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FTC Investigation Hits Software Stock…

Good Morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stocks are ending on a high note Friday. European stocks are also on track for their eighth consecutive week of gains – the longest win streak since 2018. The Fed is expected to keep rates unchanged at the March 19-20 meeting for the fifth straight gathering.

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Here’s a look at the top-moving stocks this morning.

Adobe (Nasdaq: ADBE)

Adobe is down 11.41% in premarket due to its fourth-quarter earnings report and future guidance falling short of market expectations. The company reported provided weaker-than-expected full-year revenue guidance. Adding to the concerns was the disclosure of regulatory scrutiny by the Federal Trade Commission (FTC) since June 2022, investigating Adobe’s subscription models, particularly its disclosure and subscription cancellation practices. This investigation could lead to significant monetary costs or penalties, impacting Adobe’s financial results and operations.

Smartsheet Inc. (NYSE: SMAR)

Smartsheet is down 11.27% premarket after its latest earnings report. Revenue was up 21% year-on-year to $256.9 million. However, the guidance for next quarter’s revenue was below analyst estimates, and the full-year revenue projection also missed expectations, indicating a slowdown in growth.

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