Why Adobe (ADBE) Shares Are Trading Lower

Adobe Inc ADBE shares are trading lower by 7.69% to $320.34 Friday afternoon following a report suggesting the DOJ is preparing to block the company's $20 billion deal for Figma.

Bloomberg late Thursday reported that "a case is expected to be filed as soon as next month, although the timing could slip, said one of the people, all of whom asked for anonymity to discuss the confidential probe."

Adobe shares are also falling Friday afternoon amid overall market weakness following January PCE data, which showed a rise in US inflation. Rising inflation could lead to more aggressive Fed policy, which could negatively impact consumer spending.

So What Happened?

Our Benzinga team reported the headline PCE rose 5.4% in January. That's up from a 5.3% gain in December but still well below its 2022 high of a 7% increase in June. The January PCE reading came in well above economist estimates of 4.9%.

Core PCE inflation, which excludes volatile food and energy prices, was up 4.7% in January, above economist estimates of 4.3%...Read More

According to data from Benzinga Pro, ADBE has a 52-week high of $479.21 and a 52-week low of $274.73.