Adobe reported earnings after the bell Thursday and the stock is down roughly 7% pre-market even though the company beat on both EPS and revenue and raised full-year guidance. The selloff has nothing to do with the numbers. CFO Dan Durn announced he is departing June 15 with no replacement named, creating a second top-level leadership vacancy on the same day the company is still searching for a new CEO. That combination is what the market is pricing. I covered Adobe and Oracle in the week-ahead post for June 8-12, and the earnings setup was flagged as high-risk given the ongoing CEO search.
On the gap-up side, BYAH is up 110% on 1.02M float and EDHL is back for day two up 44% after yesterday's 168% move. DSY is up 109% as the June 29 Nasdaq compliance deadline approaches. Big Tree Cloud Holdings executed a 1-for-20 reverse split and needs to restore minimum market value above $50M before that deadline. If you missed yesterday's Oracle reaction, I covered the ORCL beat-and-fall and EDHL's 168% move in the June 11 watch list.
I have 9 tickers on my radar this morning across the gap-up and gap-down lists.
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