Biggest stock movers Thursday: ADBE, NDSN, and more

Stock futures edged lower Thursday morning, following a consumer inflation report that aligned with expectations and reinforced predictions of a quarter-point rate cut by the Federal Reserve next week. Meanwhile, the tech-focused Nasdaq Composite reached a historic milestone in the last session, closing above the 20,000 mark for the first time.

Here are some of Thursday’s biggest stock movers:

Biggest stock losers

• Adobe (ADBE) shares plummeted over 9% despite surpassing FQ4 estimates, as its FY2025 guidance fell short of consensus. The company projected adjusted earnings of $20.20 to $20.50 per share, with a midpoint of $20.35 below the $20.52 consensus, alongside a revenue forecast of $23.3B to $23.55B, under the $23.8B estimate. Adobe attributed a $200M revenue shortfall to foreign exchange headwinds and its transition to subscription-based offerings. For FQ1, Adobe expects adjusted earnings of $4.95 to $5 per share, with the midpoint of $4.97 slightly above consensus of $4.95, and revenue of $5.63B to $5.68B, missing the $5.72B consensus.
• Nordson (NDSN) shares fell over 6% after the company provided a disappointing outlook despite exceeding FQ4 expectations. For FY2025, Nordson projected sales between $2.75B and $2.87B, with a midpoint of $2.81B falling short of the $2.93B consensus. Adjusted EPS is expected to fall in the range of $9.70 to $10.50, with a midpoint of $10.10, below the $10.38 consensus. For 1Q25, the company forecasts sales between $615M and $655M, with a midpoint of $635M missing the $681.88M consensus, and adjusted EPS of $1.95 to $2.15, with a midpoint of $2.05 below the $2.26 consensus.
• Chewy (CHWY) shares dropped 3% after announcing a public offering of approximately 15.85M shares by Buddy Chester Sub, an entity affiliated with BC Partners Advisors, Chewy’s largest shareholder. The selling stockholder also provided underwriters a 30-day option to purchase an additional ~2.38M shares. Chewy will not sell any shares or receive proceeds from this offering. Concurrently, Chewy has agreed to repurchase $50M worth of stock from the selling stockholder at the same price per share paid by the underwriter. This repurchase is separate from the company’s existing $500M buyback plan announced in May 2024. Both the offering and the repurchase are expected to close by December 13, 2024.

More on related stocks:

• Earnings Snapshot: Nordson FY25 outlook falls below expectations, while FQ4 tops estimates
• Adobe slides as 2025 guidance falls short of expectations
• Adobe in charts: Revenue from Digital Media maintains single-digit sequential growth in FQ4
• Chewy prices secondary offering and announces concurrent repurchase