Bank

2024

Strong

April

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">Three notable stocks making moves in today’s market are Adobe Inc. (<a href="https://tokenist.com/investing/how-to-buy-shares-online/" rel="dofollow" class="deco-link">NASDAQ: ADBE</a>), Hasbro Inc. (<a href="https://tokenist.com/investing/how-to-buy-stocks/" class="deco-link">NASDAQ: HAS</a>), and Onsemi (<a href="https://tokenist.com/investing/best-free-trading-brokers/" class="deco-link">NASDAQ: ON</a>). <br><br>Adobe shares surged over 16% in extended trading after reporting <a href="https://tokenist.com/adobe-q2-earnings-beats-expectations-shares-soar-on-raised-guidance/" rel="dofollow" class="deco-link">strong Q2 FY2024 results</a> and raising full-year guidance. Hasbro received an <a aria-label="upgrade from Bank of America (opens in a new tab)" href="https://www.marketscreener.com/quote/stock/HASBRO-INC-12874/news/Hasbro-BofA-upgrades-to-buy-46976862/" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">upgrade from Bank of America</a>, with analysts citing accelerating digital growth and a recovering physical play business. <br><br>On the other hand, Onsemi announced plans to cut about <a href="https://www.reuters.com/technology/semiconductor-cut-1000-jobs-globally-2024-06-13/" target="_blank" aria-label="1,000 employees (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">1,000 employees</a> globally to streamline operations and reduce costs amid industry challenges, which negatively affected the stock price.</p> 
<h3 id="adobe-stock-surges-on-strong-q2-results-and-raised-guidance">Adobe Stock Surges on Strong Q2 Results and Raised Guidance</h3> 
<p>Adobe Inc. shares, trading at $524.44 at the time of writing, up $65.70 (+14.32%), surged over 16% in <a href="https://tokenist.com/investing/how-to-trade-after-hours/" rel="dofollow" class="deco-link">extended trading</a> on Wednesday after the software giant reported strong fiscal second-quarter 2024 results, beating expectations on both revenue and earnings per share.</p> 
<p>The company’s revenue grew 10% year-over-year to $5.31 billion, driven by robust demand for its creative software tools. Adobe also raised its full-year 2024 guidance for adjusted EPS and revenue, reflecting confidence in maintaining growth.<br><br>The company’s strong performance has been attributed to successfully incorporating AI tools, such as image generation in Photoshop, which has driven upgrades and adoption. Adobe’s Digital Media segment performed particularly well, with net-new annualized recurring revenue and total revenue exceeding estimates.</p> 
<p>Analysts view Adobe as well-positioned among large-cap software companies. The company’s market cap stands at $205.58B, with a <a href="https://tokenist.com/investing/p-e-ratio/" rel="dofollow" class="deco-link">PE ratio (TTM)</a> of 41.30 and <a href="https://tokenist.com/investing/fundamental-analysis-stocks/" class="deco-link">EPS (TTM)</a> of $11.11.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Telegram group&nbsp;and never miss a breaking story.</a></p> 
 </div> 
</div> 
<h3 id="hasbro-gets-analyst-upgrade-on-new-game">Hasbro Gets Analyst Upgrade on New Game</h3> 
<p>Bank of America upgraded Hasbro Inc., currently trading at $60.84, up $2.82 (+4.86%), to Buy and raised the price target from $70 to $80, citing accelerating digital growth and a recovering physical play business as key factors.</p> 
<p>Analysts expect the new game <a href="https://www.forbes.com/sites/dbloom/2023/11/16/monopoly-go-game-doesnt-stop-collects-1-billion-in-7-months/" target="_blank" aria-label="Monopoly Go! (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">Monopoly Go!</a> to significantly boost profitability, contributing $36 million in quarterly operating profit in the second half of 2024. They also see positive signs in the consumer products division, with healthy toy industry inventory levels and positive April sell-through.</p> 
<p>The analysts anticipate improvement in the second half of 2024, driven by new product launches, and predict continued momentum into 2025 from Monopoly Go! royalties, a potential return to growth in consumer products, and a favorable theatrical content slate.<br><br>The $80 price target represents a premium valuation to peers, reflecting the belief in Hasbro’s higher margin and EPS growth potential. Hasbro’s market cap is $8.47B, with an EPS (TTM) of -$10.15.</p> 
<h3 id="onsemi-announces-layoffs-amid-industry-challenges">Onsemi Announces Layoffs Amid Industry Challenges</h3> 
<p>Onsemi, currently trading at $72.18, down $2.86 (-3.80%), announced plans to cut about 1,000 employees globally to streamline operations and reduce costs.</p> 
<p>The company is facing challenges from weak EV market demand and excess customer inventory. In addition to the layoffs, Onsemi will consolidate 9 sites and relocate 300 employees over 2025. The company expects to incur $65-80 million in charges during 2024-2025, mostly in 2024, for severance, benefits, and taxes.</p> 
<p>Despite the layoffs, Onsemi plans to reinvest the savings into its remaining workforce and business opportunities.</p> 
<p>Deutsche Bank analysts view the moves as consistent with investing in targeted growth while optimizing manufacturing and operating expense efficiency. <br><br>Wells Fargo sees the actions reflecting long-term plans to outsource manufacturing and drive higher fab utilization. Onsemi’s market cap stands at $31.05B, with a PE ratio (TTM) of 15.31 and EPS (TTM) of $4.90.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/stocks-to-watch-today-adobe-hasbro-and-onsemi/">Stocks to Watch Today: Adobe, Hasbro, and Onsemi</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Stocks to Watch Today: Adobe, Hasbro, and Onsemi

Table of Contents

Tokenist

Other articles published on Jun 14, 2024

MoonBag Coin Delights Crypto Enthusiasts Securing Top Crypto Presale in June 2024

Is Pepe Coin (PEPE) Done? 2 Best PEPE Alternatives to Buy in June 2024

WadzPay vs Ripple Stablecoin Race Has Begun, WTK President Shares Deep Market Insights

Adobe Q2 Earnings Beats Expectations, Shares Soar on Raised Guidance

Crypto: Messaging protocols are evolving thanks to Web3

Four Crypto Exchanges apply to return to India Post Ban

Join our free newsletter for daily crypto updates!