Adobe, Ulta Beauty Stocks Sink as Guidance Disappoints; Crypto Names Retreat on Bitcoin Drop While Madrigal Jumps 25% on Drug Approval

• Adobe Systems stock fell 11% on weaker than expected revenue guidance amid high competition and weak demand • Ulta Beauty stock dropped 6% as projected profit fell short of estimates due to supply chain costs and promotions • Cryptocurrency stocks including MicroStrategy, Marathon Digital and Coinbase retreated as Bitcoin prices plunged • Madrigal Pharma stock jumped 25% after FDA approval of its fatty liver disease drug • Rivian stock rose on Piper Sandler upgrade to overweight citing excitement for new product launches