Check out the companies making the biggest moves in premarket trading: Adobe — The software giant saw shares tumble 8%. CEO Shantanu Narayen said that he would step down from his post after a successor has been named. Narayen will remain as chair of the company’s board. He has been Adobe’s CEO since 2007. The news overshadowed first-quarter beats on the top and bottom lines. Fertilizer stocks — Shares of fertilizer companies rose on expectations that the Strait of Hormuz disruptions will continue amid the escalating Iran war. Intrepid Potash and Nutrien both climbed 2%, while Mosaic climbed 1%. CF Industries added less than 1%. Ulta Beauty — The beauty products retailer lost 7.4% after reporting weak earnings results . For its fourth quarter, Ulta posted earnings of $8.01 per share, falling short of the $8.03 per share that analysts polled by LSEG were expecting. The retailer’s revenue of $3.90 billion came out ahead of the $3.80 billion expected. Insulet — The maker of continuous glucose monitoring devices is recalling certain batches of its Omnipod 5 pods. The company said some batches have a small tear in the internal tubing that can result in patients not receiving the intended dosage of insulin. Several users were hospitalized but no deaths have been reported. The issue is strictly limited to specific lots, and other Omnipod 5 products remain safe to use, Insulet said. Shares shed 4%. Crypto stocks — The stocks moved higher on the back of bitcoin’s nearly 3% gain. Strategy gained 3.7% and Coinbase rose 2.7%, while Mara Holdings jumped 2.4% and Hut 8 added nearly 2%. Nio — U.S.-listed shares of the Chinese electric-vehicle maker moved 2% higher on the back of an upgrade at HSBC. The firm said improving profitability and new model launches could boost earnings. Sentinel One — The cybersecurity stock dropped 4%. SentinelOne issued a weak outlook for first-quarter adjusted earnings, calling for a range of 1 cent to 2 cents per share, missing the LSEG consensus of 5 cents per share. In the fourth quarter, SentinelOne posted earnings that narrowly topped estimates, 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.
