Today's Morning Movers and Top Ratings: ADBE, RIVN, ULTA, DASH and More

$Madrigal Pharmaceuticals (MDGL.US)$ stock jumped 25% after the U.S. Food and Drug Administration approved its drug for a fatty liver disease known as non-alcoholic steatohepatitis.

$Rivian Automotive (RIVN.US)$ stock rose 3.9% after Piper Sandler upgraded its stance on the EV manufacturer to overweight, citing growing excitement surrounding new product launches.

$Adobe (ADBE.US)$ stock fell 11% after the software giant issued weaker-than-expected second quarter revenue guidance on higher competition and weak demand for its AI offerings.

$Ulta Beauty (ULTA.US)$ stock dropped 6% after the chain of beauty stores forecast full-year profit below Wall Street estimates as elevated supply-chain costs and increased promotions hurt its margins.

$MicroStrategy (MSTR.US)$ , $MARA Holdings (MARA.US)$ and $Coinbase (COIN.US)$ all retreated after Bitcoin fell sharply from recent record highs.

$Hibbett Sports (HIBB.US)$ stock fell 12% after the athletic apparel and footwear retailer missed analysts' expectations for its fourth quarter, and offered up lackluster future guidance.

$Smartsheet (SMAR.US)$ stock fell 10% after the cloud software seller provided a revenue outlook that missed estimates, even after its quarterly revenue exceeded estimates.