Check out the companies making the biggest moves in pre-market trading: Adobe — The software giant saw its stock drop 8%. CEO Shantanu Narayan said he would step down once a successor has been chosen. Mr. Narayan will remain chairman of the company’s board of directors. He has been Adobe’s CEO since 2007, but the news overshadowed the company’s first-quarter sales and bottom-line growth. Fertilizer stocks — Shares of fertilizer companies rose on expectations of continued turmoil in the Strait of Hormuz as the Iran war escalates. Intrepid Potash and Nutrien both rose 2%, while Mosaic rose 1%. CF Industries was up less than 1%. Ulta Beauty — The beauty products retailer fell 7.4% after a weak earnings report. Alta earned $8.01 per share in the fourth quarter, below the $8.03 per share expected by analysts surveyed by LSEG. The retailer had sales of $3.9 billion, beating expectations of $3.8 billion. Insulet — The manufacturer of continuous glucose monitoring devices is recalling a specific batch of Omnipod 5 pods. The company said some batches had small tears in the internal tube, which could result in patients not receiving the intended dose of insulin. Several users were hospitalized, but no deaths were reported. Insulett said the issue was strictly limited to a specific lot and other Omnipod 5 products remain safe to use. The stock price fell 4%. Cryptocurrency stocks — Stocks rose on the back of Bitcoin’s nearly 3% rally. Strategy rose 3.7%, Coinbase rose 2.7%, Mara Holdings rose 2.4% and Hut8 rose nearly 2%. Nio — The Chinese electric car maker’s U.S.-listed shares rose 2% on the back of HSBC’s rating upgrade. The company said improved profitability and new model launches could boost revenue. Sentinel One — Cybersecurity stock fell 4%. SentinelOne issued a weak outlook for first-quarter adjusted earnings, expecting a range of 1 cent to 2 cents per share, below the LSEG consensus of 5 cents per share. In the fourth quarter, SentinelOne earned slightly more than expected, but revenue of $271 million was in line with expectations. —CNBC’s Pia Singh, Darla Mercado, Christina Cheddar Berk and Lisa Kailai Han contributed reporting.
