing a cash offer to acquire rival Warner Brothers Discovery.
- Shares of Adobe (ADBE) rose today after the company gave a strong quarterly revenue outlook, suggesting that the software maker is seeing a payoff from its investment in AI features. Sales will be about $6.08 billion to $6.13 billion in the period ending in November, the company said Thursday in a statement. Analysts, on average, estimated a number at the bottom of that range. Profit, excluding some items, will be $5.35 to $5.40 a share, excluding some items, compared with the average projection of $5.33. Adobe has worked to weave artificial intelligence features, often based on its own generative models, into its industry-standard products like Photoshop.
- Figure Technology Solutions (FIGR) shares closed 24% above their IPO price after a listing raising $787.5 million, as the blockchain-based credit company joined a cohort of crypto firms in embracing public markets. Figure’s shares closed at $31.11 each in New York on Thursday, above the IPO price of $25 apiece. The trading gives the company a market value of around $6.6 billion, based on the outstanding shares. A 2021 venture-backed funding round valued the company at $3.2 billion. The company went public in what’s set to be the US market’s busiest week of the year in terms of IPO volume, according to data compiled by Bloomberg. The forthcoming deals include Cameron and Tyler Winklevoss’ crypto exchange Gemini Space Station Inc., which prices Thursday. “Blockchain is a democratization of financial services,” Mike Cagney, Figure’s co-founder, said in a Bloomberg Television interview Thursday. As for the importance of individual investors in the offering, Cagney said the firm “gave retail one of the largest allocations anyone has ever done.”
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