Check out the companies making headlines before the bell.
GameStop — The meme stock dipped 1.1% after Keith Gill, known as “Roaring Kitty,” seemingly increased his ownership in GameStop. He appears to be holding 9.001 million GameStop shares and over $6 million in cash, according to a screenshot he posted to Reddit.
Adobe — The software company soared 14.2% after posting better-than-expected earnings and revenue, with higher annualized digital media revenue, which includes Creative Cloud subscriptions, than analysts had called for. Adobe also lifted its full-year guidance. JPMorgan upgraded shares to overweight from neutral on Friday, saying Adobe is poised for “smoother sailing ahead” after its strong quarterly print.
Hasbro — Bank of America upgraded the toymaker to buy from neutral, sending shares 1.7% higher. The firm said in a Friday note that Hasbro’s digital gaming strategy can drive an earnings rebound in 2024 and 2025.
RH — The high-end retailer tumbled 12.3% after posting a much wider loss per share in the first quarter than Wall Street anticipated. RH reported 40 cents lost per share, excluding items, while analysts polled by LSEG expected a loss of 12 cents per share. On the other hand, the company saw $727 million in revenue, topping the $725 million estimate from analysts.
Boeing — The aircraft manufacturer dipped more than 1% after The New York Times reported that the Federal Aviation Administration opened an investigation into counterfeit titanium used in some recently manufactured planes. Boeing is also under investigation for a late May incident of the potentially dangerous “Dutch roll” movement on a Boeing 737 flight.
ZScaler — The cloud security stock added 2% following an upgrade at JPMorgan to overweight from neutral. The bank said Zscaler is “a best-of-breed Zero Trust Network Security vendor” and is trading at a discount.
