WEBVTT - Adobe Falls, Lennar Dips, Medline Slips as Analysts Flag Impact From Facility Fire

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>The Stock Movers Report, your roundup of companies making moves

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<v Speaker 2>in the stock market. Harnessing the power of Bloomberg data.

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<v Speaker 3>Let's see where some individual stocks are on the move today.

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<v Speaker 3>We can do that. We're joined by Bloomberg's Avalon for now,

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<v Speaker 3>she's an equity quorter for Bloomberg News.

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<v Speaker 2>Avalon.

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<v Speaker 3>What are you looking at today?

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<v Speaker 1>We have to start off with Adobe that's currently falling

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<v Speaker 1>about eight point or rather six point seven percent now

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<v Speaker 1>to hit its lowest interday level since twenty eighteen. That's

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<v Speaker 1>ticker ADB, and that's after the company announce a departure

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<v Speaker 1>of its CFO, just months after the CEO also announced

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<v Speaker 1>plans to step aside. The news also comes as Adobe

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<v Speaker 1>reported a second quarter beat, but gave a full year

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<v Speaker 1>forecast that fell a little short of expectations, and as

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<v Speaker 1>you can imagine, the update led to a slew of

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<v Speaker 1>downgrades in price target cuts as Wall Street analysts really

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<v Speaker 1>question the path forward amid this transition. Evercore writing that

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<v Speaker 1>the sentiment is unlikely to turn positive until a new

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<v Speaker 1>management team is in place. Oh boy, so we could

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<v Speaker 1>be waiting for a while there Okay, next up Lenard

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<v Speaker 1>that's ticker l e N, currently dipping about three point

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<v Speaker 1>seven percent. That's after the home builder's delivery forecast for

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<v Speaker 1>the third quarter fell short of expectations, Management again calling

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<v Speaker 1>out to continuing pressure from high interest rates in geopolitical uncertainty,

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<v Speaker 1>which is obviously spurring some customers to hold back on purchases.

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<v Speaker 1>Truists also writing that while the results were fairly disappointing,

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<v Speaker 1>it was somewhat encouraging that the results did not include

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<v Speaker 1>a margin breakdown. Also worth noting that their peer KB

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<v Speaker 1>Home called out to similar concerns last quarter and they

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<v Speaker 1>will be reporting June twenty third.

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<v Speaker 3>I mean interest rates higher. You know, the thirty or

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<v Speaker 3>more riage is that can't be helping six and a

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<v Speaker 3>half percent for thirty or morgage exactly. All right, So

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<v Speaker 3>there you go. I'm not refinancing the mortgage on the

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<v Speaker 3>Jersey Shore compound yet. Give us one more here.

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<v Speaker 1>Medline md LN currently slipping about two point three percent.

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<v Speaker 1>That's after the medical supplier suffered another setback from a

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<v Speaker 1>fire at a distribution facility. Lyrinc expecting some short term

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<v Speaker 1>financial impacts since at a minimum, this is going to

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<v Speaker 1>be taking a distribution facility offline. But that's not the

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<v Speaker 1>only hardship that Medline has faced recently. Just last week,

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<v Speaker 1>the FDA sent them a warning letter for several contamination

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<v Speaker 1>incidents at a manufacturing facility, and now that company stock

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<v Speaker 1>is down about twelve percent since its debut as last

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<v Speaker 1>year's biggest ibo.

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<v Speaker 2>This stock mover's report from Bloomberg Radio. Check back with

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