Check out the companies making headlines in midday trading:
Adobe — The software stock surged 14.5% on stronger-than-expected quarterly results. Adobe posted adjusted earnings of $4.48 per share on $5.31 billion in revenue and boosted its full-year guidance. JPMorgan also upgraded shares to overweight from neutral.
RH — The luxury retailer plummeted 17% after reporting a much wider loss per share in the first quarter than Wall Street anticipated. RH saw 40 cents lost per share, excluding items, while analysts polled by LSEG expected a loss of just 12 cents per share. However, the company recorded $727 million in revenue, above the $725 million estimate from analysts.
Hasbro — The toymaker’s shares jumped 6% on the back of an upgrade from Bank of America to buy from neutral. The firm said on Friday that Hasbro’s digital gaming strategy can fuel an earnings rebound for the company in 2024 and 2025.
Zscaler — Shares moved about 1.8% higher after being upgraded to overweight from neutral at JPMorgan. The bank believes the cloud security company is trading at a discount and called it “a best-of-breed Zero Trust Network Security vendor.”
Boeing — Boeing shares slipped 1.9% following news that the Federal Aviation Administration is investigating allegations that the aircraft manufacturer, along with Airbus, may have used counterfeit titanium used in planes. The New York Times first reported news of the investigations.
GameStop — Shares of the video game retailer declined more than 1% after meme stock leader Keith Gill appeared to grow his GameStop stake to more than nine million shares.
Stellantis — Stellantis shares fell more than 4% after the automaker’s CEO said the company is working to fix “arrogant” mistakes in the U.S. that have contributed to sales declines and inventory issues.
Shopify — Shares of the e-commerce company popped around 4.6% after an Evercore ISI upgrade to outperform from in line. The firm said there is a “very resilient Long Thesis” to the stock, citing a large addressable market.
Dell Technologies — The PC maker closed marginally lower after CEO Michael Dell disclosed the sale of 5.7 million shares.
