Adobe, Chewy and Ciena fall premarket; Coca-Cola, PepsiCo rise

Investing.com -- US stock futures drifted lower Thursday, as investors await the release of more inflation data as well as quarterly corporate results.

Here are some of the biggest premarket US stock movers today: Adobe (NASDAQ:ADBE ) stock fell over 11% after the software company issued a disappointing annual sales outlook, indicating that the company’s recent measures to incorporate artificial intelligence into its offerings were taking longer than expected to generate returns. Chewy (NYSE:CHWY ) stock fell 2.7% after the top stakeholder of the pet products retailer announced plans to sell $500 million worth of stock. Coca-Cola (NYSE:KO ) stock rose 0.9% and PepsiCo (NASDAQ:PEP ) stock gained 0.7% after Deutsche Bank upgraded its stance on the soft drinks giants to ‘buy’, with the German bank turning more bullish on the non-alcoholic beverage sector. Uber (NYSE:UBER ) stock rose 3.1%, rebounding after dropping more than 5% in the prior session following an announcement from General Motors (NYSE:GM ) that it was scrapping its Cruise robotaxi partnership. Ciena (NYSE:CIEN ) stock fell 5.4% after the optical networking equipment company reported fiscal fourth-quarter adjusted earnings that missed analysts’ estimates. Broadcom (NASDAQ:AVGO ) stock fell 0.9% ahead for the semiconductor company’s fiscal fourth-quarter earnings. Its stock has risen 64% this year, getting a lift from spending on artificial-intelligence data centers. Constellation Energy (NASDAQ:CEG ) stock rose 2.3% after Bank of America upgraded its stance on the energy company, calling its shares “undervalued”.

Source: Investing.com